SABRIC, the South African Banking Risk Information Centre, on behalf of the banking industry has released its Card Fraud Stats for 2017 which reflect an overall decrease in card fraud. Debit card fraud decreased by 8.5% while credit card fraud increased by 1%, from R434.0m in 2016 to R436.7m in 2017.
Businesses and households were left scrambling to keep the engines and the lights on after the national power utility, Eskom, suddenly plunged South Africa into darkness over a week ago. Speaking in Parliament on Tuesday last week, Minister of Public Enterprises, Pravin Gordhan alluded to the fact that Eskom was facing structural, operational and financial challenges.
The executives of Momentum insurance appeared recently to have been coerced under popular pressure into making payment of a void policy, thereby upending over 250 years of sound global application of the common law.
While people who contract COVID-19 (corona virus) who are under the age of 80 and do not have any pre-existing conditions - such as cardiovascular disease, diabetes, chronic respiratory disease, hypertension or cancer - are most likely to experience only flu-like symptoms, those who are over 80 years’ of age or individuals with pre-existing conditions are certainly at a much greater risk.
With reports that more than half of companies around the world do not have effective business continuity plans in place to combat an infectious disease outbreak like COVID-19 and the virus starting to take a stronger foothold in South Africa, businesses must do more to prepare themselves for the repercussions this could have on operations.
The opportunities for growth in Africa’s insurance industry are huge despite recent economic and political uncertainty. The insurance industry has done well to adapt to continuous disruption, with technological advances now considered the most important global trend disrupting the industry.