Join us for our next monthly meeting
Date: Thursday, 14 March 2024 @ 17H30 for 18H00
Venue: The Thirsty Scarecrow
Cnr R44 and Annandale Road, Mooiberge Farm, Stellenbosch
Click here for map
Dear Members Join us for our next monthly meeting Date: Thursday, 14 March 2024 @ 17H30 for 18H00 Venue: The Thirsty Scarecrow Cnr R44 and Annandale Road, Mooiberge Farm, Stellenbosch Click here for map Thank you to our SponsorDear Members Directions to Morgenhof via N1 (from Cape Town) Travel on the N1 Take the second Exit turn-off, Exit 47 Turn right into the R44 Continue on the R44 About 10km on you will find Morgenhof on your left hand side Directions to Morgenhof via N2 (from Cape Town International Airport) Travel on the N2 Take the Stellenbosch/Baden Powell turn-off, Exit 33 Travel on R310 straight on to a T-junction Turn right towards Stellenbosch Pass the railway station on left, keep in the left lane and you will get on the R44 Straight on, Morgenhof is 4km outside Stellenbosch on the right hand side. Monthly Meeting | Thursday, 14 September 2023 @ 17H30 | The Thirsty Scarecrow, Stellenbosch14/9/2023
Dear Members Join us for our next monthly meeting Date: Thursday, 14 September 2023 @ 17H30 for 18H00 Venue: The Thirsty Scarecrow Cnr R44 and Annandale Road, Mooiberge Farm, Stellenbosch Click here for map Thank you to our SponsorsJoin us for a live CPD webinar presented by Aon on Wednesday, 16 August at 10H00 – 11H00 to learn more about Professional Indemnity, Cyber Liability & Employee Benefits Solutions. Business operates in a time of unprecedented volatility across economies, demographics and geopolitics and as these risks evolve, business leaders can no longer rely on traditional risk mitigation tactics. Risks exist beyond the traditional loss or theft of property, equipment and other assets to devastating weather catastrophes, cyber hacks, riots, personal liability, fraud, organised crime and class action lawsuits. More than ever, risk managers must explore new ways to cope with evolving and heavily inter-related complexities. Presenter Topics Why do you need Professional Indemnity presented by Sam Varela - Senior Legal Risk Advisor – Aon South Africa, Attorney LLB UJ Sam will be discussing the importance of Professional Indemnity. Risk management is not a nice to have but a vital component in your business. Insurance & Data Privacy Breach presented by Zamani Ngidi, Client Manager – Aon Cyber Solutions Zamani will be discussing Aon’s thought leadership on data privacy and insurance, specifically touching on POPIA and how companies should be thinking about protecting their staffs’ and customers’ data – as well as the associated risks attached with a data breach event and how those balance sheet risks can be transferred via the use of the insurance market. Employee Benefits/Healthcare and Gap Cover presented by Jacqui Nel, Business Unit Head - Aon Healthcare Jacqui will be covering the Health risk management, employee benefits solutions for businesses and importance of Gap Cover Live CPD Webinar Details Wednesday, 16 August @ 10H00 Duration: 1 hour | Cost: FREE CPD Validation: Category 1 CPD for ECSA and SACAP members The South African Institute of Draughting ® SpeakersSam Varela - Senior Legal Risk Advisor – Aon South Africa, Attorney LLB UJ Sam joined Aon in 2015 as a legal risk advisor focusing on providing deliverable outcomes for professional indemnity policy holders: to name a few, doctors, specialists, engineers, architects etc. Sam has since been promoted to Senior Legal Risk Advisor. Focusing on providing in-house CPD training to clients across the country and serves on a variety of committees including the CESA (Consulting Engineers of South Africa) quality and risk management and legal forum. In 2018 she was a finalist in the Insurance apprentice, presented by FA news. Zamani Ngidi - Aon Client Manager, Cyber Solutions Zamani is a Client Manager for Aon Cyber Solutions based in South Africa. He is responsible for delivering cyber quantification and programme optimisation to Commercial clients, operating within the Africa region. He is a qualified ISO/IEC Information Security Lead Auditor and is an Associate Member of the Institute of Risk Management South Africa. Jacqui Nel - Aon Business Unit Head, National Operations Healthcare EBS CRH&A, Health Solutions Jacqui Nel is the Business Unit Head of the Aon Healthcare Division, and has worked with Aon for 14 years. Before joining Aon, Jacqui had her own Brokerage for 16 years. Aon acquired the healthcare division of this brokerage in July of 2006. Prior to starting her own business Jacqui was part of the Management team of Medscheme. Jacqui has her NQF 5 Diploma in Financial Planning, NQF 5 Diploma in Wealth Management and Project Planning Management. About Aon: Aon exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business. Click here for website Dear Members XMAS in July comes but once a year, let's get together for some mid-year cheer! Join us on Tuesday, 25 July @ 17H30 The Thirsty Scarecrow Cnr R44 and Annandale Road, Mooiberge Farm, Stellenbosch Click here for map Welcome drink on arrival, then Cash bar available Lucky draw prizes PLUS prize for the best XMAS hat! For enquiries contact: Lizette on 082 770 6552 It wouldn't be XMAS without our SPONSORS!Dear Members Join us for our next meeting at the City’s Helderberg Environmental Centre, a new state-of-the-art green sustainable centre located at the Helderberg Nature Reserve in Somerset West. The Helderberg Environmental Centre demonstrates green construction methods and sustainable designs. We will learn more about the success story of how alternative construction methods and sustainable design thinking can be achieved. Date: Wednesday, 31 May 2023 Time: 17H30 for 18H00 Venue: Helderberg Environmental Centre Helderberg Nature Reserve, Verster Ave, Somerset West Directions: From the N2 highway (driving from Cape Town): Take exit 43-Somerset West for R44 toward Broadway Blvd/Stellenbosch – go 0.4 km Turn left at Broadway Boulevard/R44 (signs for R44/Broadway Boulevard/Somerset West/Stellenbosch) – go 0.9 km Turn right into Main Road – go 2.4 km Turn left into Lourensford Road – go 2.0 km (Go through 2 traffic circles) At the next traffic circle, turn left into Hillcrest Road – go 0.8 km Turn right into Reservoir Road – go 0.7 km Turn left into Verster Avenue – go 0.6 km Click here for map Thank you to our SponsorsJoin us for the Winelands Built Environment Professionals Group monhtly meeting. Date: Thursday, 2 March 2023 Time: 17H30 for 18H00 Venue: Bontevlei Venue, Annandale Road, Stellenbosch Directions: From Cape Town on the N2, take exit 33 for Baden Powell Drive towards R310/Stellenbosch Turn left onto Baden Powell Drive/R310 Continue on Baden Powell Drive/R310 for 7.7km Turn right onto Annandale Road, travel for 4.5km and Bontevlei Venue will be on the left For enquiries contact: Lizette on 082 770 6552 Thank you to our SponsorYear End Event - Thursday, 24 November 2022 @ 16H30 | Bontevlei Venue, Annandale Road, Stellenbosch30/10/2022
