"South Africa has experienced slow growth over the last few years as a result of factors such as lower prices for raw material, labour unrest and power outages. However, some recovery on the back of the export markets is expected due to the rand’s weakening against other major currencies” says Ian Smith, MD of Tri-Marine Insurance. He goes onto say that, “Currently many South African blue-chip companies are increasingly investing in Sub-Saharan Africa as they see opportunity for growth in a number of these counties. Countries like Zambia and Mozambique are achieving sound growth and as such are attractive opportunities for local companies to provide goods and services to. As a result of this, a variety of goods are destined for countries north of our borders. A wide range of goods are exported to this region, principally related to the mining, resource and retail sectors. This is positive for Marine Underwriters like ourselves, but some underwriting difficulties exist which we need to take into account when considering risk. Goods are exported by means of road, rail, air and sea to major ports, cities and towns. Goods are mainly conveyed by road to destinations in the DRC, Zambia, Zimbabwe and the like. Underwriting concerns relate to the type of goods exported, political stability, road conditions, routes taken and distances travelled. Additional underwriting concerns relate to the transporters used. Their expertise and knowledge of the region and terrain is essential. How they manage the process, especially the back-up they have in the event of an accident and arrangements for storage, recovery or repatriation of the goods are all elements which need to be understood and taken into account”. Cargo which is damaged but repairable also poses a real problem as the skill, infrastructure and available spare parts are scarce or non-existent in certain regions. From a damage assessment point of view, it is difficult to source competent marine surveyors to . . .
Infiniti Insurance is pleased to welcome Clive Sparks to their now growing team of experts. Clive heads up the new Infiniti Guarantees division to provide construction guarantees, a new venture for Infiniti Insurance. Clive comes with a wealth of experience and knowledge. He worked in the banking industry for 19 years before diversifying into Insurance in 2002. His progress in this sector saw him successfully launch and head up the Guarantee divisions of two major Insurance companies. His approach of fair treatment and high principles, coupled with innovative, yet conservative underwriting and tailor made products has been, and will continue to be, a winning combination for successfully meeting his high caliber clients’ needs. The introduction of the Infiniti Guarantees division complements Infiniti Insurance’s growing and diverse product offering, not least of which is the recently launched General, Environmental and Specialist Liability division of RisQ. For more information please contact Laura Hallam Infiniti Insurance 0845755127 or www.infinitiafrica.com Author: Laura Hallam from Infiniti Insurance. More Info link: Twitter: https://twitter.com/Infinitiafrica Facebook: https://facebook.com/Infinitiafrica Images: For high res version/s of One image/s please contact: Infiniti Insurance. Clive Sparks joins Infiniti Insurance CLICK HERE to submit your press release to MyPR.co.za. . . .
The dynamics of the liability market forces that have come into play with the advent of the Consumer Protection Act (CPA) has changed the face of not just the insurance industry but all facets of business that ‘sell’ to the consumer. This ranges from the corner café, the professional giving advice, all the way to the medium and large corporate entities that are synonymous with popular brands in our ever growing global consumer world. This new character we call the CPA has taken away previously utilised defences and leaves little place for anyone to hide. Brokers need to be sure that their clients are getting the best possible cover in line with their needs. So New Age Insurers need to be ahead of the pack and forward thinking to come up with real insurance solutions to allow brokers to give their clients the protection they require in the current litigious environment. Enter the new generation RisQ, a division of Infiniti Insurance Limited with an underwriter in Ildiko Richardson who has had training and experience with the market doyennes of liability insurance and was instrumental in bringing the first environmental underwriting company to the fore 11 years ago. Ildiko is well placed to get right into the swing of market place practices having taken a 5 year sabbatical, including moving countries, and gaining valuable insight into international insurance practices. She has taken the environmental wordings and covers that the market has used for the last 11 years and added some much needed scope in covers. Once again the lead will be taken by Ildiko and the new green RisQ policies will add value and distinction to the brokers and their clients. Events covers are also within the scope of covers RisQ can offer the markets giving this niche market another option to consider as well as increasing capacity for this specialist area. Further complementing the portfolio of liability business will be professional indemnity risk exposures within limited . . .
