Government’s SVB Intervention Saved Insurers From Significant D&O Claims

Had the federal government not stepped in to make Silicon Valley Bank (SVB) depositors whole, providers of directors and officers insurance for startups and venture capitalists — as well as financial institutions supporting these entities — would have been staring at potentially significant claims, according to commentary from AM Best.

2.5min read.

Top trends that are shaping the insurance sector in 2023 and beyond

As the world weathers a growing financial crisis, socio-political instability, the post pandemic repercussions and major weather catastrophes, the impact on clients and insurers alike has been profound. South Africa has not emerged unscathed, and a combination of both global and local events is forcing the insurance sector and insureds to relook their approach to risk management and insurance.

Before going to the article, write down three or four key trends you have observed making an impact on the industry and give an example where possible. Note the clarity of the article.  5min read.

Typhoon-Prone Philippines to Launch Insurance Plan for Infrastructure Losses

The Philippines is readying an insurance plan that will protect the Southeast Asian nation from infrastructure losses caused by natural disasters, seeking to better respond to climate change risks.

2.5min read, also posted under Climate change.

Russia Still Uses Western Insurance for Half of Tanker Fleet That Exports Its Oil

The Group of Seven and its partners in the European Union have decreed that any shipment of crude using services based in their member countries must be sold below a $60-a-barrel price cap. The measure is designed to curb the Kremlin’s energy-export revenues, limiting its ability to keep funding the invasion of Ukraine.

The sanctions system is not fool proof, but indicators show there is some impact being felt. The article mentions the International Group of P&I Clubs. They are fascinating in their cover of each other – what do we call that concept in Insurance? 2.5min read

Read more about the International Group of P&I Clubs here. Fascinating!

Group of Seven

The international Group of Seven is an intergovernmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States; additionally, the European Union is a “non-enumerated member”. Wikipedia

Life insurance claims – meeting clients’ needs while managing risk

Life insurance is about balancing and managing risks. For insurers to offer clients sustainable and affordable cover, they need to price risk accurately. Through the underwriting process, clients disclose information that enables the insurer to understand a client’s health status, along with their occupational, lifestyle and financial risks. This allows the insurer to make an informed decision about whether it can afford to take on the client’s risk.

Before you read the article, list three or four instances where the insurer may ask for additional documentation for a claim to be valid. 4.5min read

Chocolate Factory Blast Highlights Combustion Risks

Last week’s fatal blast at a Pennsylvania chocolate factory highlighted the combustibility of food plants in general and chocolate making in particular.

The powerful explosion last Friday at R.M. Palmer Co. killed seven people, sent 10 to the hospital and damaged several other buildings in West Reading, a small town 60 miles (96 kilometers) northwest of Philadelphia, where the 75-year-old, family-owned company has long had a factory.

This is a very interesting read coming after the discussion above when investigating claims. 4min read.

Meeting the graduate professionals needs

Moving into the next stage of life after graduating can be a confusing time. Farzana Botha, Segment solutions manager at Sanlam Savings, says that they have found that graduates require advice or engagement with intermediaries to help them understand what is next and to help them capitalise on their earning potential and protect that earning potential in the market. The aim is to ensure that they have the right products that will help them to grow.

7min interview with Farzana Botha, segment solutions manager at Sanlam.