Cape Town water crisis: a lesson in behavioural change

Cape Town water crisis: a lesson in behavioural change

Cape Town water crisis: a lesson in behavioural change

Cape Town’s water crisis should be seen as a lesson in changing behaviours and good risk management, according to Helen Zille, Premier of the Western Cape province. Speaking at the opening of the annual International Union of Marine Insurance conference, this year held in Cape Town, Ms Zille explained how the city had faced a ‘day zero’ scenario – the…

Tokio Marine buys minority stake in South Africa’s Hollard Insurance

Tokio Marine buys minority stake in South Africa’s Hollard Insurance

Tokio Marine buys minority stake in South Africa’s Hollard Insurance

Japanese insurer Tokio Marine Holdings is to buy a minority stake in South Africa’s Hollard Insurance, in a bid to help both companies expand through Africa. Reports say Tokio Marine will pay ZAR5bn for a 22.5% shareholding in Johannesburg-based Hollard. Hollard already has a presence in South Africa, Botswana, Namibia, Ghana, Mozambique and Zambia. The deal gives Tokio Marine a…

South Africa dips back into recession and risks another downgrade

South Africa dips back into recession and risks another downgrade

South Africa dips back into recession and risks another downgrade

Poor GDP figures have revealed that South Africa has entered a technical recession following two consecutive quarters of negative economic growth, heightening the country’s risk of suffering yet another credit downgrade in the second half of the year, according to leading economists. Maarten Ackerman, Citadel chief economist and advisory partner, warned that the numbers show the economy shrank by 0.7%…

Land expropriation plans fuelling political and banking risks in SA

Land expropriation plans fuelling political and banking risks in SA

Land expropriation plans fuelling political and banking risks in SA

Risk managers are watching carefully after the South African government said it would push ahead with plans to amend the constitution to allow land expropriation without compensation. At the end of July, President Cyril Ramaphosa said the ruling ANC will “finalise a proposed amendment” allowing the move, saying reform was “of critical importance” to the economy. There has been growing…

Be adaptive and learn new techniques, risk managers told

Be adaptive and learn new techniques, risk managers told

Be adaptive and learn new techniques, risk managers told

Risk managers attending the Cruywagen-Irmsa Risk Lab this year have been told to shake themselves up, along with their teams, if they are to adapt to the emerging ways of working The skills needed for sound risk management do not all come from risk management, delegates heard at the recent Risk Lab event in Cape Town. Attendees at the Cruywagen-Irmsa…

Controlling the narrative

Controlling the narrative

Controlling the narrative

Risk managers not only need to consider the global threat of climate change but also the global threat that comes from increasing communication. Berenice Francis, president of Irmsa and group commercial executive at Imperial, stressed it is crucial for all risk managers to “control the narrative” if they are to help their businesses survive the new social media era. “Those…

Keeping one eye on the future

Keeping one eye on the future

Keeping one eye on the future

Business is operating in an unusual environment and is facing uncertainty, complexity and ambiguity. That was the stark message from Ansie Ramalho, senior consultant, International Finance Corporation, when addressing delegates at the Cruywagen-Irmsa Risk Lab in Cape Town. Her words were echoed by Elias Masilela, executive chairman of DNA Economics and commissioner of the 1st and 2nd National Planning Commission.…

Allianz appoints two junior underwriters in South Africa

Allianz appoints two junior underwriters in South Africa

Allianz appoints two junior underwriters in South Africa

Allianz Global Corporate Specialty (AGCS) Africa has appointed Boitumelo Moate and Nomsa Mathega as junior underwriters in financial lines. Financial lines insurance addresses the liabilities of managers and professionals in today’s increasingly litigious and demanding business environment. Before joining AGCS Africa, Ms Moate worked as a junior cyber risks and commercial crime underwriter for a local insurer. She also worked in specialist…

South Africa facing tough economic conditions

South Africa facing tough economic conditions

South Africa facing tough economic conditions

The International Monetary Fund’s (IMF) latest assessment of South Africa’s economy projects real GDP growth will stay slightly below 2% in the medium term; not enough to increase living standards or make a dent in unemployment. Ana Lucía Coronel, who heads the IMF team for South Africa, warned: “Confidence among stakeholders has been weak during the last several years, leading…

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