Infiniti Insurance is delighted to announce the appointment of Paul Hancock as General Manager with primary responsibility for the oversight and monitoring of some existing Specialist Underwriters as well as contributing to the growth of the Specialist Underwriter portfolio. He will also be responsible for the origination of a structured corporate portfolio. Paul is a qualified Chartered Accountant and Certified Internal Auditor. Paul served his articles with Coopers & Lybrand and thereafter was involved in the Internal Audit profession with Liberty Life, London Rhodesian Mining, CGU Insurance and Mutual & Federal Insurance. Paul’s auditing career spanned some 16 years. Paul was also involved as a director of the Institute of Internal Auditors responsible for various portfolios within the Institute. He joined the Mutual & Federal Risk Financing team in 2007 and in 2010 became the General Manager – Risk and Compliance for Mutual & Federal that also involved being the business owner for Solvency II before returning back to Mutual & Federal Risk Financing in late 2011. Paul has had a wealth of experience in corporate governance, internal auditing, enterprise-wide risk management, structuring insurance programs and the regulatory solvency regime. This experience will strengthen an already strong Executive team at Infiniti and we look forward to Paul’s contribution in many facets of our business. We count ourselves fortunate to be able to attract some one of Paul’s caliber to the Infiniti Executive. End. For more information please contact Laura Hallam Infiniti Insurance 0845755127 Author: Laura Hallam from Infiniti Insurance. Twitter: https://www.facebook.com/infinitiinsurance Facebook: https://www.facebook.com/infinitiinsurance Images: For high res version/s of One image/s please contact: Infiniti Insurance. Paul Hancock joins Infiniti Insurance CLICK HERE to submit your press release to MyPR.co.za. . . .
• Gavin Horne, new Broker Relationship Manager of Infiniti • Gavin focuses on growing New Business and will sort to release a new Infiniti Insurance Commercial product Infiniti Insurance Limited is pleased to announce the appointment of Gavin Horne in the position of Broker Relationship Manager with a special focus on New Business. Gavin, formally of Aon Insurance Brokers has over 30 years of short-term experience holding a number of senior management positions both at Commercial Union and at Mutual and Federal. Gavin, an Associate of the Chartered Insurance Institute of London, as well as the Insurance Institute of South Africa, is well known and respected in the broker market. He says that, after his recent spell as a broker, he is looking forward to re-engaging as an insurer with the many brokers with whom he still has close relationships. Gavin is a keen outdoor sportsman having participated in two world championship sailing regattas, and holds numerous South African yacht racing championship titles. Keeping fit is important to him and, when time allows, he participates in mountain bike events. On a more sedentary note, he enjoys time in the bush with his family. Sharon Paterson, CEO of Infiniti Insurance says: “We are proud to have employed someone of Gavin’s calibre and diverse experience, and know that he will be a valuable asset to our team. In addition to his Business Development role, he will be focussing on an exciting new Commercial product for us. So brokers watch this space ….” Infiniti Insurance Boiler plate Infiniti Insurance is A-(ZA) GCR rated and short-term insurer focused on long-term partnerships with specialist insurance entrepreneurs and independent brokers. Infiniti commenced business in 2005 with a limited licence enabling it to write motor, miscellaneous and personal accident business, and then in 2007 applied for and was granted a full license to write all classes of business. Infiniti positions itself as a specialist niched . . .
