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Business Interruption cover 101

30 July 2021 Myra Knoesen

 

Having completed the first four episodes of The Insurance Apprentice 2021, where contestants (group one to four) competed in the rapid risk and write-off preliminary rounds, eight contestants with the most correct answers made it through to the next round.

But, we were actually in search for the Top 10 contestants… and now rumour has it that two wild cards were thrown into the mix… presenting us with a top 10.

Meet the #Top10

In episode five to eight we see the Top 10 complete the harder and more complicated tasks that will ultimately give us the winner of The Insurance Apprentice 2021.

The top 10 are:

  1. Anele Sweli (Marsh)
  2. Dimitri Van Niekerk (Old Mutual Insure)
  3. Kevin Matoko (Matla Risk Management Services)
  4. Sumeet Bisundayal (Marsh)
  5. Tafadzwa Taffy Chikanya (Santam)
  6. Fiona Fitzpatrick (IF Administrators)
  7. Melissa Johnson (Old Mutual Insure)
  8. Brendon Balaram (Sweidan & Co)
  9. Masechaba Mahaba (Crawford and Company)
  10. John Williams (Santam)

A hot topic in the industry

A hot topic in the industry, task five, sponsored by the Financial Sector Conduct Authority (FSCA), sees head judge Simon Colman, Business Head of Digital and Financial Lines at SHA Risk Specialists and guest judges Magkompi Raphasha, Head: Insurers & Retirement Fund Benefit Administrators Supervision at the Financial Sector Conduct Authority (FSCA) and Nox Dlamini, Managing Director at XonRisk present the task and issues at hand, in terms of Business Interruption cover.

In March 2020 the South African Government imposed a lockdown due to COVID-19. This had a negative impact to South African businesses. Non-life insurers providing Contingent Business Interruption (CBI) Cover received numerous claims. The relevant non-life insurers argued that the lockdown was not an insured event or a trigger for a valid claim, and therefore, they were not liable for the payment of the said claims.

Acting as employees of the FSCA, the contestants (divided into teams) are tasked with advising the FSCA, from a supervisory and regulatory perspective, on the main cause(s) of the dispute between non-life insurers and their policyholders on CBI policies, how, if any, the relevant non-life insurers, intermediaries and reinsurers caused or contributed to the said dispute; and what the FSCA can do in relation to each of the stakeholders mentioned, in order to prevent unfair outcomes for policyholders in future.

Did they get it?
Did teams meet the mandate, and did they highlight the challenges that could be faced by the FSCA if it were to accept and act on their advice? And ultimately… who was eliminated?

Watch it here

We would like to thank the FSCA for sponsoring episode five of The Insurance Apprentice 2021.

  1. To watch the episode on YouTube, click HERE
  2. To watch it on the website click HERE
  3. To watch it on Facebook, click HERE

 

Can we just remind you of the prizes that are at stakes?

The WINNER wins:

  • 1 year access to the Lloyd’s virtual mentorship platform; Introduction to Lloyd’s virtual seminar (value R2000); Sponsorship of a unit module of the winner’s choice at the Chartered Institute of Insurance (CII) in the UK (value R3000) or R3000 paid directly to CII if the course exceeds R3000; Sponsorship of a Gordon Institute of Business Science (GIBS) short course of the winner’s choice (value R50 000) or R50 000 paid directly to GIBS if the course exceeds R50 000; and cash prize of R20 000, sponsored by Lloyd’s of London;
  • A bursary worth R75 000 at any public university, sponsored by Inseta;
  • R10 000 CASH from Tracker;
  • R30 000 CASH from Auto & General;
  • A Garmin watch from Genasys;
  • The winner attends the African Insurance Exchange (AIE) conference; and
  • A one year coaching and mentoring package to the value of (R30 000) sponsored by Ultraverse Consulting.

The TOP 3 win:

  • A hospitality prize package, sponsored by Bryte Insurance; and
  • A 6-month coaching package to the value of (R18 000), sponsored by Ultraverse Consulting.

The TOP 10 win:

  • AIG is sponsoring a professional photoshoot for the TOP 10;
  • Each of the 10 contestants will receive a gift bag filled with goodies, from Santam.
  • Simply Financial Services is sponsoring vouchers to the value of R1000 for Bathu; and 
  • A coaching package to the value of (R8 000), sponsored by Ultraverse Consulting.

What’s not to like? So many giveaways for the winner, Top 3 and Top 10, plus a whopping R60 000 in CASH!  


Apply for TIA 2022

TIA 2022 is open… enter, enter, enter! If you are younger than 35 and have been working in the short term insurance industry for four or more years then this is your chance.

Take the step and apply… you have nothing to lose!

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Quick Polls

QUESTION

South Africa’s Financial Sector Conduct Authority (FSCA) has the power to raise revenues by issuing administrative penalties and fines against non-compliant financial services providers, with this money flowing back to the Treasury… Does this, in your view, create a regulatory / government conflict of interest?

ANSWER

Absolutely, as conflicted as it gets
Maybe, I’m on the fence on this
No, the FSCA can do no wrong
The guilty must pay
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