Dear Members Join us for the Association of South African Quantity Surveyors and Winelands Built Environment Professionals Group annual end of year event. Date: Thursday, 24 November 2022 Time: 16H30 for 17H00 Venue: Bontevlei Venue, Annandale Road, Stellenbosch Directions: From Cape Town on the N2, take exit 33 for Baden Powell Drive towards R310/Stellenbosch Turn left onto Baden Powell Drive/R310 Continue on Baden Powell Drive/R310 for 7.7km Turn right onto Annandale Road, travel for 4.5km and Bontevlei Venue will be on the left For enquiries contact: Lizette on 082 770 6552 Cash Bar Available Please consider booking a take-me-home service Thank you to our SponsorsJoin us for a live CPD webinar presented by Aon on 8 September 2022 at 10H00 – 11H00 to learn more about Professional Indemnity, Cyber Liability & Employee Benefits Solutions. Business operates in a time of unprecedented volatility across economies, demographics and geopolitics and as these risks evolve, business leaders can no longer rely on traditional risk mitigation tactics. Risks exist beyond the traditional loss or theft of property, equipment and other assets to devastating weather catastrophes, cyber hacks, riots, personal liability, fraud, organised crime and class action lawsuits. More than ever, risk managers must explore new ways to cope with evolving and heavily inter-related complexities. Presenter Topics Why do you need Professional Indemnity presented by Sam Varela - Senior Legal Risk Advisor – Aon South Africa, Attorney LLB UJ Sam will be discussing the importance of Professional Indemnity. Risk management is not a nice to have but a vital component in your business. Insurance & Data Privacy Breach presented by Zamani Ngidi, Client Manager – Aon Cyber Solutions Zamani will be discussing Aon’s thought leadership on data privacy and insurance, specifically touching on POPIA and how companies should be thinking about protecting their staffs’ and customers’ data – as well as the associated risks attached with a data breach event and how those balance sheet risks can be transferred via the use of the insurance market. Employee Benefits/Healthcare and Gap Cover presented by Jacqui Nel - Business Unit Head - Aon Healthcare Jacqui will be covering the Health risk management, employee benefits solutions for businesses and importance of Gap Cover Click here to join webinar Live CPD Webinar Details: Thursday, 8 September 2022 @ 10H00 Duration: 1 hour | Cost: FREE CPD Validation: Category 1 CPD for ECSA and SACAP members The South African Institute of Draughting ® SpeakersSam Varela - Senior Legal Risk Advisor – Aon South Africa, Attorney LLB UJ Sam joined Aon in 2015 as a legal risk advisor focusing on providing deliverable outcomes for professional indemnity policy holders: to name a few, doctors, specialists, engineers, architects etc. Sam has since been promoted to Senior Legal Risk Advisor. Focusing on providing in-house CPD training to clients across the country and serves on a variety of committees including the CESA (Consulting Engineers of South Africa) quality and risk management and legal forum. In 2018 she was a finalist in the Insurance apprentice, presented by FA news. Zamani Ngidi - Aon Client Manager, Cyber Solutions Zamani is a Client Manager for Aon Cyber Solutions based in South Africa. He is responsible for delivering cyber quantification and programme optimisation to Commercial clients, operating within the Africa region. He is a qualified ISO/IEC Information Security Lead Auditor and is an Associate Member of the Institute of Risk Management South Africa. Jacqui Nel - Aon Business Unit Head, National Operations Healthcare EBS CRH&A, Health Solutions Jacqui Nel is the Business Unit Head of the Aon Healthcare Division, and has worked with Aon for 14 years. Before joining Aon, Jacqui had her own Brokerage for 16 years. Aon acquired the healthcare division of this brokerage in July of 2006. Prior to starting her own business Jacqui was part of the Management team of Medscheme. Jacqui has her NQF 5 Diploma in Financial Planning, NQF 5 Diploma in Wealth Management and Project Planning Management. Thank youAbout Aon: Aon exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business. Click here for website Join us for a Race to Zero: Climate Change explained virtual event. The effects of Climate Change will be the most significant event of our lifetime. The world is changing and now more than ever we need to be aware of how our actions affect our environment. But it is also a complex topic with so many theories, facts and figures that it can be overwhelming and tedious, leaving us feeling powerless and confused how to make the necessary changes. The Race to Zero: Climate Change Challenge is an interactive virtual event which will take members on a journey around the world explaining the key factors, showcasing the amazing initiatives that are currently being undertaken by governments and cities in their efforts to minimize their Carbon Emissions for a more sustainable future. The emphasis is on education, enjoyment and accountability as participants will visit locations on Google street view. Some of the many incredible destinations will include going diving on the Great Barrier Reef, visiting Volcanoes that are currently erupting in Iceland, beautiful Fjords in Norway and manmade forests in Singapore. As well as bringing awareness to the urgency and necessity for each and every one of us to make changes to our lifestyles to create a more sustainable future, the event will tap into the individuals creativity and household tips to illustrate actions you can take right now to start making a difference. How it works After an initial briefing in the main meeting room the teams will be split into separate breakout rooms. Each team will follow a Race book which directs them to different locations on Google street view and Google Earth. It is here that teams will get to enjoy the visual experience as they search around these spectacular destinations for clues to answer the questions in the race book. Teams will also interact with each other and express their creativity with ideas and practices that they already have in place to create a more sustainable future. The success of this event is that it educates and motivates the participants in a fun and