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Natural catastrophes and fires demand rigorous risk mitigation for business to remain insurable

11 April 2018 | General

Property-related and business interruption losses as a result of fire and weather catastrophes have increased dramatically in South Africa, with 2017 having the highest underwriting losses on record. Insurers incurred material underwriting losses driven by major natural catastrophes including the Knysna bush fires, the Transnet Rossburgh warehouse fire (the single largest fire loss) in Durban, a large hexane plant fire, a tornado in Gauteng and multiple heavy rainfall, hail and flooding events in Gauteng and KZN.

South African business & loss control

11 April 2018 | General

South African businesses need a different mindset to address ongoing stock losses and fraud.

Business continuity : Managing disaster and disruption

06 March 2018 | General

Preparedness is crucial to mitigating the risks companies face before, during and after extreme weather events such as hurricanes Harvey, Irma and Maria – or indeed any other type of disaster. Having a plan to stabilize critical business functions and production, recover losses and continue the revenue stream is key – and it should be stress-tested through tabletop exercises to be the best plan it can be.

Terrorism is the second biggest threat to businesses according to CEOs

26 February 2018 | General

CEOs around the world have cited terrorism as the second biggest threat to their businesses. Global firm PwC released its Annual Global CEO Report recently that highlighted a marked shift in what keeps global CEOs awake at night. Broader societal threats have trumped immediate business challenges such as availability of key skills, populism and increasing tax burden as sources for anxiety.

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

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