
27 Nov SwissFin – SwissSure Newsletter December 2024
Dear Readers,
South African consumers have been blessed over the last months. Inflation is the lowest since March 2021, the Rand is stable, fuel prices have dropped almost 10% compared to last year and the rating agency Standard & Poor’s has lifted SA’s credit rating to positive. Further interest rate cuts are also on the cards, giving homeowners more financial relief.
It is also the first time in many years that we can report positive news from the Department of Home Affairs. Our new minister, Mr Leon Schreiber, is not only busy with clearing a backlog of visas and permanent residence applications, but also has gazetted the first of what we must hope are sweeping reforms for work visa applications. Please read more about it further below.
We are excited to announce a visit from our overseas investment partner, Sonnenberg Wealth Management. They will be holding presentations in February next year on where to invest in 2025 and introducing sustainable investing. If you are interested, you can pre-book your seat by clicking here, or further below in the article.
On a different note, another year is coming to an end very soon. We wish you and your family a joyous festive season and a healthy and successful 2025!
As usual, we have also included information across the board regarding investments, short-term insurance, immigration and other related topics. This newsletter can also be viewed under https://www.swissfin.co.za/newsletters/swissfin-swisssure-december-2024/.
Enjoy the reading, with best regards,
Your SwissFin / SwissSure Team
Contents
1. INVESTMENTS
- Interest rates: Bank deposits, insurance plans, tax-free investment amounts and SwissSure Forex rates
- Sonnenberg Wealth Management’s investment outlook
2. LOCAL AND INTERNATIONAL FINANCIAL NEWS
3. SWISSSURE – SHORT-TERM INSURANCE NEWS
- Cybercrime is real – protect yourself from R 60 per month!
- Discovery Insure changes
- MUA: New process for geyser claims
- Theft of items out of your vehicle – what you need to know!
- Renasa’s new car hire rates and Mozambique exclusion
- Changes to Old Mutual’s Elite policy
- Body corporates must adapt to these insurance changes
- Santam: Update on motor tracking device requirements
- HIC: Log your windscreen claims via this link
- MUA changes tracking requirements for high-risk vehicles
- Cross-border insurance cover
4. IMMIGRATION
- New Minister makes his mark
- Be aware of fraudulent home affair officials!
- New requirements when applying for your ID
5. HEALTH INSURANCE
- BDAE clients: Please download the App!
- Discovery Health changes 2025
- Gap cover: Turnberry updates for 2025
- Foyer Global Health’s premium adjustments 2025
6. OTHER
- Register now for Sonnenberg Wealth’s presentation in February
- Cyber protection at SwissSure and your e-mails
- SwissSure sponsors Pearl Valley Golf Club Championship – and there is another hole-in-one!
- Condé Nast names Cape Town world’s best city for food
- Our office hours over the festive season and emergency numbers
- We value your comment
1. INVESTMENTS
Interest rates: Bank deposits, insurance plans, tax-free investment amounts and SwissSure Forex rates >>
We offer the following rates as of December 2024:
Interest rates ››
- Our Money Market Fund
- 8.15 %
- 12 Months bank deposits
- 8.08 %
- 24 Months bank deposits
- 8.09 %
- 36 Months bank deposits
- 8.20 %
- 48 Months bank deposits
- 8.42 %
- 60 Months bank deposits
- 9.71 %
The minimum investment is R 100’000. Terms and conditions apply. The rates do fluctuate on a regular basis and the interest rate depends on the investment amount.
Insurance Plans: “Guaranteed income/growth plans” (5-year term), approx. 80% of income tax-free: ››
- Gross yield
- 6.5 %
- Taxes payable
- Nil
Tax-free interest income – maximum investment amounts: ››
R 1,5 Mio. for taxpayers under the age of 65
R 2,3 Mio. for taxpayers between the age of 65 and 75
R 2,5 Mio. for taxpayers over the age of 75
These figures mean that you can invest these amounts in i.e. our money market or fixed deposit offerings and not pay any tax. Couples married in community of property can double these amounts!
Underlying assumptions: 8,0 % effective interest rate and no other income sources.
SwissSure Forex Rates ››
- Bank A
- 19.06
- Bank F
- 18.93
- Bank N
- 18.88
- Bank S
- 18.97
- Our Rate
- 19.19
The above table shows that our rates are attractive compared to commercial banks. Over and above, we do not charge any fees when the funds are credited or transferred to another local account.
Should you wish to receive more information on our money market fund offering, the tax-efficient income plans or our forex offerings please contact Mr. Tony R. Hug on .
