First South African insurer settles BI claims

First South African insurer settles BI claims

First South African insurer settles BI claims

South Africa’s fourth-largest non-life insurer Guardrisk is the first South African insurer reported to have settled business interruption (BI) claims related to the impact of Covid-19, reaching agreement with up to 700 small business clients that were fighting its decision to reject their BI claims. Guardrisk was recently taken to court by Café Chameleon CC, where the insurer lost its…

New commissioner for South Africa

New commissioner for South Africa

New commissioner for South Africa

South Africa’s Financial Services Conduct Authority (FSCA) has confirmed that Dube Tshidi has been appointed by Tito Mboweni, the minister of finance, to perform the functions of the commissioner. The designation is effective from 6 August 2020 for a three-month period until 5 November 2020, or until a commissioner is appointed and assumes office – whichever occurs sooner.

Santam to give some BI policyholders ‘urgent relief’

Santam to give some BI policyholders ‘urgent relief’

Santam to give some BI policyholders ‘urgent relief’

Risk managers in the South African hospitality, leisure and non-essential retail sector could soon receive “urgent relief” from Santam, South Africa’s largest short-term insurer, if they have a contingent business interruption (CBI) extension in their policy cover. The insurer has said it will make payments up to ZAR1bn. Back in June, a company that owns hotels and guesthouses in Cape…

GIB Group announces new CEO

GIB Group announces new CEO

GIB Group announces new CEO

GIB Insurance Broking Group has appointed Jurie Erwee as group chief executive officer. He succeeds Dudley Sanders, who joined the company in 1988. GIB was established in 1982 by Dennis Gamsy. In 2012, Lephatsi Financial Services took a meaningful minority stake in the business. For a period, both Mr Gamsy and Mr Sanders will act in a transitional capacity to…

Resilience: the secret ingredient of organisational growth

Resilience: the secret ingredient of organisational growth

Resilience: the secret ingredient of organisational growth

Risk managers should be having an ever-greater role in the business, according to one leading South African risk manager, as part of building resilience across the organisation. Businesses that want to grow without hindrance must realise that risk management and business continuity planning are no longer obligatory support functions, suggested Christopher Palm, chief risk adviser at the Institute of Risk…

Risk managers should show their value as lockdowns ease

Risk managers should show their value as lockdowns ease

Risk managers should show their value as lockdowns ease

Risk managers have been struggling to find their rightful place in many organisations but Covid-19 could prove a game-changer, according to South African risk manager Lindiwe Magobholi. “For many years enterprise risk management has struggled within some organisations, still battling to keep its seat at the roundtable, because although it is not a profit centre function it sometimes behaves as…

Hospitality companies take on insurance giant Santam over Covid-19 claims

Hospitality companies take on insurance giant Santam over Covid-19 claims

Hospitality companies take on insurance giant Santam over Covid-19 claims

A company that owns hotels and guesthouses in Cape Town and Stellenbosch, and another that owns several restaurants, are set to file a claim in the Western Cape High Court against Santam, after the insurer refused to pay out on business interruption (BI) claims. Loss adjuster Insurance Claims Africa (ICA) said it was disappointed by Santam’s decision to reject a…

Risk managers have opportunity during Covid-19 crisis

Risk managers have opportunity during Covid-19 crisis

Risk managers have opportunity during Covid-19 crisis

Risk-adjusted strategy, business continuity, crisis management, disaster management and resilience – these have all been buzzwords in today’s media, business and, surprisingly, people’s day-to-day conversations. While this first global pandemic in more than 100 years presents mega challenges for businesses and society at large, it also presents opportunities for a risk manager, according to Mighty Mhlanga. A member of the…

Covid-19 in South Africa: Temporary moratorium on the issuance of new insurance licences

Covid-19 in South Africa: Temporary moratorium on the issuance of new insurance licences

Covid-19 in South Africa: Temporary moratorium on the issuance of new insurance licences

Insurers will not be able to apply for new licences in South Africa as the regulator suspends granting new licences as the Covid-19 pandemic unfolds. On 10 June 2020, the Prudential Authority published Communication 1 of 2020, wherein the Prudential Authority has stated it is imposing a temporary moratorium on the issuance of new licences for a period of six…

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