WebMag Issues

CONSTRUCTION INSURANCE

In this edition, we highlight the resilience and adaptability of South Africa’s small business sector. From fintech to evolving risk strategies, SMMEs, insurers, and advisers are navigating rapid change with ingenuity.

SME SUSTAINABILITY

In this edition, we highlight the resilience and adaptability of South Africa’s small business sector. From fintech to evolving risk strategies, SMMEs, insurers, and advisers are navigating rapid change with ingenuity. Collaboration stands out — between brokers and clients, insurers and tech partners, and across sectors. It’s clear that partnerships are key in uncertain times. We also explore how mutuality, compliance, and digital transformation are reshaping the industry. Whether it’s global risk insights from Marsh McLennan or PPS’s tech-driven life cover, standing still is not an option.

ALL THINGS WHEELS

The March 2025 edition of COVER Magazine takes a deep dive into Wheels, examining the evolving automotive sector and its impact on insurance. From new mobility trends to risk management strategies, we explore the road ahead. Alongside this feature, the issue delivers expert insights into broader industry trends, ensuring you stay informed and competitive. Drive your knowledge forward—don’t miss this essential read!

SHAPING THE FUTURE OF ADVICE

Expert advice is the cornerstone of success in the insurance and financial services sectors. In this edition of COVER Magazine, we explore the vital role brokers and advisers play in simplifying policy complexities and empowering clients to make well-informed choices. Our feature, Focus on Advice, emphasizes the need for industry professionals to evolve alongside shifting client expectations. Meanwhile, COVER’s latest Broker Survey highlights a positive industry outlook, even amid regulatory and market challenges. As 2025 progresses, the value of skilled guidance has never been more critical.

OUTLOOK 2025 – THE FUTURE IS BRIGHT

As we embark on 2025, we celebrate the resilience and innovation shaping the insurance and financial planning industries. This edition explores key trends that will be driving the sector in 2025, from digitisation and AI integration to ESG strategies and the untapped opportunities in Sub-Saharan Africa’s youthful, tech-savvy demographic. With optimism for a brighter future, we invite you to discover strategies, innovations, and collaborations to propel our industries forward.

THE OPPORTUNITY ERA: AFRICA’S INSURANCE GROWTH

2023/24 marked significant recovery in South Africa’s insurance sector, with non-life and life growing at 16% and 10% respectively (KPMG). Industry leaders and brokers anticipate continued growth in 2024-2025, despite challenges like reinsurance losses of $30-40 million USD. Innovations such as parametric insurance and microinsurance are driving inclusivity and resilience, while training programs combat skills shortages. COVER deepened its African focus with the Africa COVERed trip and TechFest 2024, fostering collaboration and technological advancement. As 2024 concludes, we thank our partners and look forward to launching new initiatives in 2025, supporting growth and innovation across the industry.

#ISSUE #433 BRIDGING THE HEALTHCARE GAP

As you explore the articles of this edition, you’ll find insights from thought leaders and industry experts who are pioneering solutions to modern issues. One of the recurring themes is the importance of bridging gaps, whether it’s between client expectations and service delivery, or between emerging technologies and regulatory compliance. For instance, in our feature on healthcare, we explore new approaches to accessibility that aim to make quality care more inclusive, responding to the urgent needs of a dynamic population.

ISSUE #432 ADAPTING TO THE FUTURE

The insurance industry is at an exciting crossroads. We’re seeing incredible advancements in tech, changing risk landscapes, and a growing demand for better, more seamless customer experiences. With all this change, one thing is clear, we need to adapt. This message can be seen pulled through in the articles in this edition. The future of insurance is all about embracing change. We need to leverage tech, tackle big risks head-on, and keep customer experience front and centre. By doing that, we’re not only future-proofing our industry but helping to build a more inclusive and resilient world.