Sonnenberg Wealth Management’s investment outlook››
Please click here to read the interesting publication of our Swiss partner, sharing their investment views with you.
2. LOCAL AND INTERNATIONAL FINANCIAL NEWS
The Medium-Term Budget Speech ››
Finance minister Enoch Godongwana delivered the 2024 Medium-Term Budget Policy Statement (MTBPS) on 30 October 2024.
The focus is on stabilizing debt and the numbers presented were worse than expected:
- There is an expected revenue shortfall of R 22bn in the current fiscal year.
- The overall debt has risen to 75,5% of GDP or R 6 trillion.
- Interest payable is 22% of tax revenue – this means from every Rand the government collects, 22 cents goes to interest payments. This is more than the budget for health and police services.
Godongwana announced a series of reforms:
- Scale up and institutionalize private participation by simplifying the process.
- A new credit guarantee will be introduced to mobilize private capital.
- Private partnership offices are being introduced in the water and transport departments.
More detailed information will be unveiled during the Budget Speech in February.
Investec receives award for excellence in private banking ››
For the 12th consecutive year, Investec has received the prestigious Financial Times of London award for excellence in private banking and wealth management in South Africa.
This year, the bank was also named best in Africa for customer service.
Judged by an international panel of global experts, this recognition underscores its wavering commitment to evolving with the need of its global clients.
We are very proud to be affiliated with Investec via our CCM banking platform, which is available to all our clients.

3. SWISSSURE – SHORT-TERM INSURANCE NEWS
Cybercrime is real – protect yourself from R 60 per month!››
According to a report by Allianz, South Africa ranks 14th worldwide when it comes to insurance claims because of data breaches and cybercrime. Criminals are now using AI, contributing to almost R 50 Mio. in insurance payouts so far this year.
You can protect yourself against cyber fraud, including online shopping, cyber bullying, identity theft, extortion etc. A subsidiary of Brtye, Phishield, has develop a product for individuals. Please click here for an overview. For more information, please contact one of our short-term insurance consultants.
Discovery Insure changes ››
The insurer is changing some features of their domestic insurance policy:
- Scratch and dent cover for vehicles is introduced from 1 November 2024.
- The cover for firearms is enhanced. This addresses the needs of hunters and persons that use their rifles as a recreational sport.
- Vitality Car Rating is a new feature, that rates the value of cars depending on the driving style of the owner. If the client sells his car, the base price can be boosted up to 15%, depending on the car rating. Discovery has partnered with several dealers countrywide that will accept the Discovery valuation.
- Vitality Drive 65+ and the chatback benefits are discontinued.
For more information on the changes, please click here to view the brochure or contact our short-term insurance department.
MUA: New process for geyser claims ››
Effective immediately, geyser claims must be directed to the insurer’s preferred supplier. Clients should now use the following number as the primary contact for all geyser-related claims: Tel: 0102713550
Geyser replacements can now be completed within 24 hours, ensuring a quicker and more efficient service for our clients.
All other Home Assist services (glaziers, locksmiths, electricians, etc.) remain unchanged and should be handled contacting the Home Assist line as usual. We thank all our clients for their cooperation in implementing this change smoothly.
The insurer has further announced, that the insurance cover for Mozambique has been withdrawn. Please read here for more information: https://mailchi.mp/aa89d74f1964/grid_failure_2023-18244030?e=f0d8fa6539
Theft of items out of your vehicle – what you need to know! ››
Items that are not part of your vehicle and stolen out of your car, have to be specified under your “all risk” section of your policy.
It is very important to note that you cannot leave any items lying around in your car. They will not be covered if stolen, unless they were stowed away in a locked compartment, like your boot. Please always check if your car is locked when you walk away, as car jamming is again on the rise.
Renasa’s new car hire rates and Mozambique exclusion ››
The insurer has recently amended their policies – please click here to see the new car hire amounts and here should you be planning to travel to Mozambique.
Changes to Old Mutual’s Elite policy ››
Like most other insurers, OMI Elite has also amended their policy. If you are an Elite client, please click here to view the changes.
Body corporates must adapt to these insurance changes ››
The insurance landscape for sectional title schemes is undergoing significant changes due to escalating claims and shifting global risks caused by changing weather patterns and civil unrest. These developments present challenges for trustees, owners, and managing agents alike.
