General • 1 November 2023
The strategic value of business insurance in uncertain times
In tough economic conditions like the present, businesses may be tempted to forgo business insurance or reduce their cover as a cost-cutting exercise.
Get articles straight to your inbox
Subscribe to our newsletter
SA Construction Sector • 1 July 2023
SA’s construction sector: identifying and mitigating the key risks
Despite high expectations for the South Africa’s Economic Reconstruction and Recovery Plan, delays in the roll-out of these initiatives have restricted the growth prospects of the local construction industry.
Cyber • 1 April 2023
SA businesses urged to be on ‘high alert’ against rising cybercrime that exploits human vulnerabilities
The onset of COVID-19 in 2020, followed closely by the 2021 July riots and the severe flooding in parts of KwaZulu-Natal have had a devastating impact on South African businesses across a range of sectors.
Professional Indemnity Risks in SA • 14 September 2022
Professional indemnity risks in SA are skyrocketing – how can companies prepare?
The growing litigious culture in South Africa, coupled with the turbulence of the economic climate, has led to a considerable upsurge in professional indemnity (PI) claims.
Claims Article: A state of malingering • 15 June 2022
Claims Article: A state of malingering
It is lamentable that nowadays, in South Africa, a significant number of claimants’ resort to malingering and dramatically overstating the nature of their injuries or loss in order to reap unjustified settlements from insurers, the Road Accident Fund (RAF) and generally any defendant with means. Malingering or overstating the nature of your loss, is dishonest and fraudulent.
Cyber Security • 15 June 2022
The post-COVID evolution of the cybersecurity risk landscape (and what it means for South African businesses)
We live in a world that is evolving at breakneck speed. The outbreak of the COVID-19 pandemic acted as an accelerant, fueling rapid digitisation. This jarring shift saw a dramatic upsurge in remote working, ecommerce, internet banking and technological innovation, which has fast-tracked the world to the doorstep of web 3.0. While this has unlocked immeasurable opportunities for societal advancement, it is not without its pitfalls.
Professional Indemnity claims • 28 April 2022
Professional Indemnity claims: factors and trends
Over the last two decades, the average value of a Professional Indemnity (PI) claim has skyrocketed. Numerous factors influence PI claims and their value, ranging from an increased awareness by third parties of their legal rights to claim compensation, escalating legal costs, increased regulation of professionals, as well as the state of the economy.
Simplified policy wordings: a delicate balancing act • 13 April 2022
Simplified policy wordings: a delicate balancing act
The complexity of insurance policies is a legacy issue that has been exacerbated by an ever-evolving legal and statutory environment. The introduction of the Treating Customers Fairly (TCF) regulation greatly impacted how policy wordings are structured and put the onus on the insurer to produce contracts that are simplified and consumer-facing....
Cyber • 24 March 2022
SHA expands Cyber Insurance capabilities
SHA recognises the far-reaching consequences that cyber risk could have on a business, particularly those that may not have the resources or infrastructure to deal with such an event. In response to this growing threat, SHA Risk Specialists has expanded its cyber insurance capabilities with a strategic Artificial Intelligence (AI) investment and tailored new product offering.
Directors and Officers • 4 November 2021
Reminding leaders where their responsibilities and risks lie
For many South Africans, it is a privilege to employ and to lead a group of people with a common purpose in any company regardless of size. But with this authority also comes a great deal of responsibility and accountability.
Kidnap and Ransom • 4 November 2021
Kidnapping risks for execs and minors on the rise
According to the most recent statistics, Africa has experienced a significant increase in kidnappings in recent months, with June and July 2021 witnessing a 39% increase in the number of victims compared to previous months. Perhaps one of the most prominent cases of kidnapping this year was when Islamic militants attacked the northern Mozambican town of Palma in March and surrounded a hotel where some 200 foreigners and Mozambicans had taken shelter.
