Latest News

Thu, 04 Mar 2021 06:27:42 -0600

Johannesburg, 4 March21: Fleet insurance is essential for businesses with vehicle fleets and drivers. With proper management and meticulousness, fleet managers can reduce insurance costs, improve the safety of employees and benefit from as much insurance cover as is required.

Thu, 04 Mar 2021 06:25:37 -0600

Johannesburg/London/Munich/New York/Paris/Sao Paulo/Singapore - March 2, 2021 Allianz Global Corporate Specialty (AGCS), the corporate insurer of Allianz SE, and Munich Re have jointly developed a new commercial cyber risk insurance solution called Cloud Protection +.

Wed, 03 Mar 2021 06:17:04 -0600

Previously Global Head of Property at AGCS, Portevin is appointed Global Head of Risk Consulting, leading a global team of 280 employees globally AGCSs Chief Underwriting Office Property under interim leadership until a permanent successor is confirmed Johannesburg/London/Munich/New York/Paris/Sao Paulo/Singapore 3 March 2021: Effective March 8, Thierry Portevin, current Global Head of Property at Allianz Global Corporate Specialty (AGCS) will be appointed Global Head of Allianz Risk Consulting (ARC), reporting directly to Chief Underwriting Officer Corporate, Tony Buckle.

Thu, 25 Feb 2021 09:13:09 -0600

Simply Business recently announced its partnership with UK insurtech MGA Equipsme to allow its customers to directly purchase health insurance plans online for the first time. Having been the tech engine fuelling Equipsme since its launch in the UK three years ago, it is hugely rewarding for the team at Genasys to have played a pivotal role in supporting this latest partnership for the health insurer whose simple, affordable products for businesses have gone from strength to strength.

Thu, 25 Feb 2021 06:43:43 -0600

Furtschegger was previously responsible for the international expansion of Entertainment, which is an AGCS line of business since 2015 Entertainment was hit significantly by Covid-19-driven claims in 2020, but is expected to develop into a successful and sustainable book of business for AGCS Johannesburg/London/Munich/New York/Paris/Sao Paulo/Singapore 23 February 2021: Effective immediately, Michael Furtschegger will be appointed as Global Head of Entertainment at Allianz Global Corporate Specialty (AGCS), reporting directly to AGCS SE Board Member and Chief Underwriting Officer Specialty Dr.

Fri, 19 Feb 2021 03:54:21 -0600

In an extremely challenging environment in 2020, Allianz demonstrated resilience to an unprecedented health crisis and prolonged interest rates. The financial performance in the fiscal year 2020 has been remarkably robust across all business segments, though the Covid-19 pandemic left its mark, especially in the Property-Casualty commercial lines.

Fri, 19 Feb 2021 03:50:52 -0600

In the face of an extremely challenging environment in 2020, Allianz demonstrated resilience to an unprecedented health crisis and prolonged low interest rates. The financial performance in the fiscal year 2020 has been remarkably robust across all business segments, though the COVID-19 pandemic left its mark on the financial results, especially in the Property-Casualty commercial lines.

Tue, 16 Feb 2021 03:36:53 -0600

Do you, as an employer, understand why you are paying a Skills Development Levy (SDL)? Do you know that this gives you access to funds for training? Many business owners just see it as a compulsory payment of 1% from their monthly payroll, and thats it.

Tue, 16 Feb 2021 03:35:43 -0600

The policy for the insured valuables that are governed by the close personal custody and control requirement, means that the insured property shall be held by, worn or attached to the insured at all times whilst in transit.

Wed, 10 Feb 2021 06:43:58 -0600

Luzanne Wait, an insurance adviser at PSG Jeffreys Bay In the time of Covid-19, with lockdown regulations changing frequently and some restaurants, bars, and other indoor gathering places closed or operating differently, the at-home date night has grown more popular.

   
Risk Therapy Articles

RISK THERAPY 106 - RISK IS PERSONAL

by Paul Brightman
February 20, 2010

There is no doubt that a million years from now our individual lives and actions will prove to be of little lasting significance. Nevertheless, we are destined to promote our immediate personal interests to the best of our abilities. Have you dwelt on what the best way to achieve this? There are many solutions of course. 

The intention of this opening statement is to sharpen the focus on the here and now; also to reveal the individual’s exposures in a broader society or in regulated self-interest vehicles such as companies. We should not consider ourselves immune to, or shielded from, the effects of large positive or negative events, either because we are not the boss or responsibility is not specified in our job description. 

What is meant by ‘risk is personal’ and what does this mean in our lives? There are many factors for us as individuals to reflect on; here are a few of them:

  1. Many of us shy away from thinking about the personal impact of the risks that we encounter in a group, team or association. Why confront such potential nightmares if we don’t have to? In SA as in many other countries, there are many more pleasant distractions. We tacitly encourage ourselves to escape our responsibilities by saying it is not our problem. This is neither true, nor does it encourage constructive behaviour! A useful motivator for new legislation then.
  2. ‘Corporate Risk’ is a convenient yet obfuscatory umbrella label which some use to shield or obscure the responsibility and personal exposure of the individual. Gone are the days when consumers have no rights.
  3. Corporate Governance standards were established for various reasons. One of these was because some individuals conducting business, not just in corporations, thought that certain laws, rules or morals didn’t apply to them.
  4. Ignorance abounds in the field of Corporate Governance / Risk Management legislation within the numerous levels and functions of business. What are your latest responsibilities, more work for the same pay no doubt, but what are the longer term benefits?
  5. Lucrative business models recognise and reward positive individual and team performance success over a prolonged period when compared to the market average. Where would you prefer to be?
  6. New legislation increases the reporting responsibilities and accountability of directors and officers in business. If you are not directly affected by this then you can guarantee that the individuals who are will surround themselves with hand-picked support staff. Would they choose you to contribute to their teams?

You can debate or ignore the above points if you like. However, it would be madness to believe that when your employer or team encounters a major problem, that you would remain magically insulated from the effects. To put it more simply, if they lose, you lose too. 

The tide is turning. We are quickly approaching a tipping point of sorts; transparency is coming into the practice of business regardless of size. Logically this means that there will be knock-on effects for individuals too, the primary one being the need to take responsibility for your actions. 

So where to from here? We are faced with the usual choices, to buy-in and self-improve, ignore it do nothing and hope it goes away or there’s always the King Canute option, to demonstrate through our activities that there is nothing we can do to stem the tide. 

To close on a positive note, I heartily recommend that you choose to give yourself the best chance to win the business evolution race and adapt to your changing environment.

Paul Brightman - ART (Pty) Ltd.

Creators of Risk Therapy.

paulb@artrisk.co.za or paulb@artrhc.com or paulb@pobox.co.uk or artptyltd@iburst.co.za

+27 (0) 83 708 3634 & +27 (0) 11 646 2777.

Websites http://www.artrhc.com/ or http://www.artrisk.co.za/ or http://www.risktherapy.co.za/

ART is an authorised Financial Services Provider - FSP16339.

   

Paul Brightman - Alternative Risksmiths and Traders (Pty) Ltd. Short name - ART.
Cell : +2783 708 3634 Work : +2711 646 2777
11, Taylor Rd, Greenside, Johannesburg. Code: 2193.
paulb@artrisk.co.za & artptyltd@outlook.com