The following key developments are critical for community scheme stakeholders to be aware of:
Premium Increases:
Due to a surge in claims from extreme weather events such as storms, floods, and fires, as well as power-related issues, insurance companies have dramatically increased premiums for sectional title schemes. What used to be a manageable rate of 0.05% of the insured value has now spiked to as much as 0.15%. These changes mean that schemes are facing steeply rising costs to maintain adequate coverage.
Increased Excesses:
Not only are premiums rising, but excess amounts on claims are also increasing. It is important for sectional owners to understand that the excess on a claim must be covered by the individual owner responsible, not by the body corporate. Higher excesses can make unexpected repairs more costly for owners.
Insurance Cancellations:
Schemes with poor maintenance practices risk having their insurance policies cancelled. Insurers are paying close attention to the upkeep of properties, and without proof of regular maintenance, such as roof repairs and waterproofing, insurers may choose to cancel coverage. This can leave a scheme vulnerable to significant financial risk, highlighting the need for diligent maintenance records and reporting.
How to Avoid Cost Increases:
Insurance companies are increasingly scrutinising sectional title schemes’ preventative maintenance and risk mitigation practices. Trustees must ensure that a well-documented 10-year maintenance plan is in place and that the scheme has a sufficient Reserve Fund. Proper maintenance, including timely repairs to roofs and waterproofing, will not only keep insurance costs in check but may also be a prerequisite for maintaining insurance coverage.
Replacement valuation:
The importance of an accurate replacement valuation cannot be understated. A professional valuer is responsible for ensuring that the body corporate is adequately insured, meaning that if the body corporate suffers major damage in an insurable event, the valuer can be held accountable if the insurer finds that the body corporate is underinsured. However, if the appointed valuer does not have the necessary indemnity cover in place, the financial liability falls squarely on the trustees.
For further assistance with your body corporate insurance, please do not hesitate to contact Marius Romer, Tony Hug or Janien Ryke.
Santam: Update on motor tracking device requirements ››
The insurer is adding the following models to their list of high-risk vehicles requiring tracking devices:
- Hyundai H100
- Kia K2500 & K2700
- Isuzu D-Max (all single cab and extended cab variants)
- Toyota Rav4 from 2019 onwards (Fifth generation)
- Toyota Quantum
- All Hilux variants from 2005 onwards which were previously not included.
These vehicles will require two Santam-approved tracking devices, from 13 October 2024, if they are used in the identified high-risk areas.
This update will apply to new quotes done on or after 13 October 2024 and new vehicles added to existing policies. Existing vehicles that require additional tracking devices on active policies will be impacted at renewal starting from 1 January 2025, with the renewal letter serving as the required notification.
HIC: Log your windscreen claims via this link ››
Please be aware that HIC now exclusively uses My Glass for windscreen claims, the link below can be used to log claims directly.

MUA changes tracking requirements for high-risk vehicles ››
Because of some technical issues with Pulsit, the tracking device, MUA has amended the terms as follows for the Western Cape:
Outside secure estates:
2018 and newer Hilux and Fortuner: Compulsory Pulsit required.
Pre-2018 Hilux and Fortuner: Any approved tracking device or additional theft excess applies
GolfEstateSure policies:
2018 and newer Hilux and Fortuner: Any approved tracking device or additional theft excess applies
Pre-2018 Hilux and Fortuner: Any approved tracking device, otherwise additional theft excess.
For other high-risk vehicles, please refer to the attached list here.
Cross-border insurance cover ››
As the festive season approaches, many of us are planning long-awaited holidays, whether abroad or within South Africa. Amidst the excitement of your upcoming travels, it’s essential to ensure that your insurance cover is in order before heading off.
One key aspect is securing your home while it remains unattended. Have you taken the necessary precautions to safeguard your property? If your insurance cover is subject to an alarm, it’s crucial to test your alarm system and replace the battery if necessary. Additionally, review your cover requirements to ensure everything is up to date. Activating your alarm system, notifying your security company, and checking your insurance policy will give you peace of mind while you’re away. For those planning cross-border road trips, it’s important to check your vehicle insurance. All insurers provide cover for vehicles traveling outside South Africa, but there are certain limits you need to be aware of.
Check your third-party vehicle coverage if your vehicle will be outside South Africa for more than a continuous period of 30 days.
If you’re planning to travel to countries in the territorial limits of your policy for longer than 30 days, we advise you to take-out Third-Party Insurance Cover at the border.
Proper planning ensures a worry-free holiday!
4. IMMIGRATION
New Minister makes his mark ››
Mr Schreiber, within a few months of coming into power, has made the following changes to the work visa requirements:
– Under the remote working visa, anyone earning USD 37’000 a year or more, can come to South Africa and live here as long as you like.
