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Liberty Drives Hope - and places the needs of ordinary South Africans at the core

Published: Fri, 31 Jul 20

                                    It was a desperate cry for help on Facebook. When Karen Denny, Divisional Executive for Liberty’s Digital Marketing team, ...
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SAIA Successfully Holds Annual General Meeting (AGM) 2020

Published: Mon, 27 Jul 20

Johannesburg – At its first ever virtual Annual General Meeting (AGM) held on 23 July 2020, the South African Insurance Association (SAIA) successfully nominated a new SAIA Board of Directors composed of non-life insurance member companies, reinsurance companies and state-owned enterprise chief executives and ...
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POST-PANDEMIC PRODUCTION RELOCATION: AN OPPORTUNITY FOR CEE COUNTRIES?

Published: Mon, 27 Jul 20

Here are the main points addressed in this Coface study:   A favourable context Foreign trade and inclusion in supply chains had already increased for Central & Eastern Europe (CEE) in recent years, boosted by most of its countries’ decision to join the European Union (EU) in 2004. Strong ...
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Lloyd’s approves new specialised syndicate to insure transportation of COVID-19 vaccine to emerging economies

Published: Fri, 24 Jul 20

Lloyd’s, the world’s leading specialist insurance and reinsurance market, today announced the creation and in principle approval* of its newest “syndicate in a box,” Syndicate 1796, set up to insure the storage and transportation of a COVID-19 vaccine once developed to emerging economies. This ...
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Grant Maxwell to lead Alternative Risk Transfer line of business at AGCS

Published: Thu, 23 Jul 20

Grant Maxwell appointed as Global Head of Alternative Risk Transfer at AGCS reporting to Chief Underwriting Officer Corporate Tony Buckle Non-traditional risk transfer solutions increasingly important for multinational corporations Johannesburg/London/Munich/New York/Paris/Sao Paulo/Singapore – 23 July, ...
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GLOBAL TRANSPORT: WHAT DOES THE FUTURE HOLD BEYOND COVID-19?

Published: Tue, 21 Jul 20

Here are the main points addressed in this study (download it here)   Coface does not expect the sector to recover to fourth quarter 2019 level before 2022. In Coface’s central scenario, the turnover of listed companies of the global transport sector will be 32% lower in the 4th quarter ...
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SANLAM PAYS OUT OVER R4 BILLION IN CLAIMS IN 2019

Published: Mon, 20 Jul 20

South Africa, 20 July 2020: In 2019, Sanlam paid out over 99% of death claims. The leading insurer predicts a rise in claims for death, funeral, sickness and income protection in 2020, due to the coronavirus pandemic. Petrie Marx, Product Actuary at Sanlam Individual Life, says that this year is a testament ...
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United States: Two-speed business bankruptcies

Published: Thu, 16 Jul 20

United States: Two-speed business bankruptcies   As the COVID-19 epidemic hits the United States very hard, Coface forecasts in its baseline scenario that the country's GDP will contract by 5. 6% in 2020, before rebounding by 3. Nevertheless, this forecast is threatened by the resurgence of the outbreak ...
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Allianz: Gulf of Guinea sees piracy activity soar, West African Coast is third hotspot for shipping losses

Published: Wed, 15 Jul 20

Safety & Shipping Review 2020: 41 large ships lost worldwide in 2019, down by more than 20% year-on-year and almost 70% over a decade. Consequences of coronavirus and a sustained economic downturn could threaten long-term safety improvement and trigger an uptick in losses from cost-cutting measures, fatigued crew, ...
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POPI BREACH COULD MEAN FINES OF UP TO R10 MILLION AND A 10-YEAR JAIL SENTENCE

Published: Thu, 09 Jul 20

Where to start for SA businesses?   09 July 2020: Parts of the long-awaited Protection of Personal Information Act 4 of 2013 came into force on 1 July 2020, and companies will have a period of one year to get their ducks in a row or risk substantial fines and even imprisonment. The Act seeks to ...
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POPI ACT IS NOW IN FORCE

