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Insurers, know your war limits

08 November 2022 | Featured Story

Insurance brokers, insurers, reinsurers and risk managers have survived a terrible few years, learning hard lessons about the impact of systemic risks on their operations and profitability. The 2020-21 COVID-19 pandemic caught the entire non-life insurance sector off-guard, with global insurer and reinsurer exposures to business interruption (BI) losses far exceeding what had ever been envisaged. Natural catastrophes packed a punch too, with reinsurer Munich Re confirming that earthquakes, floods, storms, wildfires and other extreme weather events destroyed assets totalling US$280 billion in 2021!

A journey to the heart of South Africa’s darkness, with apologies to Conrad and Verne

04 November 2022 | The Stage

It has been months since this writer tackled South Africa’s electricity crisis, but the October 2022 Medium-term Budget Policy Statement (MTBPS) in which government, on behalf of long-suffering taxpayers, declared that it would soon take on between ZAR120-ZAR240 billion worth of Eskom’s debt has reopened that proverbial can of worms. This de facto financial chicanery plays out against the backdrop of a very dark year for South African citizens, with estimates of around 1949 hours of loadshedding countrywide in just 10-months of 2022, eclipsing the record of 1153 hours set in the prior full year.

Calls for a cautious approach to crypto asset investing as FSCA brings crypto’s into the regulatory fold

21 October 2022 | Straight Talk

If you buy and sell Bitcoin and Ethereum like there’s no tomorrow, or if you offer a cryptocurrency or crypto asset exchange, platform or service, then what follows will be of interest to you. You see, the crypto news that South African financial institutions and investors have long been waiting for has finally been announced, by its publication in the Government Gazette: General Notice 1350 of 2022. In this notice, the Financial Sector Conduct Authority (FSCA) confirms that crypto assets will be considered a financial product under the Financial Advisory and Intermediary Services (FAIS) Act, effective from 19 October 2022, and regulated accordingly.

Insurers’ profit bonanza little more than a post-crisis clawback

20 October 2022 | Featured Story

The first reaction when comparing South Africa’s life and non-life insurers’ 2021 performance to 2020 is to uncork the champers and celebrate the apparent profit bonanza, but on a more reasoned assessment one would have to leave the bubbly on ice and accept the surge in headline numbers as little more than a gradual return to pre-pandemic levels. This is especially true for the non-life insurers included in The South African Insurance Industry Survey 2022, published recently by KPMG. The survey analysed the results of 34 non-life insurers, 19 life insurers and 4 reinsurers.

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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Client centricity, climate change, cyber & digitalisation ‘top of mind’ for financial intermediaries

07 October 2022 | Straight Talk

What’s inside… FAnews Magazine October 2022

04 October 2022 | The Stage

UK RDR… challenges still exist and legislation still ongoing

27 September 2022 | Straight Talk

The ESG metamorphosis is just beginning

26 September 2022 | Featured Story

Wait-and-see regulator strands 1000s of medical aid members

09 September 2022 | The Stage

The medical scheme liquidation dilemma

26 August 2022 | Straight Talk

What’s inside… FAnews Magazine August 2022

16 August 2022 | The Stage

The dominant regulatory theme of our times

15 August 2022 | Straight Talk

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