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…

Insurance is not a cure-all for poor risk selection

Insurance is not a cure-all for poor risk selection

Insurance is not a cure-all for poor risk selection

Global mining conglomerates and their insurance and reinsurance partners will have to improve their risk management outcomes to ensure the long-term sustainability of mining insurance, and must follow the advice of their insurers when it comes to loss prevention. “It does not matter what premium you charge for cover nor what terms and conditions you attach to the insurance policy…

South Africa one step closer to expropriating land without compensation

South Africa one step closer to expropriating land without compensation

South Africa one step closer to expropriating land without compensation

The South African Parliament’s Joint Constitutional Review Committee has recently adopted a report that recommends that the wording of Section 25 of the Constitution be changed to explicitly allow for expropriation without compensation. According to political risk analyst Heinrich Matthee, writing in the South African Monitor, the South African President and African National Congress (ANC) leader, Cyril Ramaphosa, made the…

Managing tourism risk key to South Africa’s economic success

Managing tourism risk key to South Africa’s economic success

Managing tourism risk key to South Africa’s economic success

The urgent amendment of South Africa’s stifling visa regime could be the quick fix needed to drag the country out of the economic doldrums, especially now that so-called ‘tourism terminator’ Malusi Gigaba has resigned as the minister of home affairs and a member of parliament. Cannon Asset Managers Investment analyst Tlotliso Phakisi suggested: “Introduced under Mr Gigaba’s leadership, the tourism…

Top class – risk winners 2018

Top class – risk winners 2018

Top class – risk winners 2018

Phumlani Dyini has won the Institute of Risk Management South Africa’s (IRMSA) coveted Risk Manager of the Year award 2018. Mr Dyini is head: enterprise risk management and compliance, at Woolworths Holdings Group. In winning the title, his work in making business sense of risk appetite has been a major achievement. This framework is under review with CEB Gartner as…

Insurer launches new-style bank

Insurer launches new-style bank

Insurer launches new-style bank

Financial services company Discovery is to launch what it calls the world’s first “behavioural bank”. The fully digital bank leverages Discovery’s shared-value model and can be joined from March 2019 by anyone with a smartphone. Discovery group chief executive, Adrian Gore, explained: “Discovery Bank presents the latest manifestation of our core purpose of making people healthier and enhancing and protecting…

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