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The festive season in South Africa is a time where the public attends braais, beach parties, live sporting events and concerts. But while the rest of the country is in a festive mood and enjoying these events to the fullest, it can be a major headache for event organisers who have to assess whether their public liability insurance is enough to cover an unfortunate incident.
According to a recent study conducted by Deloitte for the National Film and Video Foundation (NFVF), South Africa's film industry has grown significantly since 2005, contributing R3.5 billion to the national economy in 2012 with further growth expected over the next five years.
The tough economic climate that has pervaded for the last seven years in South Africa, combined with the country’s high unemployment rate, has seen a marked increase in the need for ‘Fidelity Guarantee’ insurance cover by local businesses in order to mitigate the risk of theft committed by employees. More than two-thirds of South African companies polled in a 2012 ITWeb survey reported that they had discovered cases of fraud committed by their own staff over the past three to five years. The survey showed that white-collar crime was on the increase and that most cases of fraud were committed by companies' internal staff members.
At a seminar hosted by insurer AIG South Africa, Deon Binneman, an independent reputation advisor warned “Product recall is a business crisis and must be treated as such. It has the potential to affect your brand and reputation with all your stakeholders
Do you think short-term insurance broking will survive the AI plus humanoid robotics age?