Tag: natural disaster

Extreme weather events - floods, droughts, typhoons and wildfires - and their frequency - are getting worse. In the past, these disasters were considered unpredictable, inalterable natural events. Today, extreme weather events are largely accepted as inevitable, and their severity and frequency influenced, if not caused, by human activity.

Over the last couple of years, climate-related disasters have increased in both frequency and intensity. These disasters have accelerated rapidly, creating a physical and socioeconomic divide in risk exposure and protection.

Read our exclusive cover story titled Blurred lines – [un]natural disasters and insurance risk by Donald Dinnie, Director, and Danita Mungaroo, Candidate Attorney, Norton Rose Fulbright South Africa, plus a host of other topical management articles written by professionals, consultants and academics.

Choosing to relocate to a new property or premises is an exciting opportunity. This often involves fresh experiences and exposure to new markets. It also allows you to embrace positive change.

As more people move to urban areas, cities must become more efficient, sustainable, and liveable. Smart city initiatives lead this shift by leveraging advanced technologies to transform urban life.

We live in a volatile world where geopolitical risks, economic inflation, natural disasters and an increasingly complex regulatory environment are applying pressures on all fronts, including the insurance sector. Underwriting requirements are becoming stringent, and prospective clients are having to provide far more granular information about their portfolio of risks as well as risk mitigation measures, while reduced capacity and insurer appetite for certain classes of risks remains a real concern.

Climate change-induced extreme weather events have remained elevated across the globe in the last decade, proving disruptive to both economic and social activities. According to the global reinsurance broker, Aon, the 2023 economic losses due to natural catastrophes was 22% above the 21% century average – raising questions about the long-term affordability and sustainability of cover for vulnerable communities.

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.

Mitigating contractual disputes by exploring alternative dispute resolution (ADR) and arbitration in resolving supply chain disputes. The mining industry relies heavily on a complex network of suppliers, logistics partners, and transporters to ensure the efficient movement of raw materials.

Mitigating the increasing effects of climate change has become a top priority for South African insurers who have collectively paid billions of Rands in related damages over the past five to 10 years. The increasing frequency and severity of severe weather events – such as heavy rainfall and resultant flooding – threatens the sustainability of insurers who must protect the integrity of their balance sheets to continue paying claims for years to come.