engaging way while encouraging them to initiate new greener lifestyle habits today! Booking Options Individual bookings received will be pre-divided into teams. Team bookings can be made for teams up to 10 people per team. Each team will have their own private Zoom meeting and separate WhatsApp group to communicate, so everyone can participate from the comfort of their own home or office. Thank you to our SponsorsDear Members We hope this finds you all well and healthy. Joins us for a live webinar presented by Aon on Wednesday, 13 October 2021 from 14H30 – 15H30 Business operates in a time of unprecedented volatility across economies, demographics and geopolitics and as these risks evolve, business leaders can no longer rely on traditional risk mitigation tactics. Risks exist beyond the traditional loss or theft of property, equipment and other assets to devastating weather catastrophes, cyber hacks, riots, personal liability, fraud, organised crime and class action lawsuits. More than ever, risk managers must explore new ways to cope with evolving and heavily inter-related complexities. Presenter Topics Sasria Cover presented by Chris Caalsen Property Manager – Aon Commercial Risk Solutions Chris will be discussing the importance of having a Sasria cover. Service delivery protests have become the number one tool for disgruntled communities to raise their concerns with municipalities and government officials. Targeted businesses find themselves severely out of pocket if their assets are damaged during a violent protest and they do not have Sasria cover in place. Insurance & Data Privacy Breach presented by Zamani Ngidi Client Manager – Aon Cyber Solutions Zamani will be discussing Aon’s thought leadership on data privacy and insurance, specifically touching on POPIA and how companies should be thinking about protecting their staffs’ and customers’ data – as well as the associated risks attached with a data breach event and how those balance sheet risks can be transferred via the use of the insurance market. Live Webinar Details Wednesday, 13 October 2021 @ 14H30 Duration: 1 hour | Cost: FREE To join event click here Speakers Chris Caalsen Aon Property Manager, Commercial Risk Solutions Through his various roles, he has steadily progressed in his career and has 17 years industry experience. He also ranked among the top three in The Insurance Apprentice in 2016. Chris is an associate of the IISA and is a certificated insurance professional with qualifications obtained through the insurance institute. Chris has spent most of his career as a property underwriter and brings a wealth of experience to the Aon Property Broking Team. Zamani Ngidi Aon Client Manager, Cyber Solutions Zamani is a Client Manager for Aon Cyber Solutions based in South Africa. He is responsible for delivering cyber quantification and programme optimisation to Commercial clients, operating within the Africa region. He is a qualified ISO/IEC Information Security Lead Auditor and is an Associate Member of the Institute of Risk Management South Africa. Thank you to Aon for presenting this webinarAbout Aon Aon is the leading global professional services firm providing advice and solutions in Risk, Retirement and Health at a time when those topics have never been more important to the global economy. The power of Aon really comes to life when we take our global capability, and experts from across all geographies, and we deliver it very locally in South Africa. Delivering expertise, advice and solutions with full transparency and choice on Household & Motor, Business, Reinsurance, Retirement and Health. An Aon Expert Broker By Your Side. Click here for website Dear Members Join us for a Race to Zero: Climate Change Challenge Virtual Event. The effects of Climate Change will be the most significant events of our lifetime. The world is changing and now more than ever we need to be aware of how our actions affect our environment. But it is also a complex topic with so many theories, facts and figures that it can be overwhelming and tedious, leaving us feeling powerless and confused how to make the necessary changes. The Race to Zero: Climate Change Challenge is an interactive virtual event which takes the teams on a journey around the world explaining the key factors, showcasing the amazing initiatives that are currently being undertaken by governments and cities in their efforts to minimize their Carbon Emissions for a more sustainable future. The emphasis is on education, enjoyment and accountability as participants will visit amazing locations on Google street view. Some of the many incredible destinations will include going diving on the Great Barrier Reef, visiting Volcanoes that are currently erupting in Iceland, beautiful Fjords in Norway and manmade forests in Singapore. As well as bringing awareness to the urgency and necessity for each and everyone of us to make changes to our lifestyles to create a more sustainable future, the event will tap into the individuals creativity and household tips to illustrate actions they can take right now to start making a difference. How it works: After an initial briefing in the main meeting room the teams will be split into separate breakout rooms. Each team will follow a Race book which directs them to different locations on Google street view and Google Earth. It is here that teams will get to enjoy the visual experience as they search around these spectacular destinations for clues to answer the questions in the race book. From nuclear reactors in Chernobyl to Wind farms in the North Sea and the centre of busy cities around the world they will witness the effects of climate change as well as fantastic initiatives being taken to reduce our carbon emissions. Teams will also interact with each other and express their creativity with ideas and practices that they already have in place to create a more sustainable future. The success of this event is that it educates and motivates the participants in a fun and engaging way while encouraging them to initiate new greener lifestyle habits today! Thank you to our sponsorsBooking OptionsIndividual bookings received will be pre-divided into teams. Team bookings can be made for teams up to 10 people per team. Each team will have their own private Zoom meeting and separate WhatsApp group to communicate, so everyone can participate from the comfort of their own home or office. Limited space available, booking essential. Further arrangements and instructions will be sent to teams before the event. The SME sector has been hard hit by the COVID-19 pandemic, and with it, the risks that small businesses face has either amplified or changed fundamentally.