#ISSUE #432 EXCHANGING INSURANCE INSIGHTS FOR 50 YEARS

The African Insurance Exchange and OESAI conference highlighted the evolving insurance landscape, emphasising adaptability, collaboration, and innovation. Key discussions spanned regulatory shifts, risk management, and digital transformation. With immersive networking, interactive sessions, and sponsor-driven activities, the event fostered learning and engagement, leaving attendees equipped with actionable insights for future growth.

#ISSUE #431 WOMEN’S MONTH

In this special Women’s Month edition of COVER Magazine, we celebrate the pioneering women in the financial services industry who are leading with purpose and innovation. Highlighting the achievements of women like Linah Mabena, Tanita McDaniel, and Mulalo Moroe, this issue underscores the transformative impact women have as leaders, innovators, and changemakers. As we honor their contributions, let’s commit to fostering an industry that not only embraces diversity but thrives on it.

#ISSUE #430 HARVESTING THE FUTURE

Welcome to the July 2024 edition of COVER Magazine. This month, we delve into agricultural insurance challenges, ERP systems’ benefits, and the need for tailored products for small farmers. In financial planning, we cover living annuities, child-rearing costs, and generational financial behaviors. Our short-term insurance section highlights adaptability to natural disasters and the importance of comprehensive coverage. Brand Pretorius discusses the industry’s need for innovation, while Nick Feast explores AI’s role in fraud detection. By embracing change and fostering innovation, the insurance industry can secure a prosperous future.

#ISSUE #429 NAVIGATING NEW HORIZONS IN WEALTH MANAGEMENT

Dive into COVER Magazine’s June 2024 edition for insights on the evolving wealth management landscape and high-net-worth individuals’ demands. Explore innovative solutions, family office roles, and bespoke insurance needs. Learn about the Two-Pot Retirement System’s impact on financial advisers and their clients. Stay informed and inspired in this dynamic environment.

ISSUE #428 CONSTRUCTION & ENGINEERING: THE STAKES ARE HIGH

Disasters in construction and engineering, like the recent building collapse in George, can be catastrophic. With many dead and injured, the human tragedy is immense. Effective risk management is crucial from the planning phase through project execution. Construction and engineering insurance specialists and risk managers must be involved from start to protect developers, contractors, employees, financiers, and insurers. This month’s feature highlights the extensive risk landscape, demonstrating the need for specialist advice and insurance products, all of which the industry provides.

ISSUE #427 REVOLUTIONIZING THE INSURANCE BROKERAGE IN 2024 & BEYOND

Doing business in South Africa is challenging due to high crime, poor basic services, and slow economic growth, exacerbating unemployment. The insurance industry safeguards against unforeseen events, fostering small business sustainability and prosperity. Insurers also bear a social responsibility to expand comprehensive coverage, especially for SMMEs, as highlighted in our SMME feature in this edition.

ISSUE #426: RISK MITIGATION: THE NEXT BATTLEFIELD

In the future world of the broker and risk mitigation services, risk management and risk surveying skills will have to become the focus. How this is done will determine competitiveness in the small to mid brokerage environment.

ISSUE #425: A DECADE OF RISK AHEAD

In our latest edition, explore how Cyber Risk dominates Africa and the Middle East, while Global Risks Report unveils nuanced challenges like Extreme Weather and Mis/Disinformation. Dive into insights from industry leaders urging collaboration and innovation for tackling Business Interruption and uncover the path to global stability amidst uncertainty.

ISSUE #424: INDUSTRY OUTLOOK 2024

Every year, for the past 35, COVER has kicked off the year with an Industry Outlook and this year is no different. Although there is always the Yin and Yang of challenges and opportunities, the various drivers of industry growth and the factors impacting them, keep on evolving. Most industry leaders agree that our industry thrives on risk, with the silver bullet being effective management of data. It is clear that managing risk is the strategy and data is the fuel. Leveraging technology and especially AI, is accepted by all as a ticket to the game.

