Business interruption tops concerns for South African food and beverage sector

Business interruption tops concerns for South African food and beverage sector

Business interruption tops concerns for South African food and beverage sector

Business interruption is the top concern for the food and beverage industry, with 53% of 68 respondents citing the risk. Reputational risks, with a 31% rating, occupy the second spot, showing a decrease from 2017, according to the Allianz Risk Barometer 2018. Risks from natural catastrophes and fire are at number three and number five respectively, and both represent new…

New catastrophe models set to expand liability cover

New catastrophe models set to expand liability cover

New catastrophe models set to expand liability cover

Developments in catastrophe risk modelling should help insurers create new liability insurance products, according to a modelling expert who believes models will eventually be used for casualty risk in the same way as they are for property risk today. Large liability losses can be costlier than the largest natural catastrophes. Some of the most extreme catastrophe liability events include the…

Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Litigation funders are travelling the world looking for fertile ground to bring claims and finding success in an increasing number of places, warns Tricia Hobson, Norton Rose Fulbright global chair and head of its Australia and Asia-Pacific insurance practice. Speaking in London recently, she said much of the pattern of behaviour follows the US, but claimant lawyers and litigation funders…

European commercial rates fall despite first global increase for five years: Marsh

European commercial rates fall despite first global increase for five years: Marsh

European commercial rates fall despite first global increase for five years: Marsh

Global commercial insurance rates rose for the first time in five years during the last quarter of 2017, almost exclusively due to a rise in property premiums, according to Marsh’s Global Insurance Market Index. But while rates were up 0.9% in the UK, they fell by 1.1% on average in continental Europe despite the pace of decline slowing. Marsh said…

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…

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…

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…

Product recalls on rise, risk managers warned 

Product recalls on rise, risk managers warned 

Product recalls on rise, risk managers warned 

Product-related risk is one of the biggest perils facing businesses today, with recall exposures having increased significantly over the past decade, bringing the potential for larger and more complex losses than ever before, warns insurer Allianz Global Corporate & Specialty (AGCS). Product Recall: Managing the Impact of the New Risk Landscape highlights the automotive industry as being the most impacted…

Expert insight essential for strong risk management

Expert insight essential for strong risk management

Expert insight essential for strong risk management

Tunisia and Morocco are set for economic growth this year, while Algeria and Egypt may suffer a decline, according to a new report from trade credit insurer Atradius The report analyses the political and economic situations of four north African countries, as well as ranking the performance of individual sectors within each and assessing their political and credit risk. Alun…

South African mines move towards settlement in silicosis claims

South African mines move towards settlement in silicosis claims

South African mines move towards settlement in silicosis claims

South African mining firms are reported to be preparing a multimillion-dollar settlement with as many as 100,000 former workers suffering from lung diseases. Mining News reported that Anglo American has set aside $101m in preparation for a potential settlement, while Gold Fields expects to pay about $30m to end a class action lawsuit. AngloGold Ashanti, Sibanye Gold and Harmony Gold Mining are among 32 respondents…

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