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News | Archive: 2022

2022: slow growth, but recovery is in sight

December 14 2022 By Cameron Cupido

Coming off the back of two difficult years for the insurance sector, it was hoped that 2022 would show signs of recovery, as markets around the world stabilised. While that has been the case to a large extent, growth has been slower than anticipated. Looking back, one of the highlights of the year was undoubtedly the chance to travel abroad again. In October I travelled to Europe for stakeholder meetings, and came to sincerely appreciate in-perso...

African reinsurance market seminar a resounding success

November 23 2022 By Reinsurance Solutions

Reinsurance Solutions, in collaboration with Swiss Re Africa, hosted a market seminar for the African reinsurance sector from 9 to 11 November 2022 in Mauritius. The seminar was incredibly well received by delegates, who travelled from across the continent to attend this important knowledge-sharing initiative. The seminar comes at a time when the reinsurance industry is facing a steadily hardening market, with inflation and prices across the boar...

Cyber insurance: a solid growth prospect for global (re)insurance

November 14 2022 By Blessing Chiguye

Cyber insurance offers significant growth potential for (re)insurers, as this risk becomes more prevalent the world over. In SHA's 2022 Specialist Risk Review of the views of 1040 South African business leaders across various sectors, respondents ranked cyber security third on the list of top threats, after power disruptions and labour matters. That is a fair estimation, given the context of South Africa's risk landscape over the past two years. ...

International travel is not a nice-to-have, it's a necessity

November 01 2022 By Cameron Cupido

During the worldwide lockdown implemented as a result of the Covid-19 pandemic, international travel around the globe was all but shut down. Business travel was completely off the cards, and we had to adjust to talking to clients via screens. Having recently travelled to Europe for stakeholder meetings I can honestly say, there is no substitute for in-person engagement. Yes, the content of some of these meetings, like the impacts of the energ...

Blessing Chiguye appointed Executive: Southern African & Lusophone Markets

August 16 2022 By Reinsurance Solutions blessing chiguye

Blessing Chiguye, a Regional Broker at Reinsurance Solutions Intermediary Services (RSIS), has been appointed to the position of Executive: Southern African & Lusophone Markets, effective 1 August 2022. Chiguye has extensive knowledge of the African reinsurance and insurance markets, specifically treaty design and structuring, and facultative reinsurance placements. He also has an excellent track record for building solid client relationships...

Increasing natural disasters necessitates new approach to CAT cover

August 01 2022 By Medgee Ithier medgee ithier, natural catastrophes, reinsurance, insurance

Incidences of natural catastrophes the world over are increasing year on year. One catastrophic modelling company predicts that catastrophe losses will double every decade. This is forcing insurers and reinsurers to relook at the way they model and underwrite these risks. Natural catastrophes are large-scale geological or meteorological events that have the potential to cause loss of life as well as damage to infrastructure and property. Natural ...

Probabilistic modelling is only as good as the experts interpreting it

July 19 2022 By Thato Raboroko risk management, dfa modelling, analytics, thato raboroko, risk modelling

Sophisticated models and high-tech optimisation tools have become the order of the day for accurate risk modelling. But as precise as these carefully calculated predictions are, they mean little without the human element; that is, the expertise and knowledge that comes from years of experience, which is needed to match the right predictions to the right solutions. Predictive modelling is considered the industry standard, and no self-respecting (r...

The state of the riot wrap market in South Africa

June 01 2022 By Cameron Cupido pvt cover, reinsurance, insurance, cameron cupido, sasria, south africa

There has been a marked increase in demand for political violence and terrorism cover (PVT) from South African commercial clients following the riots and looting that rocked KwaZulu-Natal and Gauteng in July 2021. However, recent amendments by the state-owned South African Special Risks Insurance Association (Sasria) - the country's sole political riot insurer - have left a gaping hole in the cover available, forcing insurers to look to reinsurer...

Flood risk modelling could have prepared us for the KZN floods

June 01 2022 By Thato Raboroko flood modelling, kzn floods 2022, thato roboroko, insurance analytics

South Africa is still reeling from the significant loss of life, and housing and infrastructural devastation, of the floods that rocked KwaZulu-Natal in April. The harsh reality is, this will happen again. Floods, wildfires, tropical cyclones and other climate change-related events have been increasing and will continue to increase in the future. Which begs the question - can risk modelling play a greater role in preparing communities for what's ...

CEO to CEO: The challenge of leading the African division of a global multinational

May 30 2022 By Cameron Cupido

As a South African CEO navigating these challenging times, I wanted to reach out to other CEOs and share my personal insights around pressing issues, but also opportunities, in the hope this opens up dialogue around the current climate and topical matters impacting South African businesses. Africa is not a one-size-fits all market Being part of a multinational company operating in Africa comes with its perks: a pool of international talent and ...