ISSUE #423: REINSURANCE

Climate change is disrupting the insurance and reinsurance sectors globally, prompting a reevaluation of private sector insurability. Catastrophe insurance costs surge as climate-related incidents escalate, challenging traditional boundaries and leading to higher costs. The reinsurance sector, historically reactive, now seeks a proactive role in shaping society’s resilience to climate change. Get insights into this evolving landscape of global reinsurance and insurance in this months Reinsurance feature.

ISSUE #422: PET INSURANCE – DON’T LEAVE YOUR EXOTIC UNCOVERED

Xoloitzcuintli, you may have thought my opening string of letters a typo but it is in fact the name of the exotic dog breed on our cover. This is just one of hundreds of unique dog breeds South Africans own, and each comes with their own unique set of needs and health issues, making a comprehensive pet insurance a must. The world of pet insurance has defeinitley come a long way over the years and the growing potential in the pet insurance industry is huge, be sure to give P.UMA’s article on the evolution of pet insurance a read.

ISSUE #421: INNOVATION DRIVEN BY REGULATION

In this months edition we bring you feedback and highlights from the OESAI event as well as two eye opening articles from the Chief Executive and the Assistant Director for Insurance and Pensions, at the Mauritius FSC.

ISSUE#420: CYBER RISK: THE SILENT PANDEMIC

A key focus in this edition of COVER, is the growing risk in the cyber environment, several contributors are sounding the alarm, warning that the risk is much bigger than most businesses anticipate. I believe that the main reason for this stride mentality from the business environment and the insurance industry, is the fragmented manifestation of the risk and claims. However, the alarm calls should be heeded and the potential for a national or even global cyber pandemic should be a collective agenda, we need to tackle the issue on a grand collective scale.

ISSUE #419: WOMEN IN BUSINESS

Our women’s month feature in this edition is focused on the important topic of financial inclusivity for women, which is a crucial imperative for fostering equitable and sustainable economic growth. Don’t miss the collection of insightful articles from women in the industry talking about this important issue.

SPECIAL EDITION: OESAI 50TH YEAR ANNIVERSARY

ISSUE #418 – INSURANCE – AGE OF BEING NIMBLE

ISSUE #417 – AN INDUSTRY BUILT ON RELATIONSHIP

Cover story: Interview with Izak Smit, PPS Group CEO, on industry innovations, future of intermediaries, and insurance mutuality. An Insightful financial advice perspective.

Our main feature presents a series of summaries of the various TechFest2023 talks and presentations, and our second feature focuses on high-net-worth advice, both in the short-term and long-term space.

In this issue we unpack the latest on Construction & Engineering Insurance. Despite the depressed economy and uncertainty, there is an optimistic feel to the comments on this segment.

Don’t miss our candid conversation with Jeanette Marais, the newly appointed Group CEO for Momentum Metropolitan.

ISSUE #416 – EXPLORING OFFSHORE OPPORTUNITIES

What is clear from the various contributions to this months Offshore feature, is that it is not as straight forward as simply deciding what the general offshore average is and whether you are looking at long- or short term investing.

ISSUE #415 – SME INSURANCE – IT TAKES SKILL

KYC:KEY TO ANY BUSINESS

Insurance is all about risk; identifying it, understanding it, quantifying it, pricing it, and managing it.

When it comes to SME insurance, knowing your client is knowing his/her business. You need as much information as possible, on a continuous basis, to track the client and by proxy your, risk exposure. This brings to the fore a variety of specific touch points that should almost form the pillars of your brokerage.

Read the SME insurance feature to find out what the above touchpoints are.

ISSUE #414 – LEADERSHIP EDITION

Now is not the time to wait for others to take a stand, to make their voices heard, to use their skill and influence to change the trajectory of our country. Now is the time to stand up and be counted, to risk being knocked down, so that one day we can look back and know that we were true to ourselves, we were part of the brave who made a difference.

The time is now. What will you be doing? Sitting down or standing up?

