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.
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.