Corporates relief as South Africa goes for tax balance

Corporates relief as South Africa goes for tax balance

Corporates relief as South Africa goes for tax balance

After increasing concern among corporates about the risk of much higher taxes in South Africa, there has been a collective sigh of relief as finance minister Malusi Gigaba found a balance between raising taxes on the wealthy, broadening the tax base and providing a safety net for the poor. The rand appreciated somewhat and bond yields traded lower soon after…

Unemployment tops risk list for South Africa

Unemployment tops risk list for South Africa

Unemployment tops risk list for South Africa

Structurally-high unemployment and underemployment tops the risk list for 2018 in South Africa, according to the 2018 Risk Report from the Institute of Risk Management South Africa (IRMSA). Also in its top ten list of risk by impact, revealed today, are unmanageable fraud and corruption, failure of governance, government policy, macroeconomic developments and profound political instability. In terms of most…

Nat cats drive costly losses in South Africa

Nat cats drive costly losses in South Africa

Nat cats drive costly losses in South Africa

A number of large losses and natural catastrophes (nat cats), with heavy storms, floods, drought and fires, have contributed to challenging times for South African insurers. At the same time, South Africa is suffering from a weak economy driven by political uncertainty as an election year approaches. This uncertainty continues to undermine business and consumer confidence. “On the whole, we…

Confidence is a major risk factor

Confidence is a major risk factor

Confidence is a major risk factor

Confidence among businesses and consumers can make or break economies and should be factored into any risk approach, according to Craig Kiggen, regional head: Kloof KZN, Citadel. As South Africa grapples with the changeover between President Zuma and ANC leader-elect Cyril Ramaphosa, Mr Ramaphosa said: “A restoration of confidence is the quickest and cheapest form of stimulus available.” South Africa’s…

Water crisis continues to pose risk for conference plans

Water crisis continues to pose risk for conference plans

Water crisis continues to pose risk for conference plans

The International Union of Marine Insurers (IUMI) is the latest to comment on the Cape Town water crisis, promising its annual conference, due to be held in Africa for the first time, will go ahead in September as planned. The 2018 organising committee said it was aware of the news reports that “have served to focus our minds on the…

Good service pays dividends as GIC Re South Africa continues growth trajectory

Good service pays dividends as GIC Re South Africa continues growth trajectory

Good service pays dividends as GIC Re South Africa continues growth trajectory

Good service, expertise and capacity have proved a winning formula for GIC Re South Africa, which has seen another year of growth despite challenging times in the South African insurance sector. Deepak Prasad, managing director and CEO of GIC Re South Africa, said: “Internationally, it has been very different from one market to another this year because of the global…

Risk managers monitoring Cape water crisis

Risk managers monitoring Cape water crisis

Risk managers monitoring Cape water crisis

Risk managers are having to make some tough decisions as the water crisis hits hard in Cape Town. Some risk managers admit to feeling uneasy about continuing to do business in the usual way as the city faces the threat of taps being turned off next month. Residents’ water is already severely restricted, with the prospect of rain to end…

Scaling the insurance prudential peak of ‘Twin Peaks’

Scaling the insurance prudential peak of ‘Twin Peaks’

Scaling the insurance prudential peak of ‘Twin Peaks’

On 17 January 2018, the President of South Africa signed the Insurance Act (the Act) into law. Risk managers and their insurers will need to understand the implications of the Act, which along with other key regulatory measures, provides a consolidated legal framework for the prudential supervision of the insurance sector, consistent with international standards for insurance regulation and supervision.…

South African finances picking up, but rating risk looms large

South African finances picking up, but rating risk looms large

South African finances picking up, but rating risk looms large

South Africa is preparing for February’s Budget with a slightly more optimistic note thanks to a resurgence in business and consumer confidence. However, Maarten Ackerman, chief economist and advisory partner at Citadel, warned South Africa’s growing debt levels and alarming Budget deficit means that consumers should still prepare for the possibility of an increase in the VAT rate. His comments…

The life-saving role of clinical-trial insurance in spotlight

The life-saving role of clinical-trial insurance in spotlight

The life-saving role of clinical-trial insurance in spotlight

The number of clinical trials performed worldwide has been on the increase, thanks both to growing innovation in the pharmaceutical and healthcare industries and the increasing burden of diseases needing new treatments. Clinical trials are crucial for the safety and efficacy of pharmaceutical and biological products as well as medical devices. However, there is an inherent risk in every clinical trial…

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