ISSUE #413 – CAN WE WIN THE WAR AGAINST VEHICLE THEFT

As vehicle technology improves, so do the techniques of criminals. It is a race between several sectors, for the heart of the car. On the one hand, the protagonist – The guy with a mandate to relieve the owner of her/his vehicle and, on the other hand, the car owner, the motor manufacturer, the insurer and the vehicle security experts (mostly tracking companies).

If you would like to know how to protect the risk profile of your motor book and assist your clients to stay safe, we have some content in our March issue that can assist.

ISSUE #412 – UNLOCKING THE VALUE OF ADVICE

As the importance of risk management becomes increasingly evident, paired with the value that is derived from advice, to accurately assess personal and business risk and walk the journey with clients, it is my hope that this line of business expands in South Africa.

If we can successfully position the role that advice plays in the overall value-chain, we can be certain that this valuable segment thrives in tough times, as it has done so many times before.

Long live advice! Long live the broker!

ISSUE #411 – KEEP CALM AND CARRY ON – OUTLOOK EDITION

The increasing severity, frequency and wide impact of adverse global events have become a serious headache for everyone. Our own local woes, with load shedding, crime and unemployment set the stage for another year where agility and adversity management will be key to survival. 

Our January issue is packed with interesting thoughts on the year to come, the challenges and the opportunities that we face.

ISSUE #411 – REINSURANCE: TOUGH RENEWALS AHEAD

My main take-outs from the year is that effective risk management strategies need to be proactively put in place, your eggs should never be in one basket (supply chain, economic resource, environmental) and you should be flexible in terms of your expected outcomes.

This is also where our industry has the most important job ever: Ensuring sustainability, providing risk advice and mitigating risk when life’s outcomes are negative. I leave you with this thought: “When your body, family, company, country, is full of stress and anxiety, it is trying to tell you it is time for some changes”.

Wishing you a wonderful festive season. The COVER team.

ISSUE #410 – MEDICAL AID – YOU GET WHAT YOU PAY FOR

The challenges in achieving this is varied, with cost and skilled professional numbers two of the main factors. There are several ways to eat this whale. We need to have strategies in place to achieve the following:

1. Lower the cost of access to healthcare. This means finding innovative ways to deliver healthcare.
2. Limit the need for healthcare. This entails initiatives like effective family planning, accessible pre-natal care, proper nutrition from young, healthy habit education, reducing crime and making roads safer, amongst others.
3. Rebuilding our public healthcare facilities, which will need financing, efficient use of those funds and effective fraud/ corruption control
4. Increase the numbers of healthcare professionals on all levels and in all segments of healthcare

If we can get these right we can achieve a country that gives everyone access to quality healthcare at an affordable rate. Our bonus Healthcare Insert in this month’s edition of COVER unpacks many of the issues I highlighted above.

Business Interruption: The growing risk of cyber attacks has shifted business focus to business interruption. Companies have sought protection from BI in the event of natural catastrophes for a long time. However, the rise of cyber attacks has highlighted the far-reaching effects on supply chains and other disruptive developments. Make sure you check out the Short-term section.

ISSUE #409 – HCV: WHERE ANGELS FEAR TO TREAD

Our feature this month is an indication of the reality. Our second feature is on HCV insurance. Our contributors unpack the troubling environment this industry has to navigate. Enjoy the read.

ISSUE #408 – INSURING CYBER RISK: NOT FOR THE FAINT

Cyber risk is one of those areas that requires quite varied expertise to manage and insure. The challenge is that brokers must advise their clients on risks that are so complicated and have so many facets, that the risk to the broker is massive.

However, with brokers increasingly taking up their role as risk advisers, they will need to develop the relevant skills, even if it is just the skill of using cyber risk professionals to ensure their advice is sound.

Cybercrime changes daily and the technology that people and business use is getting more sophisticated by the day. How do brokers then advise their clients without exposing themselves? Big thank you to our contributors for their participation in this feature where we unpack the the risks and share suggestions on how to protect clients.