The concept of workforce resilience is not new, although the pandemic has forced organisations to focus on their key people-related risks, such as employee wellbeing, talent retention, implementing operational improvements and new, innovative working models and technology.
Social restrictions, remote working and the impact of reduced physical activity has raised awareness of issues like emotional and social wellbeing and what this means for employees. With the impact of the pandemic set to be long-term, and many work models becoming the norm and not bouncing back to pre-COVID-19 models, it’s important that business leaders reinvent the approaches to employee health, safety and wellbeing. Market Dynamics Countries continue to navigate different phases of COVID-19 and uncertainty remains regarding the impact on deferred medical treatments and long-term healthcare. According to Jacqui Nel, Business Unit Head of Healthcare at Aon South Africa, many people had foregone their medical preventative checks during 2020 in fear of the pandemic. “The prognosis and medical treatment for diseases such as cancer, heart disease and so on has the potential to be far worse if not caught early on, and hence the delays in proactive health checks and annual medicals is of concern,” says Jacqui. Aon’s research has confirmed that 2020 had been an unprecedented year, with a widespread reported decrease in employer medical plan utilisation as a result of the pandemic – people have simply avoided doctor visits and important check-ups out of concerns of COVID-19 infection. In turn, Aon forecasts that 2021 will observe the lowest Global Average Medical Trend Rate recorded since its research began in 2013. “The low claim ratios from 2020 have seen an uptick in 2021, returning to some level of normalcy as people realise they simply cannot avoid medical intervention indefinitely. Medical schemes have benefited from lower claims in 2020 which has led to increased solvency ratios for most medical schemes,” says Jacqui. “However, medical cost increases continue to outpace inflation and we anticipate continued medical scheme cost escalation due to factors such as global population ageing, overall declining health, poor lifestyle habits and the increased prevalence of chronic conditions. These continue to be global phenomena that are further exacerbated by the potential long-term health impacts of pandemic-related deferred treatments and routine checks, increasingly sedentary lifestyles and deteriorating mental and emotional wellbeing. The impact of all of this down the line remains to be seen as the claiming patterns of members post a COVID diagnosis is still to be determined such as having to be hospitalised in addition to possible long-term side effects of the pandemic,” says Jacqui. People Risk and Claims Cost Drivers Top conditions driving medical scheme costs globally
Top global risk factors impacting adverse claims experience
Employers have a crucial role to play in terms of helping employees understand their health risk, encouraging and supporting healthy lifestyle behaviours and providing access to high-quality healthcare at the right time. Otherwise, they will continue to face the prospect of added organisational costs and employee productivity losses. Future Focus Innovative organisations and healthcare providers are developing strategies to optimise their service delivery formats, with virtual and telehealth playing an increasingly significant role. “There has been a notable increase in the adoption of virtual consultations from a South African perspective. Individuals who are wary of visiting a doctor’s room in person, are more likely to consider a virtual consultation. The adoption of medicine delivery to your door is also becoming more commonplace,” says Jacqui. People risk, however, remains front and centre for many organisations, and requires a more sustainable and dynamic approach. Prior to the pandemic more progressive organisations had made the connection between a fit, healthy, engaged workforce and business results, and were not simply focused on managing cost. “Mental health, in particular, has come to the fore as an aspect to be addressed by medical schemes, employers and employees,” says Jacqui. “A direct correlation exists between financial wellbeing and stress-related matters. With South Africa nearing 500 days of lockdown, COVID fatigue is setting in with many individuals and families taking strain, having to navigate no or reduced incomes, scaling down to one income or dealing with ongoing job insecurity. Employees are generally expected to perform at the same level as they have but are having to deal with so much more in the background such as a family member’s illness or death for example, home/online schooling, working from home and managing the balance of work/home life, gender-based violence and a host of other stresses that could lead to burnout and depression. Finding the work-life balance in the current context has never been more important,” says Jacqui. “For the first time, we are seeing a big increase in the numbers of people at executive management level reaching out for assistance, as they are taking strain in their personal capacity, having to deal with employee events in addition to their own. Leaders and senior managers often have no-one to talk to and offload their concerns to, and many find themselves running on empty while still having to manage and motivate their teams,” she adds. The implementation of employee benefit programmes that feature emotional support is a step in the right direction. Management teams are having to think differently on how they manage and motivate their staff in a remote or hybrid work model, keeping productivity levels up while creating a supportive environment. The pandemic has amplified the importance of the resilient workforce, with organisations adapting to rapidly changing workflows, processes and personal circumstances of employees. There is a need to accelerate this focus to a new level, particularly as organisations figure out what their reshaped business models will look like for the foreseeable future. Organisations need to create an inclusive environment where every employee has access to support across a range of wellbeing areas, such as physical, emotional, financial, social and work-life balance. Providing access to high quality health care treatment when needed, and supporting individuals with existing health conditions is important, however, it is imperative that there is increased focus on preventative measures and promoting a healthy workforce by ensuring that proactive care is not neglected due to COVID concerns. With millions of people around the globe working from home during the novel coronavirus (COVID-19) pandemic, many organisations had to delve head-first into online working models, stress testing their effectiveness and adopting new working platforms.
