When Insure Group Managers, an intermediary that collected premiums on behalf of insurers, was placed under curatorship in September 2018, it ended up costing local heavyweights Sanlam, Old Mutual, Guardrisk and Hollard almost R1bn in combined losses. Another 45 smaller insurance companies also lost money, though it’s unclear how much.

But in deconstructing how this happened, it turns out, ironically, that it seems to have been the dismal oversight of a company created by the short-term insurance industry itself that helped pave the way for this disaster...

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