ISSUE #407 – GROWING THE LEADERSHIP POOL

Although, as raised by so many women in this feature, and even more in our
following e-book, the issue of gender equality and equity should be embedded in our personal and business culture,
it is still amazing to stop once a year and celebrate what has been achieved,
while addressing ways to improve.

A big thank you to all the women who provided comment. Make sure you look out for
our Women’s Month E-Book, containing many more articles on the subject. In the
words of Percy Sledge: “This is a man’s world, but it is nothing without a woman”.

Let’s make it a people’s world.

ISSUE #406 – HIGH NET WORTH INSURING

Our focus on High Net Worth insurance this month has brought up many questions.
With statistics showing a large increase in emigration, most of which would be
high net worth individuals, are there still opportunities in this segment? If there are,
what are their specific needs and what has changed over the past few years?

Then, for those looking after the wealth of these individuals, what are the risk
management requirements? These and other questions are answered or probed
by the various contributors to our feature.

ISSUE #405 -CONSTRUCTION & ENGINEERING

25 Round Table panelists discussed finding harmony between technology and humans, and provide their comments in this month’s feature.

Secondly, we focus on Construction & Engineering Insurance. Will there be a
revival in this industry sector? It seems everything depends on Government
Infrastructure spend. Based on the contributions to this feature, insurers still
seem to be quite optimistic.

Enjoy the read.

ISSUE #404 -INSURING FOOD SUSTAINABILITY

Agri Insurance, locally and globally, has become a challenging sector for the industry, mainly due to the increase in frequency and severity of weather related losses.

Although we have seen some amazing innovations in this sector, especially when it comes to parametric insurance, the few local insurers that still operate in this sector, have mainly focused on insuring the assets of farmers, even though social unrest has raised serious threats here as well.

ISSUE #403 -SMALL BUSINESS, BIG IMPACT

The past few years in South Africa has clearly illustrated the risks faced by SMEs in the country. From business interruption during the COVID-19 pandemic to riots and looting and most recently, the devastating damage caused by flooding and other weather related losses.

No doubt, insurance is the most effective way to mitigate these risks, opening a massive growth opportunity for the insurance industry as a whole, with even direct insurers taking advantage.

Read all about insuring this integral part of our economy in the SME feature in this months edition of COVER.

ISSUE #402 -ALL THINGS WHEELS

The various segments of motoring, from personal vehicles to commercial, heavy commercial, E-hailing and recreational have all faced their own challenges over the past few years, creating various innovations and fundamentally changing this segment of the insurance industry.

Explore these challenges and innovations in our all things wheels feature in this months edition of COVER.

And don’t forget to register to join us at Insurtech2022 on 3 & 4 May, where we will unpack all the latest tech developments. Exciting times!

ISSUE #401 – AFRICAN INNOVATION

Genasys Technologies, who recently attracted funding of approximately R274m for expansion.

We have also seen several amazing insurtech startups receiving big funding. You also have businesses like Inclusivity Solutions who are successfully braving the continent outside of South Africa.

Local insurers and international reinsurers are all putting their money where their mouths are, increasing international investor interests.

You can also join us at Insurtech2022, where we will unpack all the latest tech developments.

ISSUE #400 – A NOT SO BRAVE NEW WORLD: OUTLOOK 2022

Have we been brave enough during the past two years? Have we stared the devil of a pandemic in the face, or have we cowered in its possibilities? Only time will tell if we were brave enough. However, we now have a second chance. In 2022 we can extend our wings and fly.

We decided to dedicate our first edition of the New year entirely to our Outlook feature. We asked senior executives from all areas of our industry to provide their views and comments on the outlook for 2022, what guidance they had for industry players, what opportunities and challenges they saw, how they aim to provide value to stakeholders in 2022 and what lessons have they taken from the past year.

We hope you enjoy our fresh new look, happy reading.

ISSUE #400 – MARINE: END TO END

Another segment of the global business and insurance industries that has been massively impacted by the various risks we faced in 2021 is the Marine and especially, the Goods in Transit landscape. We unpack some of the issues.

