Specialist Business
The South African insurance market – much like its global counterparts – is highly responsive to major economic, social and technological shifts. One of the areas in which transformation is becoming increasingly evident is insurance distribution channels.
Specialist Business
The terms, ‘insights’; also referred to as ‘business intelligence’, and ‘analytics’ are often used interchangeably when referring to how risk is assessed in the insurance industry.
Specialist Business
These are times of unprecedented change and disruption. New technological innovations and geopolitical events are just two of the major catalysts of change in the landscape of risk. In times of volatility, businesses are often faced with increased risk exposure, with opportunistic cybercriminals at the ready to exploit vulnerabilities and take advantage of loopholes.
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In George, thirty-four people died when a partially completed five storey residential building collapsed. This event is tragic, and albeit the worst building disaster in South Africa, is by no means an isolated incident of professional incompetence.
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Artificial Intelligence (AI) is arguably one of the most prolific buzzwords of the past decade, particularly since the advent of ChatGPT in late 2022 when AI became a hotly debated topic of discussion beyond the boardroom, casual dinners and braai’s. True, AI presents potentially both -humanity’s greatest achievement and unknowable prodigious risk.
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South Africa’s renewable energy market is booming. With a growing number of projects planned and in progress, there is an increasing need for construction companies working on renewable energy projects to better manage and mitigate potential risks and losses.
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Several fundamental shifts have changed the risk dynamics for insurers. This evolving landscape has prompted a heightened level of customer awareness as well as a growing demand for financial safeguards against new and emerging risks.
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This year’s Budget Speech addressed several of the country’s most pressing needs and focal areas for the year ahead. The subject of infrastructure, however, was a recurring theme.
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South Africa’s Compensation for Occupational Injuries and Diseases Act (COIDA) was established to provide compensation for physical harm, fatal accidents and diseases incurred in the workplace.
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In tough economic conditions like the present, businesses may be tempted to forgo business insurance or reduce their cover as a cost-cutting exercise. This, however, may be a short-sighted approach, given that the main purpose of insurance is to protect natural or juristic persons against the consequences of the manifestation of undesirable risks
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Not only is cybercrime soaring in South Africa, but cyber criminals are becoming increasingly sophisticated in their attacks. Elaborate social engineering scams and database hacks have become more commonplace than perhaps many may realise.
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The world of commercial insurance has undergone many changes over the past three years. The most notable of these developments is the rapid pace of digitisation, with insurers embracing innovations like artificial intelligence (AI) to streamline their operations, provide higher levels of customer service and conduct more accurate risk assessments.
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Through its alliance with Munich Re and its AA-rated security with New Reinsurance Company Ltd (NewRe), Emerald is now launching a stand-alone Non-Damage Business Interruption solution covering disease outbreaks for the South African corporate sector.
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According to the World Economic Forum, the three top global risks facing businesses are the energy supply and cost-of-living crises as well as rising inflation. All three of these factors are highly prevalent in South Africa and can have a direct impact by increasing the cost of doing business and reducing growth potential.
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Despite high expectations for the South Africa’s Economic Reconstruction and Recovery Plan, delays in the roll-out of these initiatives have restricted the growth prospects of the local construction industry.
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Starting a business as a young entrepreneur has several key advantages. Entering the market as a young businessperson can provide more time to learn from experience, leverage your skills as a digital native and be more flexible in terms of managing your time and personal responsibilities.
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It is lamentable that nowadays, in South Africa, a significant number of claimants’ resort to malingering and dramatically overstating the nature of their injuries or loss in order to reap unjustified settlements from insurers, the Road Accident Fund (RAF) and generally any defendant with means. Malingering or overstating the nature of your loss, is dishonest and fraudulent.
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The onset of COVID-19 in 2020, followed closely by the 2021 July riots and the severe flooding in parts of KwaZulu-Natal have had a devastating impact on South African businesses across a range of sectors.
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Most retail companies may enter into service level agreements (SLAs) with external parties such as cleaning companies, security companies and trolley service management companies. These service providers are often in the midst of liability claims, as either the primary cause thereof, or a contributing factor.
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On 6 March, a truck ploughed into morning traffic and caused an accident involving multiple vehicles on the M41 in Umhlanga, Durban. This recent incident is a reminder that road safety continues to be a huge concern in the transport and logistics space and Santam, as a leading insurer in the Heavy Haulage industry, says it is continuously engaging with all stakeholders to highlight and raise awareness of this pertinent issue.
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Professional indemnity risks in SA are skyrocketing – how can companies prepare?
