The South African short-term insurance industry entered a hard market cycle in mid-2017. It was triggered in part by devastating storms and fires in the Cape, floods in Durban, a R1bn warehouse fire and a catastrophic bulk carrier crash in Durban harbour, where damage to the 600t loader alone is costed at around R265m.
In a featured article with Cover Publications, Andrew Lilley the joint group CEO at our partner Econorisk shares how “far too often we see companies taking out levels of cover that are woefully inadequate and ending up having to close their doors – or worse! – after a serious event occurs.”
In the article Lilley details the importance of good risk management principles and why “businesses need expert skills to help identify the maze of variables that SMEs and indeed, large corporates are exposed to not only in hard market cycles but also in tough economic times.”
Read the full article here.