With the realisation that many office staff are able to operate remotely with ease, more companies are embracing the idea of making this approach a more permanent scenario, in addition to engaging with remote suppliers around the globe in order to adopt a more agile workforce. An example is Amazon advertising 3,000 virtual positions to South Africans to work remotely for the tech giant based in Washington, US. According to Aon South Africa, insurance brokerage and risk advisors, while your business may now be based at home, the risks it faces are very much in the business realm. There are a number of important aspects to consider from an insurance and risk perspective when working from home:
Making sure that your remote or home office is covered for every eventuality starts by consulting with a broker who understands the risks you face in your personal and business capacities. The value of a professional insurance broker comes to the fore when considering the various insurance aspects that could possibly impact your work environment and your pocket, making sure that your personal and business insurance toes the line. A thorough needs-analysis will ensure that you are correctly covered at the inception of your policy, so that come claims time (and crunch time), there are no unforeseen surprises. “Without the financial experience of what insurance is all about, it’s likely to be challenging trying to unravel why the insurance quotes you receive vary so radically in premium price, the terms of cover, the excess or deductible you’ll need to pay in event of a claim, and most importantly, what is and isn’t covered,” explains Mandy Barrett of insurance brokerage Aon South Africa.
“It’s one of the reasons why getting independent and impartial advice from an expert broker is the very best financial decision you can make to ensure that your car and any extras are properly insured, and that you won’t face any nasty surprises should you need to claim,” explains Mandy. Aon provides some invaluable tips that will help you when assessing your motor insurance: Do the insurance research before you buy a vehicle This may affect your choice of vehicle in the end when one looks at things like affordability, service costs, parts availability, required security measures and crime stats. There are so many aspects that affect your motor insurance, ranging from the make and model of the vehicle, through to the cost of parts and availability, whether you need car hire in the event of an accident, what the vehicle is utilised for, your driver profile and age and even your credit rating. Be aware of the type of security precautions you will need, such as a tracking device as you need to factor the ongoing subscription cost into your monthly expenses. With all this to consider, it can be a minefield trying to navigate the terms and conditions of your motor insurance policy without the insights of an experienced eye. Insure your new vehicle for its list price It is essential to check the terms and conditions of your vehicle cover. If you are purchasing a new vehicle, you can insure it for the new list price of that vehicle for the first 12 months. Thereafter it is recommended to insure your vehicle for its retail value, which is the price the dealer will sell a second-hand vehicle to you. Market value is the average of the difference in price between retail value and its trade-in value, in other words what you could expect to receive from a dealer, were you to trade the vehicle in, which is why insuring your vehicle for its retail value is preferable. Third party liability Besides the obvious cover for accident damage and theft, your motor insurance also provides you with third party liability cover which is embedded in your policy. Third party liability is like having an umbrella on a cloudy day. You might not need it, but in a sudden heavy downpour, you’ll be grateful you have it. This cover protects you against a third party suing you in your personal capacity for financial loss, physical injury or death in the event of an accident. A passenger or any other party affected by the accident could sue you for negligence or intent, and here the legal defence costs and settlement could run into millions of Rands. Although the Road Accident Fund (RAF) exists for people injured in a road accident and is the typical route many people will take, the fund has certain limitations. There is nothing stopping a third party from coming after you for compensation, especially where they can prove trauma or emotional shock (not covered under the RAF) as a result of witnessing an accident where someone was killed or severely injured, and you were party to it, for example. Don’t assume you are covered for everything Certain events are not always automatically covered on a standard motor vehicle insurance agreement, such as scratch and dent cover, tyre cover, hail damage cover as a few examples. You may need to purchase these covers at an additional premium. Finding out that hail cover was excluded on your policy after your car has been damaged by hail, can hurt your pocket, financially. Likewise, remember to specify any add-ons to your vehicle that are not standard features on the vehicle such as alloy mag wheels or a specific sound system, nudge bars and side steps and additional lights. These all add additional value to the vehicle and need to be accounted for in your sum insured. If they are not specified, they won’t be covered. Limited Driving Be sure to discuss the amount of travelling you aim to do in a year with your broker. As a result of the COVID-19 pandemic, many motorists have changed their daily routines to adapt to changed work circumstances. It effectively means that there are less vehicles on the roads, which reduces your exposure to everyday risks. If you travel less than 15 000 kilometres in a year, you could qualify for a premium discount on your comprehensive motor insurance policy. “You really want to know and understand the detail of what you are covered for before claims stage. When it comes to shopping for insurance, there’s really no beating the help and guidance of an expert insurance broker to protect your best interests, point out all the important aspects of your cover, ringfence any exclusions or conditions and highlight what the general market trends are. It’s unlikely to be the most riveting thing you have ever done; but getting a handle on your risks and how your insurance cover will respond in a claims scenario is likely to be one of the most financially important exercises you’ll do this year,” concludes Mandy. Key themes
With trade already heavily challenged by the COVID-19 pandemic, the current wave of riots and looting in parts of the country is exacerbating matters further, presenting a tipping point for many businesses as to whether they survive or not. The violent and destructive protest action of the last few days has thrown supply chain risk into stark contrast yet again, with businesses scrambling to secure the weak links, safeguard lives and property and reduce the risks to business continuity as far as possible.
