Our Blog & Insurance Related News
SA’s insurance industry to hit R200 billion by 2028 as disasters, cyber crimes take their toll.
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...
The heat is on: Weather index-based products a game-changer in dealing with loss events.
Old Mutual Insure welcomes the recent move by the Prudential Authority (PA) of South Africa to allow insurers to develop innovative weather index-based products. “We commend the PA for strengthening our nation's resilience against climate catastrophes. By doing so,...
Partnering, AI can help combat insurance fraud.
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...
AI sets next wave of insurance disruption in motion
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?
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....
Can behavioural economics change the way consumers think about insurance?
Let’s get one thing out of the way straight out of the blocks: insurance is a grudge purpose. No one likes handing over money in case something happens. Sure, they’re grateful to have it when something bad happens, but most people will have that nagging voice in their...
Harnessing Data Analytics for a Competitive Edge in Insurance
In an era where data is crucial, the insurance sector is undergoing a transformative shift towards data-driven decision-making and personalized services. The ability to analyse vast amounts of information has become an essential factor in risk assessment, insurance...
Growing threats highlight importance of cyber insurance
Cyberattacks on South African companies are on the rise. Local insurers and incident response teams reporting the highest level of incidents they have ever seen, , as these attacks become more frequent and sophisticated, the majority of local businesses can expect to...
Critical infrastructure blackouts and cyber threats
It is both stability and change in the Allianz Risk Barometer 2023. Cyber incidents and business interruption rank as the biggest company concerns for the second year in succession (both with 34% of all responses), however, it is macroeconomic developments such as...
Governing cybersecurity from the top as a strategic business enabler.
Cyber threats are increasing at a rate far greater than the industry is able to cope with. Despite this, C-Suite executives still don’t take cybersecurity seriously enough while boards are not nearly as engaged in cybersecurity as they are in other areas of oversight,...
The world faces a cybercrime catastrophe – including South Africa
A report published by cybersecurity company Surfshark has highlighted South Africa ranking 6th in the world regarding cybercrime density – which costs the country an estimated R2.2 billion annually. According to the director of Cyber Security at the University of...
Paying ransomware is financing crime – how organisations can break the cycle
While ransomware gangs continue to be successful in extorting money from businesses, those that do pay demands are financing the ransomware industry and further crime. With increasing attacks on areas like critical infrastructure and healthcare, it’s now become more...
How Location Technology is Revolutionising Insurance Risk
Since insurance first started centuries ago, premiums have been determined on the basis of client risk profiles, with insurers pooling risk across large numbers of clients to take advantage of the laws of large numbers. It has always been an imperative for insurers to...
South African businesses are not patching vulnerabilities fast enough– Must-read cybersecurity report
Businesses are not patching cybersecurity vulnerabilities fast enough – and with the volume of cybersecurity incidents increasing, this should be an area of concern for ICT teams. This is a key finding of the Security Navigator 2023 research report from Orange...
What will cybersecurity look like next year?
In 2022, governments fought wars online, businesses were affected by multiple ransomware gangs, and regular users’ data was constantly on hackers’ radar. Marijus Briedis, chief technical officer of NordVPN, comments: “Next year will not be any easier when it comes to...
Recovering your data is no longer enough, you need to stop ransomware threats in their tracks
Ransomware attacks have not only become more prevalent in the past few years, but they have also become more malicious and vicious. The original attack of encrypting data is now being followed by double extortion, where data that is stolen is threatened to be released...
Cyber security insurance is crucial for risk mitigation
According to a recent Accenture study South Africa reportedly experiences 577 malware attacks per hour resulting in losses of R2,2-billion per year. Cybercrime is undoubtedly one of the most serious risks that businesses today face. In the past, many businesses,...
JOHN MELVILLE: How location technology is revolutionising insurance risk
Properties in low-risk locations will continue to be insurable on normal terms, while those in higher-risk areas may become increasingly difficult to insure Since insurance first started centuries ago, premiums have been determined on the basis of client risk...
Kaspersky warns of top cyberthreats in South Africa
Kaspersky research has found that from January to April this year, ransomware attacks in South Africa have doubled over the comparative period of 2021. In fact, ransomware has become the most significant cyberthreat of our time. As the name suggests, ransomware locks...
Ransomware remains a top cyber risk for businesses, but new threats emerging
Ransomware remains a top cyber risk for organizations globally while business email compromise incidents are on the rise and will increase further in the ‘deep fake’ era. At the same time, the war in Ukraine and wider geopolitical tensions are a major concern as...