Published: Tue, 07 Jul 20

FIVE STEPS TO ENSURE POPI COMPLIANCE FOR DIRECT MARKETING   07 July 2020: The Protection of Personal Information Act 4 of 2013 (POPI) has now come into effect and it is important that South Africa businesses adhere to the new regulations. The use of personal information is everywhere and it’s almost ...
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POPI ACT - IMPLICATIONS FOR VARIOUS BUSINESS AREAS

Published: Thu, 02 Jul 20

02 July 2020: The long-awaited Protection of Personal Information Act 4 of 2013 comes into force on Wednesday 1 July 2020, and companies will have a period of one year to get their ducks in a row or risk substantial fines and even imprisonment. From employee data, to direct marketing, e-commerce and the ...
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Lloyd’s presents solutions for global industry and government partnerships

Published: Wed, 01 Jul 20

Lloyd’s presents solutions for global industry and government partnerships to fast-track societal and economic COVID-19 recovery Open-source frameworks provide blueprint for better protecting society against systemic catastrophic events   01 July 2020, Johannesburg - Lloyd’s, the world’s ...
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Insurance Gateway Launches Virtual Offices

Published: Fri, 26 Jun 20

Insurance Gateway developed a new way of connecting brokers to their clients. This new platform will launch 1 July 2020 and I would like to invite you to have a look. To view our offices please click the link below. Features include online appointments, instant video meetings, document management, AI, CRM and even ...
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Norton Rose Fulbright’s Insurance Comic Book

Published: Fri, 19 Jun 20

It is never fun having to reject a claim but we have found a fun way to learn how to do it fairly. As the brainchild of who else but Donald Dinnie, director at global law firm Norton Rose Fulbright, for the next part of the popular Big Read Book Series, the team has produced a unique Comic Book Edition of ...
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SAIA Appoints Ms Pamela Ramagaga as General Manager: Insurance Risks

Published: Wed, 17 Jun 20

It is with great pleasure to announce to you that the South African Insurance Association (SAIA) has appointed Ms Pamela Ramagaga to the position of General Manager: Insurance Risks effective 1 June 2020. Ms Ramagaga has successfully held the position of Acting General Manager: Insurance Risks from January 2020 ...
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Business resilience: Learnings from the COVID-19 pandemic

Published: Wed, 17 Jun 20

It is safe to say, most of us were unprepared for the COVID-19 outbreak, and even more were unprepared for the mitigation measures taken to prevent the large-scale loss of lives. Infectious diseases are not new, as far as risks go - these risks have existed in modern times, e. Spanish flu, avian flu and ...
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Coface Barometer Q2 2020 From a massive shock to a diversified recovery

Published: Thu, 11 Jun 20

A few weeks after the first containment easing measures, economic activity seems to be picking up in most European countries. However, about two months after China, this gradual and partial recovery will not erase the effects of containment on global growth. In this context, Coface forecasts that the recession in ...
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Euler Hermes Social Risk Index (SRI): South Africa vulnerable to social unrest

Published: Mon, 08 Jun 20

Each quarter, Euler Hermes assesses the evolution of country risk. The world leader in credit insurance has this year added environmental, societal and governance (ESG) risks to its analyses, to have a more precise and complete assessment. This decision makes perfect sense in today’s context as the Covid-19 ...
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Insurance and Risk in a Post-Covid Economy

Published: Mon, 01 Jun 20

Certain insurance classes will take a hit while others will have time to recover, consumer behaviour will radically change the rules of engagement for insurers and brokers, and accelerate digital transformation   Nothing will be the same in the world post-Covid 19. As our economy slowly starts to ...
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From The Glossary »

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Bonus:

A bonus is the amount of a life insurance company’s profits allocated to a ‘with profits’ life insurance policy after an actuarial valuation of the whole portfolio of policies in force. The bonus is added to the value of the policy, becoming payable at maturity of the policy or death of the life insured.
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