Reliable And Comprehensive Actuarial Services
Ekhaya Risk Services (ERS) Pty Ltd (Registration Number: 2018/247119/07) is an actuarial and risk consulting firm operating in South Africa, we specialize in actuarial assessments and reports of actuarial loss, damages and related claims such as:
- Loss of support assessments and reports: e.g. RAF and related claims.
- Loss of income assessments and reports: e.g. RAF and related claims.
- Compensation claims; e.g. wrongful arrest or personal injury.
- Medical negligence claims.
- Work based compensation claims e.g. Asbestosis.
- Maintenance claims against deceased estates.
- Employee Benefits Valuations (Pension Funds).
- Health Care Actuarial.
- Enterprise Risk.
- Other Common Law Compensations.
Road Accident Fund (RAF) Specific Assessments
These typically comprise one or more of the following categories:
Loss of Support
- Estimation of past and future loss of income for eligible dependents.
- For child dependents; support is estimated to end of calendar year child turns age 18 or age 21 (but to age 24 for those still in tertiary institution).
- For eligible adult dependents e.g. Common law or customarily married spouse, support is estimated to retirement age of the deceased.
- Allowance is made for incomes of the deceased and dependent spouse (household income).
- Key input is information from Assessor’s report and RAF claim forms.
Loss of Income
- Involves estimation of claimant’s income assuming the accident did not occur (Pre-accident income).
- Estimation of claimant’s income now that accident has occurred (Post-accident income).
- Difference constitutes the loss of income and is calculated as at a calculation date (not far off the expected settlement date).
- Key input is income progression (pre-accident and post-accident) as interpreted from Industrial Psychologists reports, in addition, their joint minutes may be applied in case of wide opinions between plaintiff IP report and that of defendant’s.
Note: Damages and Assistive Devices Claims
Where Damages Assessment is carried out in addition to Loss of Income, an additional fee of R3500 would apply plus VAT, and for Assistive Devices, an additional fee of R3000 plus VAT would also be levied on the extra task.
Other Claims
Cost of medical and other interventions
- The IP reports detail frequency and cost per incident of any recommended interventions e.g. doctor visits, future surgery; physiotherapy, domestic assistance, equipment aids, wheel chairs etc.
- Each line of intervention is the actuarially costed and disclosed to client, this includes frequency of change of equipment such as wheel chairs etc.
- Or party paying undertakes to meet costs of intervention in future.
Damages, personal injury, wrongful arrests etc.
- Great reliance is made on Case law in South Africa.
- Large number of cases published in Quantum Yearbook and reference is made to such cases when recommending quantum of claims to be made, claims include original amounts and the current value of amounts.
- We re-confirm estimation of current values using our internal economic models.
2021 Fees Excl. VAT On Road Accident Fund (RAF) Actuarial Assessments – LOE & LOS (Option 1):
- R8050 per assessment (based on initial instructions) including VAT is payable.
- Recalculation of reports is charged at a reduced rate of R1207.50 per report VAT inclusive.
- Where damages assessment is carried out in addition to Loss of Income, an additional fee of R4025 would apply VAT included, and for Assistive Devices, an additional fee of R3450 VAT included would also be levied on the extra task.
- Our pricing is for full comprehensive reports on the cases.
- Alternative pricing may be agreed by the parties on other terms and conditions.
Fees Applicable For All Other Claims (Option 2):
- The fee is negotiated between ERS and agreed with the Practice prior to assessment and will have regard to the precise nature of assessment.
Retainer Fees (Option 3):
- ERS is amenable to negotiating bulk discounted retainer fees for those clients willing to enter into suitable fixed term service provider arrangements.