Assessing the effects of treating customers fairly principles on the insurance product lifecycle and claims handling in South African law

Abstract

This research evaluates the effect of the Treating Customers Fairly (TCF) principles on the insurance product lifecycle and claims handling within South African law. The study contextualises the Treating Customers Fairly (TCF) principles together with the 2018 Policyholder Protection Rules (PPRs) against historical and economic developments. It examines the role of fairness in common law and insurance contracts, comparing the legal positions pre- and post-Treating Customers Fairly (TCF) implementation. The research aimed to determine whether the Treating Customers Fairly (TCF) principles have effectively enhanced the fair treatment of insurance customers, contributing to inclusivity and economic development. The study also directs the challenges and implications of enforcing TCF principles, considering the balance between customer protection and operational costs for insurers.