Safire Insurance Newsletter 2015


August 2015
Hacking and cybercrime
Last month, the global threat of hacking was brought under the spotlight when the eNCA website, a reputable news site that we used to source information for one of our Insurer newsletter stories, was hacked. It shows again that all websites, reputable and not so reputable, can be hacked. Even the best protected sites are vulnerable: the Pentagon was hacked as recently as this year (by Russian hackers). But while some hacking might be “hacktivism” or a form of social protest (as in the high profile Ashley Madison infidelity website case), cybercrime by online criminals is a really serious threat. South Africa has been listed in the top three countries worst affected by cybercrime, along with global giants Russia and China.
To read more…
SA’s shame
In this month when South Africa celebrates its women, we should be aware of the shamefully high levels of abuse and crimes against our nation’s women and children. This is despite statistics released by the police that show a supposed decline in the number of rapes and crimes against children, and an increase in conviction rates to 75%. Can we believe what we are told? Is South Africa truly the rape capital of the world, as claimed by Interpol? Even the Internet and social media can be dangerous places for female users, with women regularly subjected to online threats of rape and violence, cyberstalking and blackmail.
To read more…
Driverless cars and insurance
As the prospect of driverless cars becomes increasingly likely, there is speculation that having fewer human drivers will impact significantly on the insurance industry. Visionary Warren Buffet has commented ”If you could come up with anything involved in driving that cut accidents by 30%, 40%, 50%, that would be wonderful. But we would not be holding a party at our insurance company.” What are the predictions?
To read more…
Energy crisis for Africa
Eskom, load-shedding and our government’s quest for nuclear power might be hot topics for discussion across South Africa but we apparently aren’t alone in our urgent need for a reliable, affordable and sustainably energy source. It seems that the rest of Africa is also in the throes of an energy crisis, with almost 600 million people completely without access to electricity.
To
Middle class standards?
South Africa’s middle class is the bedrock for economic development, but now seems to be smaller and with less potential for growth than assumed, according to a study by the Institute of Race Relations. Once estimated to be approximately 30% of the country’s population, it appears that only one in ten South Africans can claim to have a middle class standard of living.
To
Why claims are rejected #16

According to the Ombudsman for Short-term Insurance, claims for a collapsed retaining wall could be rejected if the wall was not built according to strict engineering specifications. If a landscaper and not an engineer built the wall, the claim could be repudiated. The Ombudsman for Short-term Insurance provides an independent and affordable dispute-resolution service to those contesting decisions made by their insurance company.

Organ Donor
Comrades entries
Driver skin

August is Organ Donor Awareness Month in South Africa. About 4 300 adults and children are waiting for a life-saving organ or a cornea transplant. One person can make a difference to seven organ recipients through the gift of their heart, two kidneys, two lungs, liver and pancreas.
Read more

Entries for the 2016 Comrades Marathon open on 1 September. This 90km “up-or-down” race between Durban and Pietermaritzburg attracts runners from across the world. The 2016 event, a ‘down’ race, takes place on 29 May; entries will close as soon as the 20 000 limit is reached.
Read more

Medical research in the USA shows that nearly 53% of skin cancers in the US occur on the left side of the body, and it is believed the cancer is from exposure to UV radiation through an open or closed vehicle window. White South Africans and Australians suffer the highest levels of skin cancer in the world.
Read more

IMANA Wild Ride winners

Congratulations to Team Safire, namely Warren Price and Trevor Rowe, who won the IMANA Wild Ride a few weeks ago. Warren Price has now claimed the title four years running – no mean feat with this challenging four day race. The IMANA Wild Ride is the country’s original MTB stage race, dating back to 2000, and offers a limited field of riders the chance to tackle the breathtaking landscapes of the Wild Coast while also uplifting local communities.
To view ...

Economic Tidbits
Economic Tidbits
Economic Tidbits

• $2.3bn – the amount of Nestle’s shareholder wealth wiped out in days when India’s food regulator banned their Maggi noodles. Product insurance is predicted to boom.

• 35-40 million – loss in Euros suffered by tour operator Tui Group after a terrorist attack killed over 30 tourists in Tunisia near Sousse in June. The insurer is now facing combined claims of around 40 million Euros.


• 22 years – how long a Pretoria man missed out on driving his beloved Toyota Corolla or receiving an insurance payout after failing to insure his car, which was stolen. He eventually got it back this month when it was found by police.

• $37.4 billion - what natural disasters have cost insurers in the first half of 2015, which marks a 37% drop on the average first-half loss.

• $260 billion - what the fallout from the 2007-2008 financial crisis has cost the big banks in fines and lawsuits according to new data from Morgan Stanley. Expect another $60 billion to be added to that over the next two years.

• 10-million - the number of cars on SA’s roads that are "financially exposed through a legacy of low insurance penetration".

• R13 billion – what medical aid fraud could total each year

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