In many ways it has been a fascinating year for the insurance industry, and the reinsurance players have not been immune. Our contributors share thoughts on the year that was and discuss the various lasting effects of the many unexpected global trends.

ISSUE #399 – NOT AS CALM AS IT SEEMS

Liability insurance is a rapidly growing segment within the South African insurance space, driven by major market shifts and a raft of emerging threats that are affecting businesses and professionals across a variety of industry sectors, says Thokozile Mahlangu, CEO at the IISA.

It is no exaggeration to say that the liability risks faced by businesses have never been higher. Our liability feature in this months editions unpacks the varied risks and sophisticated solutions in this space.

Be sure to also check out our article on page 86, Insurtech21 Rapid fire, where we put Tavio Roxo the CEO of Owls Software, in the hot seat with a few rapid fire quotes from Insurtech21.

Enjoy the read.

ISSUE #398 – HEAVY VEHICLE INSURANCE: AN INDUSTRY AT RISK

From heavy haulage to healthcare, it is a packed magazine this month.

Heavy Haulage is an area of insurance that has seen big transformation and innovation due to the massive increase in risk to the trucking and the insurance industries. A feature well worth the read.

More and more people are wanting to have private healthcare funding and the industry is under pressure to come up with ways to make this affordable. Some of the touch points is cost efficient processes, reduction of fraudulent claims and greater cooperation between medical aids, service providers and clients/patients. In this feature our contributors unpack the current healthcare funding environment and how they managed to keep the contribution increases low.

ISSUE #398 – INSURTECH – THINK AGAIN

Never has uncertainty and volatility been more pronounced but, at the same time, never has the opportunity to manage and mitigate risks and uncertainties been more available to everyone.

As an industry, it is up to us to provide the tools and knowledge for mitigation and managing of risk, allowing everyone to take advantage of the myriad opportunities available to them. Our two features in this issue clearly illustrate this.

At Insurtech21 our round table participants stimulated discussions and revealed opportunities in our industry backed by the massive development in the technology environment, showing the bottom line that everyone now has access and everyone can compete, we just need two think again. A must read.

Our second feature puts a damper on things by exploring the risks posed by rapid technological innovation and, especially a move to remote working. However, again, these risks have created opportunity for the industry and its various product, service and advice providers, to show their true value.

ISSUE #397 – EQUITY VERSUS EQUALITY

As Women’s Month comes to a close I would like to alert you to the contributions made by several amazing woman in our industry, sharing experiences and insights from their life journeys.

Our feature, appropriately titled “Equity vs Equality” is filled with accounts of challenges, struggles, victories and lessons we can all learn from on the road to embracing the full potential of woman. I am sure you will enjoy the read.

ISSUE #396 – INSURING THE WEALTHY : WHY THE FOCUS

We take a look at the broader insurance needs of the wealthy, the opportunities and challenges and our contributors comment on the specific needs of this segment and the best way to harvest the opportunities.

Be sure to read our High Net Worth feature in this months edition for more on the latest developments in this niche.

ISSUE #395 – CONSTRUCTION & ENGINEERING: WILL WE SEE A REVIVAL

The Construction segment of the industry, on all levels, usually signals the health of a countries economy and the prosperity of its people. The building of infrastructure is a key facilitator of economic growth. We can read so much into the activities that come out of it and protecting all stakeholders is crucial.

The associated risks for firms that undertake projects in this segment can be as sizeable as the civil, building and mechanical engineering projects themselves. The importance of having the correct insurance protection in place, should something unforeseen occur, can not be overstated enough.

Be sure to read our Construction and Engineering feature in this months edition for more on the latest developments in this sector.

ISSUE #394 – A JOURNEY, NOT A DESTINATION

In this months edition of COVER we bring you full coverage of our exciting webinar series, Insurance Innovation Journey, exploring digitalisation from a strategic innovation perspective.

