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The Western Cape recently struggled with a heavy bout of extreme weather from gale-force winds to fires, and from heavy rains to flooding, authorities issued high-level alerts and ended up closing down numerous roads and schools. Millions of rands of damage was wrought leaving many homes, vehicles, and infrastructure in disrepair.
As South Africa transforms into a more litigious society, with a heightened awareness of rights under the Consumer Protection Act (CPA), the incidence of medical malpractice claims is on the rise.
In the dynamic world of business, unexpected events can strike at any moment, threatening the stability of even the most well-established enterprises. “From property damage caused by natural disasters to lawsuits from disgruntled customers, the need for comprehensive business insurance cannot be overstated,” says Peter Olyott, CEO of financial services provider, Indwe Risk Services (Indwe).
Brokers who are keen to add value to their commercial and individual clients will do well to consider including personal accident cover in their product suite. David Honeyman, Business Head: Accident & Health at SHA Specialist Underwriters reckons there are opportunities to improve personal accident and group personal accident penetration by working through intermediated distribution channels, and fine-tuning solutions for industries.
If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?