Despite record-breaking global temperatures and escalating climate risks, most South African retirement funds lack climate policies – raising concerns about the long-term sustainability of their investments.
The insurer bears the risk of any uncertainty or inconsistency in policy documents.
Insurers need to employ advanced data analytics and AI to better price and manage these risks, as well as adjust premiums and make selective coverage decisions.
Price increases will be necessary to fund the level of coverage policyholders have previously enjoyed, says Old Mutual Insure.
For the first time, theft, fraud, and corruption have surged onto the Allianz Risk Barometer’s top 10 business risks for South Africa.
Cyber incidents are the top global business risk by a clear margin, but they rank second in South Africa, according to the latest Allianz Risk Barometer.
The collaboration enables the non-life insurer to use location-specific flood data, providing a more informed perspective on flood risk.
Advisers can offer clients invaluable insights and the tools they need to thrive, even in times of turbulence.
Industry leaders caution against the ‘new normal’ in reinsurance costs, emphasising the need for a comprehensive strategy to navigate escalating challenges.
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