South African business face risks from power price hike

South African business face risks from power price hike

South African business face risks from power price hike

South African businesses are being put at risk by a hike in prices from one of the country’s electricity suppliers. The National Energy Regulator (Nersa) recently announced a large price hike in South African electricity tariffs for the next three years. Nersa’s multi-year price determination currently sits at 9.41% for 2019, 8.10% for 2020 and 5.2% for 2021. The increases…

Coface South Africa scoops gender award

Coface South Africa scoops gender award

Coface South Africa scoops gender award

Credit insurer Coface South Africa has been named overall Gender Mainstreaming Champion at the 2019 Awards. In all, the insurer scooped four awards: The award for a non-Johannesburg Stock Exchange-listed company in the category Women Empowerment in the Workplace The Women on Boards Award and Women on Executive Committees in Multinationals award Third finalist award for Equal Representation and Participation.…

High South African cat claims impact Santam results

High South African cat claims impact Santam results

High South African cat claims impact Santam results

Underwriting results for South Africa’s largest short-term insurer Santam suffered negatively from fires, hailstorms and floods at the beginning of 2019. Santam has reported solid operational results for the six-month period ended 30 June 2019, in an environment characterised by tough trading conditions for short-term insurers. The group achieved gross written premium (GWP) growth of 8% on its conventional insurance…

Shipping companies warned as South Africa bans stowaway landings

Shipping companies warned as South Africa bans stowaway landings

Shipping companies warned as South Africa bans stowaway landings

The Swedish Professional and Indemnity Club has warned that South African authorities have banned the landing of stowaways at South African ports. The tougher stance was announced in late August. According to Mike Heads of P&I Associates (Pty) Ltd, the South African Immigration Authority has radically changed its policy when it comes to the landing of stowaways in South African…

IRMSA planning review of five years of risk

IRMSA planning review of five years of risk

IRMSA planning review of five years of risk

Following the launch of the fifth edition of the Institute of Risk Management South Africa (IRMSA) Risk Report in 2019, the IRMSA Risk Intelligence Committee is now planning the The IRMSA Lustrum – Five Years of South Africa Risk Reports Under Review, to be released in February 2020. Risk managers across South Africa have been taking part in the survey,…

South African short-term insurance sector grew 8% in 2018

South African short-term insurance sector grew 8% in 2018

South African short-term insurance sector grew 8% in 2018

The South African insurance industry reported gross written premiums (GWP) of ZAR108.6bn in 2018, an increase of 8% when compared to the ZAR100.4bn written in 2017. However, it is no longer rated a low catastrophe risk after huge losses in 2017. Uncharted: The South African Insurance Industry Survey 2019 from KPMG shows that the strong growth suggested in GWP did…

Rise in African mergers and acquisitions

Rise in African mergers and acquisitions

Rise in African mergers and acquisitions

Mergers and acquisitions (M&A) across Africa have risen in terms of value but not volume, according to the latest figures. The total deal value of M&A transactions in Africa increased by $21bn in the first half of 2019, a 31% rise on the same period of 2018. However, according to analysis by Baker McKenzie of Refinitiv M&A data for Africa,…

Risk of bad debts escalates in South Africa

Risk of bad debts escalates in South Africa

Risk of bad debts escalates in South Africa

Risk managers from the banking sector and beyond have voiced concerns about a new South African law allowing overindebted consumers to have payments suspended or scrapped. Yesterday, President Cyril Ramaphosa signed the National Credit Amendment Bill into law. Referred to as the ‘debt relief law’, it will afford low-income workers and overindebted consumers the opportunity to have payments suspended or even scrapped,…

Willis buys Risk Capital Advisors in South Africa

Willis buys Risk Capital Advisors in South Africa

Willis buys Risk Capital Advisors in South Africa

Willis Towers Watson has bought Risk Capital Advisors (RCA), a specialist merger and acquisition (M&A) broker in South Africa, Australia and New Zealand, for an undisclosed sum. RCA will become a fully integrated part of the company’s FINEX global line of business, which has a team of financial, executive and professional risks experts that provide clients with specialist advice and…

South Africa claims to lead the way in ERM

South Africa claims to lead the way in ERM

South Africa claims to lead the way in ERM

Some 88% of risk professionals in South Africa have reported that their organisations’ enterprise risk management (ERM) programmes are either fully or partially integrated into operations. According to the 2019 Enterprise Risk Management Report: South Africa, this could mean South Africa is one of the most risk-aware countries in the world. Compiled by RIMS and the Institute of Risk Management…

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