The biggest mistake made in the quest to compete with increased digitization is to jump at quick fix plug-ins offering access to untapped markets or apps that digitise sales and on-boarding. These might look like quick wins but they mostly do not deliver nearly as well as expected, due to the lack of strategic decision making in the selection and implementation of technology based opportunities.

If you are interested in innovation, insurance technology or digitisation regarding any aspect of the insurance value chain, I highly recommend you read this feature starting on page 60.

ISSUE #393 – SMALL BUSINESS: LIFEBLOOD OF OUR ECONOMY

The past 12 months has been one of the toughest times faced by small and medium enterprises for many decades. The serious lack of appropriate insurance products and advice for the SMME market is one of the key issues that has been exposed.

Right now we have an opportunity, as an industry, to ensure we structure products suited to the ever changing environment that SMMEs operate in. Products that are flexible, adaptable and simple enough not to lead too long protracted legal battles when unforeseen events arise.

Make sure you read the SMME Feature in this months edition of COVER, where we have a variety of commentators providing thoughts on the insurance needs of this most valuable economic sector of our country.

ISSUE #392 – THE ADVICE EDITION: LONG LIVE ADVICE

We dedicated this issue to advice, because advice is the backbone of the insurance industry, both long term and short term. The past 12 months have again shown that advice is at the core of ensuring our clients receive the value that we as an industry are able to add.

There is no doubt that those who had the best financial advice, coped best last year. When the chips are down, it is essential to have a plan, to be prepared and to have a trusted adviser at your side.

Enjoy the read.

ISSUE #391 – RIDING THE STORM – FINDING THE SILVER LININGS

A year like no other has passed and a year like no other lies before us. We are well into January as I write this, and the year definitely started with a frenzy of activity, fuelling my excitement for a strong revival of our economy. Prediction is that we will see a 2,7% growth in GDP but I hold a more positive view and I am building my strategy around an upward trajectory for the next five years.

We decided to dedicate this edition of COVER to thoughts and opinions across the industry to provide perspective on what was and what might be on the cards in 2021.

Our commentators provide multiple views on the lessons learnt and the opportunities that are being presented to our industry. A must read to start your year.

ISSUE #390 – MARINE INSURANCE

This has been a tough year for all and Reinsurers were no exception. The year has however confirmed Reinsurers position as the foundation of the industry. The pressure brought about by COVID-19 and the fall-out still expected, is bound to lead to some changes in the year to come. Read what the experts have to say in our regular December Reinsurance Feature from page 20 – 34.

Just like every other industry, the marine and cargo sector are also facing severe challenges. We asked a few prominent players for their comments.

Happy holidays from all of us at COVER.

ISSUE #389 – RETIREMENT – A MATTER OF PLANNING

Retirement has become a more complicated matter than ever before. Besides the political and economic challenges, the normal tax planning and investment decisions, we now also have a myriad of different options to choose from when it comes to products, platforms and funds to work through.

There is a direct correlation between the quality of your planning and the quality of your retirement. In the retirement feature in this months magazine, we unpack the road to retirement as well as the opportunities from retirement, so be sure to check it out from page 26 – 35.

The COVID pandemic has brought forward an escalation in the incidence of cyber risks, from fraud to data breaches. This could potentially have a more devastating effect on society than our current pandemic challenges. In this months edition we have a collection of articles taking a look at Cybersecurity and Cyber risk management. Give it a read from page 12 – 23.

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ISSUE #388 – INNOVATION – LIFEBLOOD OF PROGRESS

Here are just a few of my top picks in this edition:

1) Sustainability of the Broker – Read
There has been lots of talk about the end of the broker and the rise of digital. direct and insurtech taking over insurance distribution. COVER had a chat to Renasa to find out what they think about the sustainability of the broker channel.