Financial Lines • 25 October 2021
Changes in SHA’s Financial Lines Team
Over the past year or so we’ve been re-engineering the Financial Lines business unit. This has involved the piloting of some new AI technology and risk management tools as well as the recruitment of new staff resources in the team. Our brokers will experience the new technology over the coming months. For now, it gives me great pleasure to introduce you to our new team resources:
CYBER • 22 October 2021
Cyber awareness crucial amid rising cybercrime
October is International Cyber Security Awareness month, aimed at raising awareness of cyber risks for businesses of all sizes. And for good reason, a study by US cybersecurity firm, Varonis, found that global data breaches exposed 36 billion records in the first half of 2020. The same study found that over a fifth of cyber breaches were caused by phishing attacks and that 95% of cybersecurity breaches are caused by human error. According to Accenture South Africa has the third-highest number of cybercrime victims worldwide and loses around R2.2 billion to cyberattacks every year.
Claims • 3 September 2021
A day in the life of an Underwriter
Insurance companies pose specific questions around your demographic, your geographical location and even your lifestyle, in order to determine the level of “risk” you pose, the size of your premiums, your eligibility and the extent of your coverage.
Accident and Health • 23 July 2021
Ensuring that children are covered for personal injury is a parental imperative
No parent wants to think about the possibility that their children could be involved in an accident resulting in serious injuries, aside from the emotional trauma, failure to adequately prepare for something like this could expose a family to a significant financial loss.
Directors and officers • 30 June 2021
Directors… in the heat of disputes
The major risk factors that may expose directors to liability have been widely discussed in the industry, and include increased stakeholder activism, increased awareness of directors’ duties, the rise of digital risks (and the Protection of Personal Information – POPI Act), and the fall-out of the COVID-19 pandemic...
General • 1 June 2021
Short-term insurance in a time of Covid-19
It is common knowledge by now that almost every business sector was adversely affected by COVID-19 and the lockdowns. Tragically, 40% of respondents outside the insurance sector reported that their revenue had dropped by more than 26% and that they had to downsize their workforce as a result.
General • 23 April 2021
Ransomware attacks - SA businesses' biggest risk
Ransomware attacks have skyrocketed in recent years. SHA Risk Specialist’s most recent Annual Risk Review found that one in five small and medium enterprises (SMEs) have been victims of ransomware attacks, with demands most commonly ranging from R25 000 to R50 000 – this is in line with global statistics.
Financial lines • 15 March 2021
SHA bolsters Cyber division with new expertise
The risk of cybercrime has increased at an exponential rate over the past year and has emerged as a major threat to the business sector. In response to this growing threat, SHA Risk Specialists has expanded its cyber insurance capabilities with a strategic new appointment, AI investment and tailored new product offering.
FINANCIAL LINES • 23 February 2021
Claims made against Directors and Officers
An article, published in the April 2020 edition of FAnews, stated that the number of claims made against company directors and officers (D&O) materially increased over the past three years, and that as a direct result, the insurance market experienced similar increases in the number of claims notifications over the same period. Let us take a closer look at whether there have been any changes since then, and what to expect in 2021...
GENERAL • 23 February 2021
Collaboration vital as pandemic spurs increase in liability claims
Observing and commenting on the importance of collaborations, SHA's Business Leader, Gareth Beaver makes the following remarks: “It’s important to note that the risk landscape had already begun shifting, becoming tougher to navigate for some time before COVID-19 became the most used term in our vocabulary...”
GENERAL LIABILITY • 18 December 2020
Managing complex and technical liability issues in an evolving risk landscape
Every year, billions of rand are paid by insurers to cover legitimate claims; but recent global events show that risks continue to evolve, often testing insurance policy responses against factual scenarios that are uncharted territory for both insurer and policyholder...
PROFESSIONAL INDEMNITY • 14 December 2020
How to keep brokers out of the firing line
When an insurance claim unexpectedly goes awry, often, the broker will be the claimant’s primary target. To avoid the crosshairs, brokers therefore need to be clear on what the law requires of them and remain fastidious in their duties...
