insurance | Orchid Risk Services™

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...

AI, advanced analytics help to beat insurance fraud

May 17, 2024 | AI, insurance, insurance news

Despite higher inflation, interest rates and cost of living, the South African insurances market experienced a revival during the last two years, with the gross written premium across the local insurances market expected to show an annual growth rate of 5,14% from...

AI sets next wave of insurance disruption in motion

May 3, 2024 | 2024, AI, insurance, insurance news, Latest Insurance Articles

Artificial intelligence (AI) has been instrumental in shaping the insurance industry for the past few years and insurance providers have integrated AI models with established methodologies from the actuarial sciences to enhance risk analysis and streamline claim...

Does your insurance cover your garage and what’s in it?

Apr 12, 2024 | insurance, insurance news, Latest Insurance Articles, South Africa

The garage is one of the most versatile value-adds to a property. But did you know that under certain circumstances, it may not be covered by your insurance? We all have ‘that’ room, the one where junk is stored, or tools are kept, and this is very often the garage....