
Consumers adjusting insurance covers to cope with rising cost of living
Santam says clients are opting for core covers only, part-insuring assets, increasing excesses, and taking risk-mitigation measures to reduce premiums.
Santam says clients are opting for core covers only, part-insuring assets, increasing excesses, and taking risk-mitigation measures to reduce premiums.
Theft under property covers remains the leading driver of crime-related claims, even as overall crime claims dipped in 2024, Santam reports.
Cyber insurance and practical measures can shield a business from devastating data breaches and ransomware attacks.
With the Joint Standard on Cybersecurity and Cyber Resilience set to take effect in June, trustees could be held personally liable for losses due to data breaches.
Improper data handling could lead to expensive claims, and stronger enforcement of POPIA is critical to preventing future litigation, say legal experts.
The Allianz Commercial Cyber Security Resilience report shows that the costs associated with certain data privacy breach claims can match or surpass those of ransomware incidents.
SMMEs serving critical infrastructure and global corporations, as well as those in regulated industries such as insurance, healthcare, banking, and credit monitoring, are particularly vulnerable.
The CrowdStrike Falcon sensor update-induced global system crash could be the most significant cyber accumulation loss event since NotPetya in 2017.
Ryan van de Coolwijk, the head of cyber insurance at iTOO Special Risks, highlights the increasing adoption of cyber insurance among South African companies.
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