Risk of ratings agency downgrade for South Africa recedes

Risk of ratings agency downgrade for South Africa recedes

Risk of ratings agency downgrade for South Africa recedes

South Africa’s economy is slowly recovering, however the employment picture continues to cause concern, according to the latest economic figures. Maarten Ackerman, chief economist and advisory partner at Citadel, said: “The positive signs are likely to keep the ratings agencies at bay. However, whether you look at the 1.4% quarter-on-quarter, seasonally adjusted annualised growth for Q4 2018 or the 0.8%…

Unemployment tops risk list for South Africa

Unemployment tops risk list for South Africa

Unemployment tops risk list for South Africa

Structurally high unemployment tops the risk list, according to the Risk Report 2019 from the Institute of Risk Management South Africa (IRMSA). That is followed by growing income disparity and inequality. Good news includes unmanageable fraud and corruption dropping from second to fourth on the list. But it is no surprise that inadequate and/or sub-standard education and skills development is…

Ratings agency worry after South African budget

Ratings agency worry after South African budget

Ratings agency worry after South African budget

Observers are concerned the South African budget this week may not satisfy the ratings agencies, which have been waiting for signs of economic recovery in one of Africa’s largest economies. Experts at Citadel said: “This was always going to be one of South Africa’s toughest budgets, with enormous pressure on government resources in an extremely difficult economic environment. “Under the…

Bringing innovation and entrepreneurship to the insurance market

Bringing innovation and entrepreneurship to the insurance market

Bringing innovation and entrepreneurship to the insurance market

In South Africa, new insurance industry regulations requiring onerous capital adequacy limits for cell captives have been introduced, as well as delineating the types of businesses that may own a cell captive. As a result, Genric Insurance Company is focusing on providing insurtech startups, underwriting management agencies and entrepreneurs with more financially viable and practical alternatives to bring new insurance…

Extreme weather tops the Africa risk list

Extreme weather tops the Africa risk list

Extreme weather tops the Africa risk list

Cybersecurity, geopolitics and financial market fluctuations are among the chief concerns for business voiced by some leading risk experts as they look ahead to 2019, while in Africa the top risks remain extreme weather events, political and reputational risks. At the start of the year, senior members of the Institute of Risk Management (IRM) were asked to identify key risk…

South African rand turmoil expected to continue throughout 2019

South African rand turmoil expected to continue throughout 2019

South African rand turmoil expected to continue throughout 2019

Few currencies matched the rand’s turbulence in 2017, with factors such as Trumpenomics, the firing of finance minister Pravin Gordhan and the appointment of Cyril Ramaphosa as ANC president, contributing to the ZAR2.04 price swing during the year. Bianca Botes, corporate treasury manager at Peregrine Treasury Solutions, outlined how this volatility continued through 2018 with the US-China trade war, the…

Risk managers should study the Cape Town drought: SCOR

Risk managers should study the Cape Town drought: SCOR

Risk managers should study the Cape Town drought: SCOR

Risk managers are being urged to study the recent Cape Town drought, to learn about the water-related risks facing large cities globally. In a new case study, Water Security: The Case of Cape Town’s Severe Water Shortage, reinsurer SCOR says Cape Town’s experience presents some key insights about water security and the vulnerability of cities. It suggests: “Risk officers in large or…

South African risk manager makes top membership grade

South African risk manager makes top membership grade

South African risk manager makes top membership grade

South African Zanele Makhubo, CFIRM, director, enterprise risk management, Gauteng Department of Human Settlement, has been awarded the highest grade of membership by the Institute of Risk Management (IRM). She completed the senior executive route to take the award. Ms Makhubo is also chair of the IRM’s South African regional group. She said: “I was excited to be awarded the…

Banking the change – how insurers in banking will change insurance too

Banking the change – how insurers in banking will change insurance too

Banking the change – how insurers in banking will change insurance too

Discovery launching a bank has profound implications, not just for banking but for the insurance industry and for the way that consumers view money as a whole “Discovery will be launching the world’s first behavioural bank,” enthused Adrian Gore from his podium at the landmark Discovery building in Sandton on 14 November. “Our ambition is to create a new category…

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