Understanding the Factors Behind Successful Claim Settlements – Part I
Expeditious settlement of valid claims stands out as a vital function that reveals the trustworthiness of individual insurers/reinsurers and sheds light on the overall values of the industry. By and large, insurance companies rarely reject or repudiate claims without cause. Several underlying factors contribute to claim repudiations. By understanding these factors, as the discourse in […]
What Can We Expect on the Regulatory Front in the Last Half of 2023 in South Africa?
The financial services industry, including the non-life insurance industry, has commented on several draft regulations and items of legislation over the last year. I will discuss some of them that were distributed by regulators in early 2022, or even as far back as 2021 that we can expect to be dealt with this year, or […]
Impact of Zambia’s Debt Restructuring on the Insurance Industry
On 22 June 2023, the Zambian government announced that it had agreed on a comprehensive debt treatment with its official creditors under the G20 common framework. This involved the restructuring of US$6.3 billion of its bilateral debt. In the wake of this significant milestone, Zambia is now at a pivotal juncture for economic revitalisation. Discourse […]
Underwriting Considerations for Decennial Liability
When writing decennial liability insurance as an underwriter, there are several considerations that need to be taken into account. Here are some of the key factors to consider: Overall, underwriting decennial liability insurance requires a thorough evaluation of various factors related to the construction project, the contractor, and the insurance policy. By carefully considering these […]
What is Decennial Liability Cover
Decennial liability cover is a form of insurance commonly used in the construction industry. It protects contractors, architects, and engineers against any damages or defects that may arise in a building or structure they have designed or constructed within ten years of its completion. The cover, also known as 10-year or structural warranty insurance, is […]
Corporate Governance within Financial Service Companies
For some time now we have long been hearing about the necessity for proper corporate governance within large companies, following some very high-profile collapses of company structures due to reckless and negligent trading by the board and senior management of such companies. Shareholders and policyholders (where the company is a financial service company) can lose […]
Emerging Cyber Security Risks and the liabilities associated with same
Cyber-related security risks have become the more serious risks almost all companies face today, specifically companies who rely on technology or their client base and client data to run their businesses. A cyber-attack is when the computer information technology system of a company or individual is exposed and an attacker manages to steal, erase, or […]
Digital Transformation in the Covid Era
In March 2020, the World Health Organization (WHO) declared the coronavirus disease 2019 a global health pandemic. Over the past two years, the disease, commonly known as covid -19 has spread worldwide, and countries have responded differently to the threat of the pandemic. The most common response (though at different degrees) has been the concept […]
Getting to Grips with Contractual verses Delictual Liability
To get to grips with liability insurance you need a clear understanding of the difference between contractual liability and delictual liability. These legal terms for specific liability are also relevant to understanding the cover offered on insurance policies. Before I explain why, I will share the practical impact of these terms. Negligent loss or damageDelictual […]
New Insurance Act Exemplifies Actuarial Role
The Insurance Act, No 38 of 2021, is set to repeal the Insurance Act No 27 of 1997 once the Minister of Finance and National Planning passes a Statutory Instrument for its commencement. The Pensions and Insurance Authority (PIA) has hailed the Act as much anticipated and progressive for the industry. This article zooms in […]
