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Companies face rising liability losses around environmental, cyber, product defect and recall risks

05 April 2017

• Allianz analysis of 100,000 claims reveals top causes of liability loss for businesses: defective product/ work quality issues, crashes and human error. • Increasing potential for larger, more complex and international claims resulting from global product recalls, corporate liability and environmental incidents. • Digitalization and growth of “sharing economy” present new loss scenarios. • US remains the world’s largest liability market, but US-style litigation is spreading in Europe and Asia with rising consumer awareness and collective redress possibilities in many countries. • Africa’s top three causes for liability losses are human error, deffective product/work and natural harzards. • South Africa’s top three are defective work/product, water/fire/smoke damage and property damage

Data - The most valuable business asset in the technological age

31 March 2017

Cybercrime is expected to cost businesses about R78 trillion by 2021, according to statistics quoted by Cisco Connect South Africa. The internet has created the perfect platform for cyber criminals to grow and prosper as they find ways around security systems and many people and businesses alike, are still not optimally protecting their valuable information.

Growth in sectional title real estate presents new opportunities for insurers

30 March 2017

The responsibilities of trustees and executives impacting community and collective property schemes, including golf estates, have become more onerous due to specific legislative requirements in the Community Schemes Ombud Service (CSOS) Act. This has a significant impact on the property insurance solutions provided to consumers, and calls for highly specialist insurers with thorough knowledge and understanding of all the risks involved in this burgeoning industry to ensure policyholders are protected.

Liability insurance: who pays when an event is cancelled?

22 March 2017

The recent cancellation of the 40thCape Town Cycle Tour was without a doubt a big disappointment for all involved and with the Absa Cape Epic mountain bike stage race having just kicked off, the spotlight is now focused on the insurance implications involved in the cancellation of large sporting events.

quick poll

Question

If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?

Answer

2026, as promised 2027 looks more likely Impossible to say More consultation needed

View the Results