“As a result of the pandemic, there has been a major consumer shift to online shopping with people clicking a button on their computer and getting goods delivered to their home. With so much of the supply chain happening behind the scenes and out of sight, consumers generally do not understand the complex and interlinked processes involved in getting that parcel or service delivered to their doorstep,” explains Tony Webster, of insurance brokerage and risk advisors, Aon South Africa. “It’s only when something goes horribly wrong, as it has in the last few days, that there is a realisation of just how critical, yet fragile supply chains are, and how the domino effects of an incident reverberate throughout the entire value chain,” Webster adds. Why it matters With major highways and byways in and out of KZN blocked, it means that tens and thousands of fleet vehicles are unable to deliver goods across the country from South Africa’s busiest port, not to mention delays caused in Gauteng, the country’s economic hub. Goods will be late in reaching destinations, if at all, as transport operators run the risk of having trucks and cargo damaged, burnt or looted by rioting crowds. It is not uncommon for multiple events that disrupt supply chains to occur simultaneously. “It’s quite possible that certain providers of products are going to be caught up in more than one event concurrently, as these events rarely wait for each other to finish and do not operate in a linear way,” says Webster. In addition to the disruption of business operations, the impact of breakdowns in logistics systems raises another peril: reputational risk. “Because consumers rarely separate the logistics from the provider of the product, the business involved could be hit twice: an immediate impact on revenue and profit, along with a loss of attraction in the future triggered by reputational damage. We’ve all been lulled into believing that everything is a click away and that’s fine if it works, but it only works when that specific supply chain is absolutely fluid and nothing goes wrong,” Webster explains. It falls on the businesses whose products, essential components or raw materials are in the supply chain to evaluate and address these risks and put measures in place to mitigate them. “Whatever businesses are producing or manufacturing, they will have a portfolio of products, and some of those products will be more valuable than others, either because they generate more income or because they service a market that’s growing for them or they are crucial for a key customer,” says Webster. “If they understand what’s driving the value of that business, they can then start to find the potential supply chain pressure points and risks around the end-to-end fulfilment of that product.” Businesses should identify their most crucial supply chain ecosystem and the suppliers that are critical to that ecosystem. How a company addresses the risk becomes clearer once the points where a blockage or incident could negatively affect its ability to deliver products or services have been identified. Then they can ascertain their course of action, whether it is to hold more inventory, bring suppliers closer to home, diversify distribution points geographically, explore new logistics options or other alternatives. “We’re seeing companies start to think more strategically around the business continuity element,” says Webster. “It’s all about how an organisation fulfils its most important client needs if a portion of stock is lost, which may mean relying on redundant supply, using a different route or other alternatives.” Reshaping organisational response strategy In addressing risks identified during the ongoing pandemic, many organisations made changes to their operating models, workforce strategies, products, portfolios, supply chains and more. The pandemic has created massive uncertainty, but also an unprecedented opportunity to learn and reshape parts of an organisation, building resilience for future shocks. Concerns over geopolitical tension have been simmering in the background for a while and with domestic political unrest front and centre on South African soil at present, organisations are bound to find out just how resilient these changes are in the face of major disruption to their supply chains. “It is at times like these where the insights and advice from experts in the field prove to be invaluable. Defining the fine line between what organisational risks can be handled internally and what aspects of that risk need to be covered externally, will provide a roadmap amid massive uncertainty,” concludes Webster. Theft, misappropriation or infringement of intellectual property (IP) – assets that lack physical substance such as patents, trademarks, copyrights, data rights and trade secrets – poses a significant and growing risk to organisations. IP is core to innovation and business growth, and with cyber incidents targeting IP on the rise, the danger of brands and IP being hijacked by cybercriminals is rapidly escalating.