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To mark October National Transport Month, the Road Traffic Management Corporation (RTMC) in collaboration with Santam, South Africa’s largest short-term insurer, will undertake road safety awareness campaigns on 13th October at Mantsole Weighbridge in Limpopo and on the 27th of October in Sir Lowry’s Pass, Western Cape.
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he effects of the COVID-19 pandemic (and subsequent lockdown regulations) on the mental wellbeing of South African workers has been well documented. Now, months after the lifting of lockdown restrictions, the aftershocks of the pandemic and its impact on workplace operations are the main drivers of an increase in demand for commercial accident and health (A&H) insurance policies.
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According to risk specialists SHA, there has been a significant uptick in the number of claims made against the cost and legal implications of products recalls since 2018.
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The construction industry in South Africa has had a challenging couple of years, from the loss of jobs to the closing down or unbundling of large players in the construction sector.
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By Chrisann Naicker and Nicole Catterall, Professional Indemnity Underwriters at SHA Risk Specialists.
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The findings from SHA Risk Specialist’s 2022 Specialist Risk Review report, have revealed that South African businesses ranked cyber related risks in third position, behind power disruptions and labour related matters.
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Historically, a number of barriers have stood in the way of women entering the insurance sector. While transformation towards gender equity has become more evident over the last decade, there is still much work to be done, specifically at boardroom level, where women remain under-represented.
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With so many stakeholders involved, ownership of issues can get ‘blurry’, which may cause tension between trustees, owners and occupants. Recently, there’s been a proliferation of combined use buildings which add another layer of complexity as people work, stay, and play in complexes that are both residential and commercial.
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Mirabilis has provided engineering reinsurance on the African continent since 2006, and globally since 2014.
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The insurance industry in South Africa faces numerous challenges, arising from technological advancement, climate change and changes in the litigation landscape.
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We live in a world that is evolving at breakneck speed. The outbreak of the COVID-19 pandemic acted as an accelerant, fueling rapid digitisation.
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The most recent (Q4 2021) statistics presented by the South African Police Service put commercial crime under the spotlight, with a 15.9% increase compared to the third quarter of 2021. This has been characterised by a rise in cybercrime, impersonation fraud and white-collar incidents perpetrated by senior staff members.
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Over the last two decades, the average value of a Professional Indemnity (PI) claim has skyrocketed. Numerous factors influence PI claims and their value, ranging from an increased awareness by third parties of their legal rights to claim compensation, escalating legal costs, increased regulation of professionals, as well as the state of the economy.
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It may be that the maxim ‘cargo at rest, is cargo at risk’ is still applicable but in the current environment even cargo in transit is fraught with theft and hijacking threats.
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The complexity of insurance policies is a legacy issue that has been exacerbated by an ever-evolving legal and statutory environment.
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As part of its aim to achieve sustainable, profitable growth with a particular focus on expanding its market share throughout Africa, SHA Risk Specialists has announced three new strategic appointments.
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Financial Lines and Digital Distributions Business Head, Simon Colman and Digital Distributions Underwriting Head, Alicia Kristin Narainsamy sat down with FAnews to share SHA's latest cyber offering, and more specifically, how SHA is stretching its capabilities in response to the growing cyber threat.
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SHA responds to market demand with a new product developed for Business Rescue Practitioners amid rising risks
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With the unprecedented and catastrophic impact of the global Covid-19 pandemic on societies and economies the world over, it seems the pace of change has been forced into an even higher gear.
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The health and safety of truck drivers now more important than ever before
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Supporting effective developments and innovations in the road transport industry eases the cost burden on our road freight transporters, says Santam Heavy Haulage.
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It turns out geyser-related issues cause some of the country’s most common household insurance claims, this is according to Santam – South Africa’s leading short-term insurer
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And essential assets to protect
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In finding more reasons to pay claims than not, Santam Aviation is hand-holding its clients through changing times as the sector limps its way to recovery.
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Mirabilis is ready and equipped to respond to the insurance needs of Africa’s construction and engineering sector.
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Runaway fires wreak havoc and can have crippling financial ramifications. Fire damage to residential and commercial estates is proving an increased risk for property owners and insurers alike.
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In 2017, the Road Traffic Management Corporation (RTMC) reported 1270 fatalities linked to trucks. Despite making up just 0.36% of registered vehicles in SA, trucks account for 11% of road crash fatalities. Why? A road safety awareness event run by Santam and the RTMC in November 2018 points to fatigue as causality number one.
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Santam has introduced a seamless insurance solution that’s receiving enthusiastic support from developers and development financiers alike. Karl Bishop highlights the advantages.
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Estate living has become very popular in our country, but homeowners in these environments need to heed location-specific risks. Karl Bishop discusses.