THE INSURER | FEBRUARY 2018
SA no longer "low risk"
According to Aon, a global risk consultancy that evaluates the impact of natural disasters, South Africa is no longer a low catastrophe risk region, with combined catastrophe insured losses for South Africa in 2017 the highest ever recorded, driven by the Knysna fires and flooding in Durban. There were 330 international natural catastrophe events in 2017 that generated economic losses of $353 billion. An estimated 97% ($344 billion) were due to weather-related events. Natural catastrophe losses in 2017 were 93% higher than the 2000-2016 average, with insured losses to the private sector and government-sponsored programmes among the costliest ever incurred, reaching $134 billion.
Cryptocurrency and cover
The rise of cryptocurrencies has created income-generating opportunities in the form of ‘mining’ that requires specialised and expensive computers. Please bear in mind that cover for a desktop computer and its accessories is limited to R8 000 under the Householders section of your policy, regardless of what the equipment is used for (R14 000 in the case of a laptop computer). If you want to insure any computer / laptop for more than these standard limits, you must specify your hardware and software under the Electronic Equipment section. Please contact your broker to arrange the applicable cover if the value of your home computer is more than the standard R8 000 (R14 000 for laptops) offered under the Householders section. Read more about cryptocurrencies here:
Safire King of the Sea 2018
After putting its name to the two hotly contested King of the Sea competitions in 2016 and 2017, Safire Insurance has renewed its position as main title sponsor for this well supported fishing challenge. “This type of outdoor, family-focused event works for us as it fits our profile and positioning,” says Safire’s marketing manager, Anton Rohrs. The 2018 King of the Sea competition will take place at Pumula Beach Hotel on the KZN South Coast on 12-13 May this year.
Exciting news!
Our Domestic Signature policy was first released in June 2010. In 2017 we started revising and updating the wording of this policy, taking into account that over the years various endorsements have been issued extending cover and other changes made such as revised excesses and altered cover limits. The new electronic wording is interactive with hyperlinks which dramatically simplifies navigation between the various sections and addendums. We have also made the wording more readable and easy to understand. We are very excited about this new-look policy, which replaces our existing wording from 1 April 2018. Although we are embracing the trend of electronic documentation, this document will be available in a printed format on request.
No benefit from terrorism
There is a move in the USA to introduced legislation limiting life insurance payouts to survivors of those who die while committing terror acts. House Bill 1996 has attracted bipartisan support; it would allow insurance companies to limit payouts to life insurance beneficiaries to the amount of the premium paid if the insured died while committing an act of terrorism. Also under the bill, an unspecified portion of a terrorist’s life insurance money would be directed to the Pennsylvania Victims Compensation Assistance Program, which financially assists crime victims and their families.
Monitoring driver concentration
At its recent TechShow, leading German automotive manufacturer Continental showcased a new driver-distraction monitoring system, consisting of a camera and operating system mounted behind the steering wheel and facing the driver. Using infrared technology, the system can identify the driver’s facial movements and determine the direction where the eyes are focused, even behind sunglasses. A countdown begins when the drivers’ eyes are off the road, and when a set time is reached, a warning is issued to the driver, either audibly or through a tactile signal. It might be a big brother type of control, but global statistics show that distracted driving results in more deaths than alcohol-related vehicle accidents.
VW boom
The so-called ‘dieselgate’ emissions scandal two years ago seems to have had little impact on German car manufacturer Volkswagen: it has announced record-breaking sales of about 10.74 million vehicles from VW or its subsidiaries Porsche, Audi, Skoda and Seat in 2017. This is an increase of 4.3% over 2016, putting VW on track to retain its title of the world’s largest car maker.
Costly roads
Local road construction costs around R40 million per kilometre for a new, single-carriage national road, with up to 15% of the budget spent on consultants for design and construction supervision. In Europe, automated technology builds roads quicker and with minimal supervision; it costs more but is completed faster. This technology is unlikely to be adopted here as it will reduce the amount of labour required.
Greatest leaders
Current Chinese president Xi Jinping leads more people than any world leader in history (excluding religious figures such as the Pope), with China's population of over 1.3 billion people. However, according to the Guinness World Records, Xerxes I of the Achaemenid Empire in 480BC ruled over the largest percentage of the world population (44%) of any leader in history.
Sa's most innovative young entrepreneur?
Ludwick Marishane had a bright idea that would enable people with limited access to water to clean themselves, for the sake of basic hygiene and their health. It also freed up many hours of walking to and from the water source so children had more time for their studies. Watch this engaging young man sell his groundbreaking Drybath product…
ECONOMIC TIDBITS
118 million – number of Netflix streaming subscribers globally after adding 8.3 million people last quarter.
20% - percentage of worldwide e-waste collected and treated that is documented to be properly recycled.
R1.3 trillion – value of transactions conducted through Vodacom’s M-Pesa mobile phone-based digital bank.
46m² – the size of a generic home designed by the Centre for Affordable Housing Finance in Africa (CAHF).
35 000 years – estimated time it would take for hackers to crack a password if three random words are used.
$36.8 trillion – amount of all the money in the world, including bank notes, coins, and money in accounts.
The Insurer newsletter and the content of any article published herein, should not be construed as forming part of any insurance contract or policy nor as constituting any form of advice. It is aimed at providing an informal and informative read to the readers thereof. Whilst every effort is taken to attempt to ensure the accuracy and correctness of the information contained herein, Safire Insurance Company Limited does not give any assurance regarding such accuracy or correctness and accordingly does not accept any liability whatsoever for any loss or damage, whether direct, indirect or consequential, arising from any reliance placed in the information contained herein.
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