Tag: Business Interruption (BI)

South Africa joins over 60 countries that will head to the polls in 2024, with heightened risks for civil unrest reminiscent of July 2021 top of mind. 2024 has been dubbed the election year, with voters in more than 64 countries heading to the polls.

In the dynamic world of business, unexpected events can strike at any moment, threatening the stability of even the most well-established enterprises. From property damage caused by natural disasters to lawsuits from disgruntled customers, the need for comprehensive business insurance cannot be overstated.

There is no longer space to think of the accountant in the traditional sense. The role, responsibility and professional competence of an accountant has grown significantly in the modern era with the profession branching into blockchain, Artificial Intelligence (AI) and the likes, with limitless reach across the globe by means of ever improving technology.

Business interruption (BI) and cyber incidents are the primary concerns for the manufacturing sector within the automotive industry in 2024. The report, based on insights from over 3,000 risk management professionals and business leaders, highlights the growing importance of addressing these risks to ensure business continuity and safeguard against potential disruptions.

Events such as the COVID-19 pandemic and rising levels of cybercrime are encouraging insurers to revisit their policy wording to exclude certain events. Over the past three years, the world has suffered serious humanitarian and financial losses from the COVID-19 pandemic, climate change and catastrophic weather, political unrest and wars in central Africa, Europe and more recently, the Middle East.

Businesses should prepare for a rise in civil unrest incidents as the cost of living crisis follows hard on the heels of the COVID-19 pandemic. What can we learn from the protests we saw during the height of the pandemic and what role could social media play in intensifying future disruption?  

The turbulent geopolitical climate is creating uncertain economic conditions across the globe. In South Africa, several unique challenges are worsening the effects of global risk factors, including load shedding, hefty fuel hikes and ongoing inflationary increases.

Entrepreneurs invest a lot of energy into getting their businesses off the ground and finding ways to differentiate themselves from their competitors. Unfortunately, due to time constraints, few put the same dedicated effort into finding the best insurance solution for their business.

Businesses in South Africa experienced major losses in July from physical damage, business interruption, and loss of revenue, looting, vandalism caused by civil commotion, protests and riots which resulted in about $3.4 billion in lost output and placed 150,000 jobs at risk.

Investors need to consider cyber preparedness in their investment decisions. Today, 100% of companies rely on the internet to operate, compared to the one-in-four 10 years ago, according to a study from Accenture.