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Press Room

Press Archive »

Cybersecurity insurance – the missing link in business financial wellness

Published: Fri, 26 May 17

Information infrastructure departments around the world jumped into action on Friday 12 May to protect their businesses against the latest cyberattack, WannaCry. According to media reports, this Trojan ransomware infected over 200 000 computers in over 150 countries. The hackers took users’ files hostage and ...
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Digital transformation helping businesses to thrive

Published: Fri, 26 May 17

By John Tadman, Country Manager for Avanade South Africa   Digital transformation is no longer hype. Companies now realise that in order to keep up with their competitors, streamline their costs and improve their employees’ efficiency, digital transformation needs to be at the top of their agenda. ...
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FSB Appeal Board and powers of the Registrar to debar

Published: Fri, 26 May 17

The decision in the Hlumbane case by the Appeal Board of the FSB provides very interesting information about the Board’s powers in terms of decisions made by the Registrar of Financial Services Providers, particularly its discretionary powers. The appeal stems from a decision by the Registrar to debar the appellant ...
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The inadequacy of law in the digital age

Published: Thu, 25 May 17

By Jared Nickig, Director at Werksmans Attorneys   Technology is advancing much more quickly than most people anticipated even a decade ago. This begs the question as to whether or not our social, economic and political institutions and structures are equipped, or have developed sufficiently, to deal with ...
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Delphine Traoré Maïdou is Insurance CEO of the Year

Published: Thu, 25 May 17

Johannesburg: Delphine Traoré Maïdou, regional COO for Allianz in Africa, was announced as Insurance CEO of the Year at AfricaRe’s African Insurance Awards for her previous role as CEO of Allianz Global Corporate & Specialty (AGCS) Africa. Held in Kampala, Uganda on May 22 at the African Insurance ...
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Robots will be our partners rather than our overlords

Published: Wed, 24 May 17

By Anton van Heerden, Managing Director and Executive Vice-President, Africa & Middle East at Sage   This week (25 May) at BotCon in Cape Town, South African developers and enterprises will showcase some of the ways they’re putting the newest artificial intelligence (AI) technologies to work. ...
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Rouhani Wins the Election, Iran’s Economic Integration Will Continue

Published: Wed, 24 May 17

By Coface, the international trade credit insurance company   Iranian President Hassan Rouhani, who was running for a second term, has been re-elected in the first round of the 12th presidential election, with 57% of the votes (more than 23 million). His main rival, a 56-year-old ultra-conservative ...
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Cybercrime Insurance: What role do brokers play?

Published: Wed, 24 May 17

Johannesburg: As businesses modernise, they increasingly rely on digital technology to run their daily operations. This makes organisations more efficient but also opens up the business to the risks that come with cyber technology. What businesses need is adequate cover to protect against a cyber breach or related ...
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Pay Back the Money, for Back Pay

Published: Wed, 24 May 17

Lauren Salt, Senior Associate, and Dean Joffe, Candidate Attorney, Employment and Compensation Practice, Baker McKenzie’s Johannesburg office In the recent case of National Union of Metal Workers of South Africa obo Moses Fohlisa & 41 Others/Hendor Mining Supplies (A division of Marschalk Beleggings (Pty) ...
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Social media contracts a line of defence for executives

Published: Wed, 24 May 17

Johannesburg: As more and more executives in the c-suite embrace social media, reputational risks are likely to increase if proper contracts and policies are not in place, says Leon Ayo, CEO of executive search firm Odgers Berndtson Sub-Saharan Africa. Executives have cited reputation as one of their ...
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When bytes bite

Published: Tue, 23 May 17

The recent WannaCry ransomware attack made a lot of companies wanna cry. As such attacks become more frequent and gain scale, cyber insurance promises to be the next big blockbuster in the insurance industry. Safety net Recently, WannaCry, a ransomware program, infected more than 230,000 computers in 150 countries ...
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Ransomware made you Wannacry?

Published: Tue, 23 May 17

By Ethan Pitts, Trainee Underwriter Camargue Underwriting Managers (Pty) Ltd This month, the world at large woke up to a very scary reality – we are all vulnerable to ransomware and other cyber-attacks, either directly in our personal capacity or indirectly through the services to which we rely upon daily ...
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Exclusions for faulty workmanship & recalls rejected (US)

Published: Tue, 23 May 17

      Patrick Bracher, Director Norton Rose Fulbright South Africa Inc.   A Los Angeles court found the insurer liable for a damaged shipment of corn syrup, rejecting the defences that two exclusions for precautionary recalls and faulty workmanship resulting in ...
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Claim rejected for misrepresentation (US)

Published: Tue, 23 May 17

      Patrick Bracher, Director Norton Rose Fulbright South Africa Inc.   A Pennsylvania court held that the insurer was not liable because of misrepresentation for a portion of a $227 million settlement by a building owner arising from a building collapse that ...
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New Coface Survey Shows Optimism Among UAE Non-oil Private Companies

Published: Mon, 22 May 17

UAE companies are cautiously positive. 43. 5% of exporters and 42% of domestic suppliers expect increased profitability, with 52. 2% and 59% respectively anticipating an upsurge in sales over the previous year. UAE companies’ outstanding receivables and unpaid invoices accounted for, on average, a single digit ...
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Unlocking the blockchain

Published: Fri, 19 May 17

By Norton Rose Fulbright   Chapter 3: Using intellectual property rights to protect distributed ledger technology A significant amount of attention is being paid to the disruptive potential of distributed ledger technology (DLT) and many businesses are making huge investments in DLT-enabled products ...
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FAIS Regulatory Exam Fraud

Published: Fri, 19 May 17

We encounter a variety of attempts by a limited number of candidates to cheat the system. As evidenced by the example in a recent Appeal Board case, crime really does not pay. The transgressor appealed against a three-year debarment. The Appeal Board found that the person should actually have been debarred for much ...
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The FSB Appeal Board

Published: Fri, 19 May 17

Twenty-four determinations were issued by the FAIS Ombud in the 2015/2016 financial year, half of which concerned short-term insurance products. Settlements, where respondents “pleaded guilty” amounted to a staggering 1 150. So far, the 2016/2017 statistics reveal 65 determinations of which 37, or 57%, ...
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Social media and insurance

Published: Thu, 18 May 17

      Patrick Bracher, Director Norton Rose Fulbright South Africa Inc.   The mining of social media and the use of big data (vast amounts of available internet data that can be analysed and exploited) by insurers to analyse consumer behaviour will change the face ...
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GCR rates Lion of Africa Insurance as BBB(ZA), outlook Stable

Published: Thu, 18 May 17

Over the past few months Lion of Africa Insurance Company Limited (Lion) embarked on a journey to improve its credit rating. The substantial amount of time and effort that was devoted to ensure that the progress made at Lion over the past 18 months is reflected in the credit agencies’ assessment of the company ...
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From The Glossary »

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Long-term Insurer:

An entity registered or deemed to be registered under the Long-term Insurance Act.
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