Afric-Cover Media Room

In South Africa, fire and explosions account for 65% of all business losses, according to the 2022 Global Claims Review Report from international insurer Allianz. There is no doubt that a single fire can cause anything from small damage to a catastrophic event that leads to the death of employees, customers, and even total business destruction. Read More

As the world progresses, so do the threats to people's safety. In South Africa, we are seeing an increase in the number of sophisticated and well-resourced criminals. This has resulted in a demand for higher security measures such as employing private security services. The private security industry in South Africa is a growing industry with a lot of potential. This industry is worth an estimated R45 billion and employs over 550,000 people. Several different businesses fall under the private security umbrella, including alarm companies, private investigators, and security guard companies. Read More

South Africans have become accustomed to load shedding, but the recent unanticipated increases to stage six load shedding have led many to worry that the nation may face increased load shedding for the foreseeable future. Read More

What do you do when your firm faces a projected 24% increase in insurance premiums in a single calendar year? That is what our client of four years, a significant transport operator with operations in the North-West and Gauteng regions with a fleet of over 50 buses and support vehicles, faced recently. Fortunately, Afric Cover was able to step in and negotiate a more equitable arrangement on their behalf. Read More

The impact of technology on the insurance industry means increased accessibility, efficiency, and personalised products. With the growing adoption of digital platforms, South Africans can now easily access insurance products, manage their policies, and track their claims online. The use of big data and analytics is enabling insurers to create tailored products based on individual needs and preferences, improving the overall customer experience of policy holders. Read More

The insurance industry is undergoing a profound transformation, with technology playing a critical role in shaping the future of the sector. The introduction of new technologies, such as big data, machine learning, artificial intelligence, and blockchain, is driving the industry towards greater efficiency, transparency, and customer engagement. These advancements are transforming the traditional business models, reshaping the customer journey, and creating new opportunities for growth and innovation. Read More

Managing insurance costs presents considerable difficulties for many small and medium-sized businesses (SMEs). Even while insurance is a vital component of business operations, the rising cost of premiums can stretch SMEs' tight budgets and expose them to unanticipated hazards. We will look at some unusual strategies in this post that SMEs in South Africa might utilise to lower their insurance expenses. We'll also talk about the crucial part insurance brokers can play in helping small businesses reach their cost-cutting objectives. Read More

Logistics and transport companies face a multitude of risks, including theft, damage, and loss of inventory. These risks can result in significant insurance claims, leading to higher premiums and increased costs. However, by implementing effective inventory management practices, companies can reduce their exposure to these risks and lower their insurance claims. In this article, we will explore some of the best practices for managing inventory to reduce insurance claims in logistics and transport companies. Read More

In the fast-paced and ever-evolving world of consulting, success hinges on delivering expert advice and services to clients. The importance of safeguarding against potential risks cannot be overstated. However, consulting companies in South Africa face numerous challenges, including dissatisfied clients, errors, omissions, or allegations of professional negligence. In such scenarios, professional indemnity insurance becomes an essential safeguard, providing financial protection and ensuring the continuity of consulting businesses. The need for robust insurance coverage is paramount. This comprehensive article will delve into the importance of professional indemnity insurance tailored explicitly for consulting companies in the South African context. We explore unconventional and highlight how insurance brokers can play a pivotal role in assisting businesses throughout their professional indemnity insurance journey. Read More

In a world driven by technological advancements, industries are continuously evolving to adapt to changing landscapes. The insurance industry is no exception, and the rise of insurtech has sparked a transformational wave within the sector. Insurtech, the convergence of insurance and technology, promises to revolutionise how insurance is underwritten, sold, and managed. As South Africa's business landscape embraces this digital revolution, it becomes crucial for entrepreneurs and small businesses to understand the future of insurtech and recognise the vital role that insurance brokers play in navigating this innovative realm. Read More

As recent truck attacks on South Africa's main transport routes cause anxiety for logistics and transport companies, it is critical to address the difficulties they confront and give effective solutions. As an insurance broker specialising in the logistics industry, we understand the importance of limiting business interruption risks and guaranteeing operational continuity. This article looks at insurance-related solutions and expert advice customised specifically for logistics companies in today's environment. By focusing on insurance methods, we will provide logistics company owners with the tools and expertise to secure their operations from disruptions. Read More

South Africa is at a crossroads, facing a complex web of challenges that have profound implications for businesses nationwide. The recent waves of riots, strikes, and civil unrest have shaken the country's economic foundations. Aon, a leading professional services and consulting firm, has highlighted the marked increase in conflicts, civil unrest, and economic pressures within the country in a recent report. These factors have reduced the number of insurance underwriters and substantial losses in the market. To further compound issues, the nation is navigating a turbulent political landscape, with national elections looming on the horizon in 2024. These factors create an environment where tensions are likely to rise, intensifying the risks faced by businesses operating within South Africa. Read More

In this article, we delve into the intricacies of the risks posed by the KZN floods, explore how insurance coverage can serve as a crucial tool in mitigating these risks, and offer practical advice to business owners looking to protect their enterprises against the looming flood threats. Read More

The construction industry in South Africa, like many others globally, is no stranger to challenges. In recent years, one particular challenge has gained notoriety - the presence of construction mafias. These criminal organisations have disrupted the construction landscape, causing considerable disruptions, financial losses, and safety concerns for construction companies nationwide. This article delves deep into the world of construction mafias in South Africa, the risks they pose, and how construction companies can safeguard their interests through strategic insurance solutions. Read More

In light of the looming South African national elections and the escalating global cybersecurity landscape, the imperative for government and state-owned entities (SOEs) to fortify their defences against cyber threats has never been more pronounced. As the country braces for the democratic process, the spectre of cyberattacks looms large, with malicious actors poised to exploit vulnerabilities in digital infrastructure and sow chaos in the electoral arena. Read More

As the CEO of Afric Cover Insurance Brokers, I've had the privilege of working closely with numerous clients across various industries, providing them with insurance solutions tailored to their unique needs. Along this journey, I've encountered many challenges and learned invaluable lessons that have shaped my approach to risk management. In this article, I'll share some of the most significant insights I've gained and offer advice to our clientele on navigating business risks in the South African context. Read More

As South Africa welcomes the summer season, businesses must brace for weather-related challenges that can significantly impact their operations. From intense heat and unexpected storms to the ever-present risk of fires, the changing weather conditions demand careful consideration and proactive risk management. Ensuring that your business is protected with the right insurance coverages is crucial for mitigating these risks and safeguarding your assets. Read More

Contractor's risk insurance is crucial to managing risk in construction projects. It protects buildings/structures/projects under construction, erection, renovation, or repair, covering damages that may occur before project completion. This guide provides an overview of key considerations, ensuring that builders and property owners are well-informed about this essential insurance type. Read More

In an era of increasingly prevalent and sophisticated cyber threats era, cyber liability insurance has become an essential component of modern business risk management. This guide provides a comprehensive overview of cyber liability insurance, helping businesses understand its importance and how it can protect against various cyber risks. Read More

As South Africa approaches the festive season, many businesses are gearing up for shutdown or reduced operations. This time of year, while offering a much-needed break for staff, also brings unique risks that can jeopardise your business if not managed properly. Ensuring robust insurance coverage during this period is essential, especially when protecting property, managing liability, and maintaining employee coverage. Here’s a closer look at how businesses can navigate these risks and safeguard their assets during the festive season. Read More

South Africa's construction industry, once a cornerstone of economic growth, now faces a series of challenges that threaten its stability and future prospects. The confluence of economic headwinds, policy uncertainties, and operational risks necessitates a strategic re-evaluation of risk management practices within the sector. Read More