The threat of intellectual property theft or misappropriation comes from several different actors, including current and former employees, the organisation’s supply chain, third-party vendors and state-sponsored cyber criminals or hackers. According to Zamani Ngidi, Cyber Solutions Client Manager at Aon South Africa, Intellectual property losses are often complex. “IP is typically more difficult to value and insure when compared to traditional property losses that have a physical presence, for example, the costs associated with IP litigation, damages and theft can be devastating. Despite the importance of IP to an organisation and the percentage contribution of IP to the total assets on the balance sheet, physical assets in the form of property, plant and equipment, have far more coverage by insurance (60% vs 16%)[4],” he illustrates. Trade Secrets A key concern is the theft of trade secrets, which according to the US Chamber of commerce is valued in excess of $5 trillion. Trade secrets are defined differently around the world, but broadly, according to the World Intellectual Property Organisation (WIPO), trade secrets include “any confidential business information that provides an enterprise with a competitive edge.” For case studies and more info click here
Aon developed the 2021 Risk Maps, which examine political risk, terrorism and political violence globally, in partnership with Continuum Economics and Dragonfly. Aon’s Risk Maps are designed to help firms better understand and navigate evolving political risk and political violence exposures created by these uniquely challenging risks. In today’s complex geopolitical and economic environment, the maps help clients to identify and track the different sources and degrees of risk, assisting businesses in planning and protecting assets, contracts and loans that could be adversely affected. Terrorism and political violence COVID-19 restrictions dampen terrorism and political violence, but uptick expected: Lockdowns and travel restrictions have had a containing effect on most forms of terrorism and protest in 2020 – the percentage of countries exposed to terrorism and sabotage fell to 45% – with surges in incidents mainly accompanying an easing of restrictions. As a result, terrorist attacks fell overall worldwide. However, extremists and activists from across the spectrum are evolving their narratives; the pandemic has been an opportunity to build support and challenge established orders and forms of governance through protests and violence. The recent spate of violent protest, mass looting and destruction of businesses that played out in South Africa during July are prime examples of this sharp rise in civil unrest and insurrection risks. Political risk Political risks have risen during 2020-2021. Seven countries experienced a deterioration in the political risk situation, and none experienced an improvement. This follows a significant uptick of inflation in emerging markets in 2021, a setback for green recovery initiatives following COVID-19 and the risk of emerging markets divergence from developed markets in terms of per capita incomes, as a result of lagging and insufficient vaccination implementation in emerging markets. South Africa’s COVID-19 vaccine programme has been characterised by a number of missteps and has left the country far behind many others on the continent, leaving millions unvaccinated as a savage third wave takes hold in the country. Market supply chains increasingly vulnerable: With trade already heavily challenged by the COVID-19 pandemic, the recent wave of riots, looting and destruction of businesses in Gauteng and Kwa-Zulu Natal, South Africa has exponentially exacerbated matters further, presenting a tipping point for many businesses as to whether they survive or not. The violent and destructive protest action threw supply chain risk into stark focus, with businesses scrambling to secure the weak links, safeguard lives and property and reduce the risks to business continuity as far as possible. “With so much of the supply chain happening behind the scenes and out of sight, consumers generally do not understand the complex and interlinked processes involved in getting a parcel or service delivered to their doorstep,” explains Tony Webster, of insurance brokerage and risk advisors, Aon South Africa. “It’s only when something goes horribly wrong, as it has in the past few weeks, that there is a realisation of just how critical, yet fragile supply chains are, and how the domino effects of an incident reverberate throughout the entire value chain,” Webster adds. Climate change and extreme weather also plays a role in supply chain disruption risk. It’s a growing issue in countries where COVID-19 has resulted in much wider fiscal imbalances, higher inflation and larger debt burdens. As a result, these countries are at greater risk of falling behind in efforts towards climate change mitigation. However, rising commodity prices and inflation can help in reducing the debt burden of commodity-focused emerging markets. Green recovery at risk: Rebuilding better in the wake of COVID-19, and especially rebuilding greener, has been presented as an opportunity by most international institutions, especially the European Union. The economic case for a green recovery is based on job creation and ultimately less expensive energy costs. Yet the fiscal burden of addressing the COVID-19 crisis has meant that by the end of 2020, fewer than half of the Paris Agreement’s signatories had delivered on its core provisions – to raise the ambition of their contributions towards achieving the goal of limiting the global average temperature increase to 1.5 degrees above pre-industrial levels. Jihadist violence rose overall by 20% in 2020: The majority of this activity was in conflict zones, such as Iraq, Syria, Afghanistan and Mali, all of which are reliant on external military and political commitments to ensure stabilisation. The impact of COVID-19 on these fragile states was also factor. Vlad Bobko, Head of Crisis Management, London Global Broking Centre, Aon said: “The COVID-19 pandemic has complicated an already fractured landscape of geopolitical risks, which firms operating globally need to navigate. From rising instances of civil unrest to economic dislocation and the long-term potential for inflation in an increasingly connected and volatile world, informed decision-making has never been more important. “Aon’s Crisis Management practice is supporting clients as they navigate these complex risks. Whether protecting against government intervention in emerging markets, sovereign and private counterparty defaults or people and operations from the threats posed by civil unrest, political violence and terrorism, our team is working to protect against – and mitigate – often significant and complex client exposures.” Henry Wilkinson, Chief Intelligence Officer at Dragonfly, said, “The pandemic is a long-tail risk that has created an artificial near-term global risk picture, particularly of political violence risks. The extraordinary measures to contain the pandemic have been suppressive but politically aggravating. A tide of increasing risk by 2022 is likely as mass vaccinations and an easing of restrictions converge, with the accumulated economic and political effects of the pandemic. The need for reliable and actionable data, intelligence and analysis to manage fluid and high-impact global risk exposures while planning for recovery is critical.” Continuum Economics Lead Economist Francesca Beausang said, “COVID-19 has shaken the foundations of the global economy over the course of 2020-2021. While global trade has recovered faster than expected from the initial COVID-19 outbreak, disruptions to the supply chain have taken new forms and their impact has become more systemic. Meanwhile, COVID-19 has triggered an acceleration of commitments to a green recovery yet funding a fair transition to decarbonisation for emerging markets remains the greatest challenge to its implementation. Finally, COVID-19 has forced a rethink of the concept of health as global public good, with a patent waiver for COVID-19 vaccines changing the foundations of innovation in pharmaceutical research.” Click here for more information about Aon’s 2021 Risk Maps Leading knowledge development for sustainable cities in Africa GreenED is an online resource for professionals and students who want to learn about sustainable design in the built environment and green rating certifications. We offer best-in-class online and contextual learning for individuals who need to stay at the forefront of knowledge and skills in their sector, and for companies who need to improve performance in the workplace to gain a competitive edge through employee excellence.
