insurance | Orchid Risk Services™

Crop insurance critical to safeguard SA’s food security

Sep 6, 2024 | 2024, agriculture, insurance, South Africa

The agriculture sector is integral to both the South African economy as well as our food security. According to the latest Santam Insurance Barometer report, the industry contributes around R400 billion to gross domestic product each year, supports 870 000 jobs, and...

SA’s insurance industry to hit R200 billion by 2028 as disasters, cyber crimes take their toll.

Aug 30, 2024 | 2024, insurance, insurance news, Latest Insurance Articles, South Africa

South Africa’s general insurance industry is set to grow at a compound annual growth rate of 5.8% in the next four years, according to a forecast by GlobalData. The global analytics and data company predicted that the value of gross written premiums in the country...

How climate change is impacting insurers.

Aug 23, 2024 | insurance, insurance news, South Africa

Climate change is posing the most significant threat to the sustainability of non-life insurers. This was one of the key takeouts from Soul Abraham, Chief Executive for Retail at Old Mutual Insure, who recently spoke at the African Insurance Exchange Conference. “The...

Big insurance changes planned for South Africa

Aug 9, 2024 | 2024, insurance, insurance news, South Africa

Major changes are set to be made to South African insurance products as the Prudential Authority approved the launch of weather index-based products to mitigate against an insurance crisis due to climate change. South Africa’s insurance industry has come under...

Partnering, AI can help combat insurance fraud.

Jul 19, 2024 | 2024, AI, insurance, insurance news, Latest Insurance Articles

Partnering is vital for insurers to ensure they are able to effectively combat fraud. This is one of the messages to come out of the Insurance Crime Bureau (ICB) conference, held under the theme of “Breaking Barriers & Building Bridges for the Future”. It saw more...

Why young South Africans also need insurance

Jun 28, 2024 | insurance

South Africans are unfortunately notoriously bad savers. A recent study showed that less than 30% of people save toward an emergency fund for when something unexpected – and costly – occurs. For young people specifically, who are still building up their financial...