Karen Rimmer, Head of Distribution at PSG Insure, emphasizes the importance of insurance cover, especially for businesses, which are often more exposed to risks such as looting during times of unrest.

The sheer number of weather-related catastrophes over the past few years, and last year in particular, has shaken the foundation of the insurance market, signalling a looming crisis. Can insurance still be counted on to pick up the pieces when things fall apart?

It is international best practice for countries to have a deposit insurance scheme. Until now, South Africa was the only member of the Group of Twenty (G20) countries, which did not have an explicit deposit insurance scheme.

Siyakha Masiye, Spokesperson at MiWay Insurance explains that there are different ‘levels of value’ that need to be considered when taking out car insurance. These include retail, market, trade-in, and special agreed value. “Each of these value options has specific implications for the amount the car is insured for, and ultimately, the amount that can be claimed for in the event of an accident or write-off.”

Research by Santam reveals that while cybercrime is one of the top three risks identified by commercial entities in the country, only 26% of respondents have cybercrime cover in place. This is especially concerning as the average cost of a data breach is now $4.45 million worldwide, up 15% in only three years.

Marking a decade of remarkable achievements, the culmination of The Insurance Apprentice 2024 unfolded last night, April 18, at Hollard, with the unveiling of the competition's champion.