Dear Members Cape Town is Spectacular! Did you know that tourists often enjoy incredible places that locals seldom visit? Become a tourist in Cape Town and discover why it is one of the most popular destinations in the world. Join us as we race around some of the most awesome sights of the Peninsula. Learn amazing stories that make up the history of the Cape and get to know professionals on your team while competing in fun creative challenges. Members will participate in teams and travel by Google Maps. They will immerse themselves into the location via Street view in order to find the clue for your next destination. Date: Thursday, 1 July 2021 @ 15H00 via Virtual Online Platform Booking Options: Individual bookings received will be pre-divided into teams. If you want to choose your own team members, please complete team booking form (up to 10 people per team) Each team will have their own private Zoom meeting and separate WhatsApp group to communicate, so everyone can participate from the comfort of their own home or office. Limited space available, booking essential and no later than Friday 18 June please! Further arrangements and instructions will be sent to teams before the event. Thank you to our SponsorsRisk & Innovation | Major Shift in Directors & Officers Insurance Claims | Brought to you by Aon2/6/2021
According to Angela Jack, Business Unit Head of Aon South Africa’s Financial Services Group, Current D&O claims trends are not dominated by any one industry sector, plaintiff or nature of claim. “We have seen everything from local regulatory investigations to international shareholder class actions. A definitive increase in insolvency-related claims has been noted, where plaintiffs allege internal mismanagement all the way through to external audit failure,” says Angela. Event-driven litigation has become common with both single plaintiff and class action claims. “MeToo, Black Lives Matter and Covid-19 are all examples of general macro events that have led to specific claims against companies. We initially anticipated that there may be Covid-19 claims relating to health and safety protocols and provision of Personal Protective Equipment (PPE), but instead claims for misrepresentation, anti-competitive behaviour and insolvency materialised,” Angela illustrates. The cover that a D&O liability insurance policy provides is an absolute necessity when it comes to the protection of the personal assets of directors, officers and other employees that are charged with supervisory and managerial responsibilities, who can be held liable for wrongful acts which may occur in their day-to-day management activities of the business or entity. The main purpose of a D&O policy is to offer financial protection for investigation and defence costs together with awards for a valid claim. Click here to read more about the Four Trends Dominating The D&O Space About Aon Aon plc (NYSE: AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance. Winelands Built Environment Professionals Group | Live Webinar on Wednesday 28 April 2021 at 10H004/4/2021
Dear Members We hope this finds you all well and healthy. Joins us for a live webinar presented by Aon on Wednesday, 28 April 2021 at 10H00 – 11H00 to understand some of the trends affecting this specialised insurance field and what it means for professionals. Aon takes a look at Professional Indemnity Cover and the Cyber challenges businesses face as they navigate through these uncertain times. Focus on: - Value Proposition of insurance and Data Breach - Insurance, risk management, cyber security - Balance Sheet risk, compliance - Insurance Policies relating to computer systems Presenter Topics: Professional Indemnity for the Built Environment presented by Sam Varela Senior Legal Risk Advisor – Aon South Africa, Attorney LLB UJ Insurance & Data Privacy Data Breach Financial Implications of the Protection of Personal Information Act presented by Zamani Ngidi Client Manager – Aon Cyber Solutions Live Webinar Details: Wednesday, 28 April 2021 @ 10H00 Duration: 1 hour | Cost: FREE To join event click here SpeakersSam Varela Aon Senior Legal Risk Advisor, Attorney LLB UJ Joined Aon in 2015 as a legal risk advisor focusing on providing deliverable outcomes for professional indemnity policy holders: to name a few, doctors, specialists, engineers, architects etc. Sam has since been promoted to Senior Legal Risk Advisor. Focusing on providing in-house CPD training to clients across the country and serves on a variety of committees including the CESA (Consulting Engineers of South Africa) quality and risk management and legal forum. In 2018 she was a finalist in the Insurance apprentice, presented by FA news. Zamani Ngidi Aon Client Manager, Cyber Solutions Zamani is a Client Manager for Aon Cyber Solutions based in South Africa. He is responsible for delivering cyber quantification and programme optimisation to Commercial clients, operating within the Africa region. He is a qualified ISO/IEC Information Security Lead Auditor and is an Associate Member of the Institute of Risk Management South Africa. Thank you to Aon for presenting this webinarAbout Aon Aon is the leading global professional services firm providing advice and solutions in Risk, Retirement and Health at a time when those topics have never been more important to the global economy. The power of Aon really comes to life when we take our global capability, and experts from across all geographies, and we deliver it very locally in South Africa. Delivering expertise, advice and solutions with full transparency and choice on Household & Motor, Business, Reinsurance, Retirement and Health. An Aon Expert Broker By Your Side. Click here for website |
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