– The general work visa now works on a points-based system which essentially renders the critical skills visa redundant:
An applicant needs to achieve at least 100 points. 100% is achieved if the occupation is on the national critical skills list. Those with National Qualifications Framework (NQF) level 9 and 10 will earn 50 points and 30 points with NQF levels 7 and 8.
If the offer for employment pays between R 650’796 to R 976’194, a further 20 points are allocated. If the salary is in excess of R 976’194, the allocated points are 50.
Work experience between 5 and 10 years earns 20 points, more than 10 years will give 30 points.
An offer from an employer on the “trusted employer scheme” will earn 20 points and being proficient in one of our official languages will earn the applicant another 10 points.
If the applicant meets the 100 points, he/she will be issued with a general work visa for a maximum of 5 years.
Comment: The Minister’s transparent system basically eliminates any corruption within the Department. The remote work visa could be one of the most attractive visas in the world and targets people that will spend their money in South Africa, without taking away a single job from a South African.
Be aware of fraudulent home affair officials! ››
Unfortunately, we regularly see officials trying to scam applicants waiting for their visa or permanent residence approval. Herewith some warning signals:
– Fraudsters normally contact the applicants via WhatsApp. They never address the immigration practitioner.
– They ask for original documents like title deeds etc.
– They inform you that the application is incomplete, further work by chartered accountants and advocates needs to be done and send you an invoice.
– They appear as attorneys appointed by the department, handling the last steps of a PR application.
Should you ever be contacted by an official, contact us immediately and do not engage with them, until we have verified the authenticity of the person.
New requirements when applying for your ID ››
We recently have seen a few instances where officials are asking for the originals of birth, marriage and divorce certificates. In the past, they would accept certified copies, but because of increased fraud, this practice was stopped.
We recommend that you take the original along together with a copy, which the official can certify. Do not leave the originals with them!
5. HEALTH INSURANCE
BDAE clients: Please download the App! ››
The app is now available in your mobile App Store. With this app, insured persons can submit invoices and other documents in a much more convenient way.
You can always view the status of your submitted documents at all times and never miss important updates – you will receive all information about the reimbursement process directly as a notification on your smartphone.
The app has got high data security, as it is encrypted and carefully protected during transmission.
You can find more information about My BDAE App on their website www.bdae.de. If you have any questions about how to use the site or would like to give us feedback, please do not hesitate to contact us.
Discovery Health changes 2025 ››
The insurer has announced the following changes:
- Contributions will increase between 7.4% and 10.9% for 2025.
- Discovery Health Medical Scheme has partnered with the Stella App to bring members access to end-to-end menopause management, funded through the Personal Health Fund.
- Enhanced maternity support in partnership with Parent Sense: The maternity benefit is enhanced by allowing the 2 mental health consultations and one nutrition assessment to be available during pregnancy or after delivery.
- Changes to cover for scopes in 2025: If a scope is performed in-room at a healthcare professional outside of the network, then a co-payment will be applied. Co-payments will not apply to gastroscopies, colonoscopies, proctoscopies and sigmoidoscopies for children 12 years and younger, or for confirmed PMB cases.
- In 2025, Discovery Health will introduce a designated service provider for cataract surgery.
- Co-payments and deductibles will be increased in line with relevant inflation of 4.8%
The in-rooms co-payment will be applicable to all Discovery Health Medical Scheme plans, with the exception of the KeyCare Series where only PMB scopes are covered, and is as follows:
– For a single scope, the co-payment will be R1,750
– For bi-directional scopes, the co-payment will be R3,000
Vitality:
- Under the Discovery Vitality Padel benefit, members will get up to 50% off padel rackets, balls and accessories.
- During 2025, all HealthyLiving rewards paid as cash backs will be paid in Discovery Miles.
- New partners include Checkers, Uber Eats and Sorbet.
- Vitality Travel continues to elevate members’ adventures through introducing United Airlines and Emirates Skywards.
As there are too many changes to mention, we recommend that you visit www.discovery.co.za for more information.
Gap cover: Turnberry updates for 2025 ››
The gap insurer has recently communicated the changes for the coming year. Please click here to read the plan updates for next year.
Foyer Global Health’s premium adjustments 2025 ››
As part of our commitment to transparency and clear communication, we would like to inform you of the upcoming adjustment to insurance premiums. This decision has been driven by the continuing rise in medical costs and inflation.
Effective from 1 January 2025, premiums for new contracts and existing contracts at the renewal date will be increased by 7%.