2) Quo Vadis Central Banks – Read
Central Banks have always played a significant role in financial markets and monetary policy. Old Mutual explains how this is changing and how the role of Central Banks are coming under scrutiny

3) What Makes the Rand Tick – Read
The rand has been surprisingly strong since April/Peregrine Solutions provides comment on why this is and what to expect.

4) Claims Automation Coming of Age – Read
There has been a lot of discussion and focus on claims automation with the rise of insurtech innovations. AON South Africa provides some interesting comments on where we are at.

ISSUE #387 – GLOBE OF RISK

Louis Kahts, CIB, Head of Underwriting makes some interesting comments about our industry’s response to the COVID-19 pandemic on page 17 of this issue. Being in a privileged position as editor of COVER, I followed with great interest, how companies responded to the challenge. The first CEO I interviewed after the lockdown was Garth Napier, MD of Old Mutual Insure. I still remember him saying, if I had asked him if 90% of their staff could work from home, he would have said
it is impossible. Yet, they did it in less than two weeks. No weeks of planning, no strategy, simply action and management.

THE LEADERSHIP EDITION

With great pleasure we bring you our special edition Leadership E-book, with an amazing collection of essays written by some of the most experienced leaders in our industry.

During your read you will certainly glean many insights into leadership, but for me, the one thing that stood out was authenticity. Authenticity creates trust, inspires even the most dissenting voice into positive action and has the power to create unity where there is great diversity.

Every business, industry and our country as a whole, now needs strong, authentic leaders to take us through this period of unprecedented challenge.

ISSUE #386 – WHERE IN THE WORLD IS VALUE?

What an exciting month for the COVER team. First we finalized the COVER Leadership Publication, a compilation of 30 articles penned by well know leaders in our industry. Inspired by the current unpredictable environment created globally by the COVID-19 pandemic, the chaotic South African political landscape and a disappointing local economic outlook.

As always, without sugar coating the realities of our predicament, these esteemed leaders provide guidance and positivity to assist us all to go forth and create magic. They certainly met the brief, but see for your self by visiting our site and downloading the pdf or reading it on our innovative WebMag platform. And, if you like it, feel free to spread the positivity by sharing.

ISSUE #385 – FORGED IN FIRE

Swiss Re Sigma explains why there should be a sharp COVID-induced pull back in the industry. 2021 will show a sharp recovery accompanied by rate hardening. Take a look at pages 14 and 16 – The FSCA and The FIA provide their comments on the challenges with Business Interruption Insurance after the COVID-19 Pandemic. It provides for some soul searching in our industry.

ISSUE #384 – CONSTRUCTION & ENGINEERING

Stagnation and uncertainty are serious concerns in this segment of industry, not just for the insurance industry. All eyes are on Government infrastructure programmes to provide some stimulus. This feature brings a few different views on the realities and opportunities we have before us..

ISSUE #383 – TOUCHED BY TECH

Quite appropriate to the COVID-19 push towards remote working and technology solutions needed to keep the insurance industry going, this issue is mainly dedicated to Insurtech and the various solutions it provides. Here we bring you a host of views, from varied perspectives, on the back of another highly informative Insurtech conference.

ISSUE #382 – HANGING ON

COVID-19 and insurance claims
In this months edition Donald Dinnie, Norton Rose Fulbright, provided us with two fascinating articles looking at claims in the time of the COVID-19 Virus on pages 10 and 12. You will also find several more perspectives on pages 13, 19, 21, 22, 27, 34, 35, 46, 49, 61, 63 and 67.

Don’t miss the article on page 63 that explores the effect of the oil price plunge and COVID-19 on the African countries most involved in the oil trade. It paints a challenging picture.

ISSUE #381 – COVID-19 INTO THE UNKNOWN

We have no experience to refer to. Markets, Business, Employees, Governments, Health Professional, Pensioners, we are all in the same boat. There is so much information going around and the updates are by the minute. On page 51 we have a thorough analysis of the legal implications of the Virus by Norton Rose Fulbright while IRMSA Alert shares some thoughts on how the virus could affect your business on page 64.