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Increase in product recalls highlights need for SA businesses to take precautions

28 October 2014

Product recall incidents appear almost on a daily basis across the globe, with the most recent case being the recall of 247 000 cars issued by a leading car manufacturer due to airbag malfunctions. Closer to home we’ve seen a dramatic increase in the number of product recall events in the manufacturing sector of both hard (equipment, machinery, appliances) and soft goods (food, beverages and ingredients). The rising number of product recalls highlights the need for all South African businesses to have a proficient product recall and guarantee cover plan in place to mitigate the risk of severe financial loss or, in the worst case scenario, liquidation.

Dealing with being burgled

28 October 2014

There are few things in life more traumatic than arriving home and discovering you have been burgled. According to the 2013/2014 crime statistics, house robberies, which are among the crimes South Africans fear the most, increased to more than 19 000 recorded incidents, the highest in a decade. As common as burglary is, most people do not know what to do if they become victims.

Consumers urged to have personal liability cover

23 October 2014

With the various complexities that exist in insurance products, a common mistake that many consumers make is failing to pay adequate attention to liability cover. In doing so, they place themselves at an increased risk of massive financial losses.

TransUnion data - lowering underwriting risk, protecting the consumer

22 October 2014

Auto insurers face a number of challenges in South Africa and perhaps chief among them is the fact that approximately 3.5 million of the 11 million vehicles on the road are insured. The stakes are clearly high for all concerned. Greater access to data can improve the odds for everyone and the clear benefits have led insurance regulators, in the form of Treating Customers Fairly (TCF)1 to mitigate risk for insurers – they are now requesting that insurers take greater care to clarify their own risk prior to underwriting by interrogating data available to industry players. This measure will not only further embed governance within the insurance sector, but also better protect consumers.

quick poll

Question

Do you think short-term insurance broking will survive the AI plus humanoid robotics age?

Answer

Human first always Not a chance Possibly maybe Yes, but reimagined

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