Please click here to download the new premium table.
6. OTHER
Register now for Sonnenberg Wealth’s presentation in February ››
As mentioned earlier, our Swiss offshore investment partner is holding presentations in Cape Town. Where to invest in 2025 is a difficult task and Sonnenberg will give you insights into strategies and the approach to sustainable investing.
There are two presentations, one in English and one for our German speaking clients, on the 19th February at Nitida Wine Farm in Durbanville. The number of seats is limited, so it is “first come first served”. Please click here if you want to rsvp for one of the presentations.

Cyber protection at SwissSure and your e-mails ››
In light of the increasing cyber threats and our commitment to securing your domain in line with industry standards, we will be implementing a new policy that will block or reject emails originating from unverified or unsecured domains. Previously, such emails were quarantined, but this change is intended to further reduce the amount of spam and phishing emails reaching your inbox.
Should your mails be blocked from reaching us, please contact us telephonically or via WhatsApp.
SwissSure sponsors Pearl Valley Golf Club Championship – and there is another hole-in-one! ››
We were invited to sponsor this year’s tournament over the weekend of 10 and 11 November.
The event was well attended with 130 players in the field. MUA sponsored the lucky draw Bentley Drive which was won by Mr Neal Saunders, who will be chauffeur-driven in the Bentley to a wine farm for lunch.
We sponsored R 100’000 for a hole-in-one, which unfortunately was not won. However, just a week later, our client Mrs Linda Cumming scored an ace and was paid R 20’000. The picture shows her with the bottles we sponsored.

Congratulations to all the winners of the various divisions of this prestigious annual event!



Condé Nast names Cape Town world’s best city for food ››
Cape Town has claimed the coveted title of Best City for Food in the World in the 2024 Condé Nast Traveller Readers’ Choice Awards and beats cities like Milan and Valencia. The ranking comes after 575,048 votes were cast by readers in the 37th annual survey, placing Cape Town ahead of some of the world’s best-known culinary destinations.
With a score of 95.65, Cape Town outshone Milan, Italy, which came second with 95.20, and Valencia, Spain in third place with a score of 95.00, to secure the top spot. Tokyo took the fourth spot while Porto, in Portugal, was fifth.
Cape Town’s vibrant culinary scene, which blends rich SA flavours with international influences, seems to have struck a chord with food lovers globally. Cape Town’s accolade is complemented by another prestigious achievement as three SA hotels made it into the World’s Best 100 Hotels ranking. They are Tintswalo Boulders Boutique Villa, The Belmond Mount Nelson Hotel and Cheetah Plains.
In addition to its culinary and hotel industry successes, Cape Town has further solidified its status as a world-class destination. The Port of Cape Town was named Africa’s Leading Cruise Port, while Hotel Verde earned the title of Africa’s Leading Green Hotel. Cape Grace was recognised as Africa’s Leading Luxury Hotel, and One&Only Cape Town received the prestigious title of Africa’s Leading Luxury Resort. We can certainly be proud of our beautiful Mother City!
Our office hours over the festive season ››
Please note that we are open on normal working days Monday – Thursday from 08.30 am to 16.30 pm and Fridays 08.30 am – 16.00 pm. Our offices will be closed from the 20th December 2024 from 16.00 pm and we will reopen on the 6th January 2025 at 08.30 am.
Should you have an emergency during the above period, please contact the following short-term insurer’s emergency numbers:
MUA: 0861 000 682 24-hour contact centre, after hours, weekends & public holidays
MUA: Geyser Claims 010 271 3550
Santam: 0860 505 911
Vantage: 0800 214 763
Discovery: 0860 999 111
AMI: 0860 264 264 / 011 246 2271
Renasa: Domestic 0861 628 328 or 083 791 0201 or 071 882 9178
Renasa: Commercial 0861 736 266 or 083 791 0164 or 071 882 9178
BnB Sure / Bryte: 0800 55 66 77 (Hospitality Assist – includes cover for home and roadside emergencies)
HIC: 011 455 8528 or 011 455 5271
Old Mutual Insure / ELITE: 0860 247 365
Western: 0860 400 007
IUM: 0861 886 886 or 0861 464 666
CIA: 0861 242 777
CIA: Geyser 0861 242 911
Cross Country 0800 005 688 or 011 966 5004
Hollard Assist 0860 038 262
Execuline / Hollard: 0860 103 434
King Price: 0860 50 50 50
MiWay: 0860 076 764
We value your comment ››
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