Financial Loss Calculations
Actuarial calculations and consultation services are provided to legal professionals, companies and individuals where financial losses need to be quantified. We have 19 years’ experience in this field and have served on the Road Accident Fund’s (RAF) panel of actuaries for 4 years.
The expertise and tools developed during our appointment on the RAF panel of actuaries, where large volumes of calculations needed to be processed, are now used for the benefit of our clients by enabling us to process loss calculations within the shortest possible time given that such requests are often received with extremely tight deadlines.
We provide our clients with professional actuarial reports which adheres to the relevant Advisory Practice Notes of the Actuarial Society of South Africa and often act as expert witness to the Courts where claims for financial losses are litigated, including Road Accident Fund (RAF) claims, third party liability claims, deceased estate claims, business interruption losses, divorce calculations as well as other general claims. The tables below provide more details in respect of the claims we calculate.
What we offer
Actuaries are recognised as the appropriate experts to calculate loss of income and loss of support claims against the Road Accident Fund (RAF). We are predominately appointed by attorneys acting on behalf of the claimants. Some of bigger attorney firms that we are serving include De Broglio Attorneys Inc, Spruyt Incorporated Attorneys, BL Kretzmann Inc, Raleswinga Attorneys, Maritz Smith Inc, Joubert Botha Inc.
With over 15 years of extensive experience in RAF-related claims and 4 years’ service on the RAF panel of actuaries, SNG ARGEN’s actuaries are amongst the leading experts in the field.
Loss of income
A person who was injured in a road accident can claim for their loss of income against the Road Accident Fund. The compensation is calculated as the difference between the injured person’s earnings potential prior to the accident and their earnings potential after the accident. Similar calculations are conducted on medical negligence, wrongful arrest and other related matters.
Loss of support
The dependant(s) of a person who died as a result of a road accident can claim for their loss of support against the Road Accident Fund. The compensation in respect of the dependant(s) is calculated as the difference between the dependants’ share of the household income prior to and after the deceased’s death.
Actuaries are also considered relevant experts to quantify appropriate compensation relating to 3rd party liability claims or any other claims unrelated to road accidents.
Our actuaries have provided valuable insight and expertise in the following specific (but not limited to) categories:
Future medical expenses
We can calculate compensation claims for the cost of expected future medical expenses in respect of incidents including train accidents, medical negligence or injuries as a result of malpractice by the South African Police Service etc.
In cases where a deceased died intestate (without a will) actuaries are required to calculate claims against the deceased’s estate in respect of the surviving dependants. These claims are calculated in terms of the Maintenance Act for children or the Maintenance of Surviving Spouses Act for the surviving spouse.
Claims against a deceased estate are often also used to help reduce the tax pertaining to the estate.
We can assist with any ad-hoc calculations such as:
- Interest calculations on loans / investments etc.
- Business / personal losses incurred as a result of alleged contract breach.
- Business interruption loss as a result of a 3rd party negligence.
- Divorce distributions and negotiations.
What our client say
SNG ARGEN has been assisting our company with actuarial calculations in respect of loss of Income and loss of Support claims since 2014. They also assist our company by acting as an expert witness. Our company is totally satisfied with the quality work supplied to us by SNG ARGEN Actuarial Solutions.
SNG ARGEN has been providing our offices with accurate actuarial valuations on both loss of support and loss of earnings matters as well as excellent services, embodied with prompt response since 2015.
The office of BL Kretzmann Inc has utilized the services of SNG Argen Solutions from about 2013, mostly for services such as actuarial calculations in respect to loss of support as well as loss of income/earning capacity claims on behalf of motor vehicle accident victims/clients. We have always received professional services from SNG Argen, and we can recommend their services.
We have made use of the actuarial professional services of SNG ARGEN since 2015. The actuarial services rendered to us by SNG ARGEN include, inter alia, the preparation of actuarial valuations (calculations) in respect of loss of income and loss of support. We have no hesitation in recommending SNG ARGEN for any and all actuarial services, and the quality of their work is of the highest standard that we have ever come across. ARGEN can be described as leaders in the field.
The team
Tommie Doubell
Christian Strydom
Corné Heymans
Willem Steyn
Willem is the Manager responsible for all loss calculations with more than 17 years of experience. His extensive hands-on experience in this specialised field, supported by a team of actuarial analysts, results in exceptional service to our clients with unrivalled turnaround times when needed.
Our Clients