Legislation restrictions on the earnings of short-term insurance brokers permit them to earn revenue in three different ways. They receive statutory commission for selling and maintaining policies, for submitting claims and, most importantly, advising their clients what cover is available to them. They may be paid a binder fee by an insurance company to cover the costs that they have for performing functions like issuing policies and settling claims. If they perform functions for clients outside of what they are paid for by the insurer, they may, with permission, charge the client a fee. Why then are brokers feeling a cost push and increasingly finding it difficult to procure staff at the level needed to give a world class service to clients? Historical context Let us go back in history to the 1990’s when I was a broker. We, like most medium sized brokers, earned only commission. And we made a good living. However, change was on the horizon. Firstly, service levels from insurer’s dropped. The problem was not at a senior level but at the level where policies were issued and claims handled. It took numerous efforts to get a new policy document after changes has been made to the policy. What did we as brokers do? We simply started gearing up to issue policies ourselves that mirrored what we had requested, and this cost money. Then came a tough time and the advent of value added tax. Insurers proudly announced that they would not need to increase rates, but would absorb the additional costs. Their additional costs were after all just the difference between the tax paid on a premium and claimed back on expenses and claims. Brokers woke up on 1 October 1991 7% poorer. The response of brokers was to negotiate with insurers to officially take over issuing policies and in return, was able to charge clients a fixed fee. And so the group scheme, previously the domain of large corporate brokers only, became common place in the market. Competition rife The . . .
‘Dit is teen hierdie tyd baie duidelik dat die Wild bedryf in SA teen ‘n baie hoë tempo groei en volgens alle aanduidings nog sal bly groei vir vele jare om te kom. Dit is om hierdie rede dat Kuda, besluit het om hierdie bedryf te betree as die volgende been van uitbreiding op ‘n reeds baie suksevolle versekerings model in die ren- en sport perde bedryf van Suid Afrika. Die Noodsaaklikheid van Wild versekering om jou opbrengs te beskerm. Genoteerde aandele en vaste eiendomme bied histories dubbel syfer opbrengste. Die eksotiese wild bedryf is egter baie vining besig om in te haal op hierdie twee bate klasse se obrengs geskiedenis en selfs beter opbrengste te lewer. Die bedryf presteer teen dubbel syfer opbrengste oor die afgelope 10 jaar. Die eksotiese wild bedryf is huidiglik baie lewendig met verskeie” Groot” veilings jaarliks en dan nog ‘n magdom “kleiner “ veilings wat die wildboer kan gebruik om van sy aanteel te verkoop.Buiten die veilings is daar ook die tussen verkope wat volgens alle aanduidings nog ‘n veel groter mark verteenwoordig as veilings. Enige opbrengs is egter slegs ‘n papier wins totdat die belegging in geheel of ten dele te gelde gemaak is. Daar is verskeie risiko faktore wat die te gelde maak van jou belegging kan beinvloed, maar dit is versekerbare risiko’s. Dit sou baie onwys wees om vir etlike jare diere met die grootste toewyding te versorg en dan die risiko te neem om hulle sonder “die versekering” te wou hanteer in die verkoop of “beleggings realiserings” fase Daar is verskeie faktore wat kan bydra tot verliese a.g.v. sterftes, maar vir doeleindes van hierdie gesprek sal ons bly by die faktore wat die versekerings bedryf as versekerbare risiko’s identifiseer. • In die eertse plek word meeste diere wat verskuif gaan word met ‘n verdowings pyl geskiet. Daar is verskeie aspekte wat hier van belang is nl. Die ondervinding van die helikopter vliëenier, die span op die grond, die veearts teenwoordig, weers . . .
