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…

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…

Emerging market risks rise

Emerging market risks rise

Emerging market risks rise

Recent months have seen increased volatility in emerging markets as foreign investors pull back from heavily indebted countries like Turkey, Argentina and South Africa. While a full-blown debt crisis looks unlikely, political risk in emerging markets is expected to heighten, driving increased demand for specialist trade credit insurance. With rising interest rates in the US, emerging markets have been finding…

Emerging market currencies still posing huge risk to business

Emerging market currencies still posing huge risk to business

Emerging market currencies still posing huge risk to business

South Africa is among emerging market currencies that have already seen depreciation this year and which will continue to be susceptible to balance-of-payment crises. According to the External Vulnerability Index published by IHS Markit, emerging market currencies have depreciated by approximately 8% against the US dollar through end-September 2018. The External Vulnerability Index from IHS Markit ranks 190 countries based…

Time for data compliance

Time for data compliance

Time for data compliance

Data compliance is top of mind for practically every South African business, thanks to a combination of the European Union’s General Data Protection Regulation and, by this time next year, South Africa’s Protection of Personal Information Act (POPIA) will almost certainly be in place. Daniel Lotter, from business suite solution provider Itec SA, explains: “POPIA is based on the individual’s…

Risk managers called on to help end state capture

Risk managers called on to help end state capture

Risk managers called on to help end state capture

South African risk managers have been called on to help end state capture (or corruption) in South Africa and rebuild a better society. Pravin Gordhan, minister of public enterprises, told 500 delegates at the Institute of Risk Management South Africa that risk managers must ask themselves: “Where was I when all of this was happening?” The current government, led by…

South Africa holds second successful Dive In festival

South Africa holds second successful Dive In festival

South Africa holds second successful Dive In festival

The insurance industry in South Africa has celebrated its second Dive In festival, following a successful launch of the initiative in the country last year. Local sponsors were AIG, AON, Chubb, Marsh and Willis Towers Watson, partnered by the Insurance Institute of South Africa, in support of Dive In – The Festival, an initiative of Lloyd’s of London. The collaboration…

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%…

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