Understanding the implications of the concept of what a retroactive date is, is a critical aspect of a medical malpractice claims-made insurance policy.

While having third-party insurance is not yet compulsory in South Africa, the reality is that due to a tough economic climate, the average motorist simply cannot afford to cover the cost of causing an accident.

The sheer number of weather-related catastrophes over the past few years, and last year in particular, has shaken the foundation of the insurance market, signalling a looming crisis. Can insurance still be counted on to pick up the pieces when things fall apart?

Karen Rimmer, Head of Distribution at PSG Insure, emphasizes the importance of insurance cover, especially for businesses, which are often more exposed to risks such as looting during times of unrest.

It is international best practice for countries to have a deposit insurance scheme. Until now, South Africa was the only member of the Group of Twenty (G20) countries, which did not have an explicit deposit insurance scheme.

Research by Santam reveals that while cybercrime is one of the top three risks identified by commercial entities in the country, only 26% of respondents have cybercrime cover in place. This is especially concerning as the average cost of a data breach is now $4.45 million worldwide, up 15% in only three years.