Sunette Ansara, the Divisional Head of Infiniti Legal Sense outlines the very real legislative risks small, medium and micro business owners of South Africa face as they grapple with the almost daily tasks of ensuring compliance to regulatory requirements, adherence to labour laws and consumer protectorate directives, in addition to trying to grow market share in a challenging economy. ‘Being the master of your own destiny is very appealing to a budding entrepreneur, but it’s certainly not for the faint-hearted’, says Sunette. However she goes on to say that preparedness is half the battle won. Ever-changing regulatory legislation could see an entrepreneur crippled by a simple labour or client dispute. Businesses are exposed and this exposure seems to be increasing as our country and economy develops. SMME’s are required to comply with a myriad of legislation covering a vast number of areas, and professional legal assistance is necessary in order to become – and stay – compliant, but the cost of having access to legal representation and advice is so high that most SMME owners simply cannot afford to be compliant. ‘This leaves businesses wide open to risks when confronted with labour disputes with employees, contractual disagreements with suppliers, service providers or clients, potential liability claims, unrecoverable debt and ultimately… costly litigation. These risks have a negative impact on the overall morale and sustainability of SMME’s, which is the opposite of what we want to achieve in terms of economic growth and job creation in South Africa', says Sunette. ‘Having legal representation and professional legal advice during such trying times is essential to safeguard your rights and business. The value of commercial legal protection insurance for SMME’s is that business owners have access to legal advice, support and infrastructure to ensure compliance on all levels, without breaking the bank. It also frees business owners to focus on actual . . .
PRESS RELEASE - KUDA AND INFINITI INSURANCE Authors: Gert Pienaar - Kuda and Sharon Paterson – CEO Infiniti Insurance ‘It’s by now very evident that the Game industry of Southern Africa has been growing at a rapid pace, and all indications show that this trend will continue for some years to come,’ says Gert Pienaar of Kuda. It is for this reason that Kuda has positioned itself as a major player in the market to complement its already very successful Bloodstock and Sports Horse products. The necessity of Game insurance to protect your Investment Returns Historically, Listed Equities and Fixed Properties offered double digit returns. Over recent years, the Game industry has yielded the same levels of returns, and has in many instances outperformed the returns achieved by these two investment areas. The industry has seen double digit investment growth returns for the last 10 years – a trend which is expected to continue for some years to come. The Game industry is active throughout the year, with a number of “BIG” auctions followed by a myriad of smaller auctions where the game owner sell off offspring to recapitalise on their initial investment. Even bigger than the auctions, is the market where game owners’ trade amongst themselves either in person or through a vast network of game capturers and traders – and this is where you need to know your trade. Any returns are merely “paper” profits until such time as the whole or part of the investment has been realised. ‘There are numerous risk factors which can influence you realising the return on your investment, but fortunately these factors are all insurable risks,’ says Sharon Paterson, CEO of Infiniti Insurance, the insurer of Kuda. Gert Pienaar expands by saying that it would be foolhardy to invest your efforts tending to your animals with the greatest of care, only to take the risk of not safeguarding your animals to ensure they reach the final investment realisation phase. This phase is the last . . .
Infiniti Re, the newly established division of Infiniti Insurance provides an additional income stream into the Infiniti holding company – and gives diversity to the premium and exposure mix of the current portfolio. Headed by Paul Ray the recently retired M.D. of Africa Reinsurance has launched Infiniti Re to offer reinsurance solutions, both treaty and facultative to smaller, niche insurers in the South African market, as well as developing a book of inwards reinsurance from outside of South Africa’s borders initially in Botswana, Kenya, Lesotho, Mozambique, Namibia and Swaziland – and thereafter expanding into the greater sub-Saharan region. “It is our intention initially to offer small reinsurance lines both proportional and non-proportional and provide local capacity to retain premiums written locally with a view to stemming, in some small way, the outflow of premiums and capacity to international markets” says Paul Ray. He further indicated that having had the opportunity to travel extensively into sub-Saharan Africa, and therefore having an excellent understanding of the challenges of this environment – he is confident that he has a good solution for the African market. Following a recent visit to Nairobi, Kenya, business has already begun to flow in from companies and brokers in this region. As reinsurance placements are generally channelled via Reinsurance Brokers, Infiniti Re will concentrate their efforts on strengthening partnerships with the Reinsurance Broker market locally and abroad whilst continuing to build partnerships with cedants directly. Although Infiniti Re is still relatively small by comparison to its competitors, Paul believes that they are able to offer the market well capitalised security and most importantly, personal service and open discussions with a view to seeking reinsurance solutions for the benefit of all parties concerned. One of the challenges that face any new player in the market is that of sustainability and Infiniti . . .