|
To Subscribe please click
here |
 |
|
Moonstone Monitor - 13 April 2017 |
|
|
 |
|
Paul Kruger
Author/Editor |
| |
|
|
| |
|
|
 |
|
|
There is nothing worse than aggressive stupidity
- Johann Wolfgang von Goethe |
| |
|
|
Distributed to 46 526 subscribers.
To advertise with us
click here |
|
| |
|
From the Crow's Nest |
|
Shifts in the Liability Insurance Landscape
By Florence de Vries |
Political challenges in our country and its consequences for our economy
has taken over most of the headlines in the first quarter of 2017 but recent
news events like the Ford Kuga recall and different forms of cybercrime has
turned the spotlight on the proliferating types of liabilities businesses can
face.
Liability insurance is said to have started in the form of mutual agreement
which, much like the concept of general insurance, resulted in the pooling of
funds by various parties. Over time, this specific form of insurance came to be
offered by specialist insurers who keep a close watch on global trends shaping
and setting the agenda for this specific class of insurance.
Today, a number of local commercial underwriters agree that the different types
of risks associated with liability have become more and more prevalent due, in
part, to the increasing amount of ways in which businesses and/or general
entities are/can be exposed to risk.
News headlines citing product recalls and cyber-attacks are a testimony to the
types of risks that various institutions and businesses have to contend with. As
the political, environmental and technological developments take hold and alters
the course of sectors and economies the world over, liability risks in
particular, are likely to increase in both type and complexity. It thus follows
that the associated insurance cover would need to evolve along with it.
This is echoed by the Global Claims Review issued by Allianz Global Corporate
and Speciality (AGCS). The AGCS review, which was released last week, said the
risk landscape for businesses is constantly shifting with (commercial) liability
risks on the rise globally. “Defective product or work, crash and human error
incidents are still the largest causes of liability loss for businesses, based
on an analysis of insurance claims, but everyday liability claims like slips and
falls in the workplace have become less as a result of more stringent safety
regulations and better risk management. The potential for more expensive
liability losses is increasing around the world, particularly in relation to
global product recalls, corporate liability, cyber and environmental incidents.”
Earlier this year, multinational global vehicle manufacturing business Ford was
forced to make a safety recall of its Ford Kuga 1.6-litre model (manufactured
between December 2012 and February 2014) as a result of engine compartment
fires. The risk involved in this prominent recall, would likely have been
mitigated through recall insurance. Interestingly, strategic communications
company FTI Consulting has since shared research which argues that the exact
quantity of damage to the Ford brand will only become apparent in months or
perhaps years to come.
According to the AGCS review, the digitalization and growing use of new
technologies are likely to lead to a further shift in the liability risk
landscape. “New technologies such as the internet of things, autonomous mobility
(e.g. driverless cars) or 3D printing will create fundamentally new liability
scenarios for companies in almost every sector,” says Alexander Mack, chief
claims officer at AGCS.
It is common knowledge that the liability class of insurance relies heavily on
knowledge and experience of intermediaries and insurance specialists. It is for
this reason perhaps, that forms of liability insurance training for
intermediaries has mushroomed over the past few years. Local specialised
liability insurance businesses are delivering training covering various aspects
of liability in the form of workshops, e-books or online learning platforms.
These should certainly serve to help intermediaries position themselves to see
where the opportunities lie in an increasingly regulated financial services
environment.
Florence de Vries is a communications manager in the South African short-term
insurance industry. |
|
|
|
| |
 |
| |
|
What if you could focus on doing what you love - looking after your
clients? |
Leading Independent Financial Advisory (IFA) practices are using GTC’s
Strategic Partner solution to:
- increase time with clients
- increase earnings
- reduce costs
Shouldn’t you too?
Our staff and systems deliver exceptional service, increasing revenues
and saving costs and time for you, enabling you to build value for
succession.
With offices nationally, we are well-placed to help you.
Call us to discuss a strategic partnership.
t. +27 (0) 10 597 6858
e. info@gtc.co.za
w. www.gtc.co.za
An authorised Financial Services Provider FSP no. 731. |
|
|
Your Practice Made Perfect |
|
|
Regulatory Exam Seats Filling up Fast |
As the end of June draws near, availability for seats to write the exams
before the DOFA deadline are becoming increasingly scarce.
It is not only those who have to write before 30 June. A number of
candidates who failed to pass at the first attempt are registering to
write again before the deadline.
As usual, we advise candidates and employers to book in time to provide
for a possible rewrite before the end of June 2017.
Click here to register. |
|
|
|
| |
|
| |
|
Miserable Countries
|
No, this has nothing to places to avoid when travelling around the
globe. In fact, it may well be places you wish to go to, given the poor
exchange rate because of the state they’re in.
Bloomberg's Misery Index combines countries' 2017 inflation and
unemployment outlooks to calculate the state of misery, and provides
comparisons on various levels.
In view of recent events in South Africa, we thought you might be
interested to see how we fare against other in the Les Miserables
contest.
Well, for once, we are near the top, although it is not really where you
want to be. Having maintained our position from last year is also not an
impressive performance. Perhaps we should ask them to swop places with
the Springboks? That should keep both parties happy.
I belong to a conversation group comprising a few locals and two expats.
After receiving this article, titled
These Economies Are Getting More
Miserable This Year, the bloke in New Zealand remarked:
“I've been asked to meet a few South Africans over the last few years -
all in NZ looking for jobs and opportunities. They've all had a similar
mood about them and I've struggled to put a label on it. Now I know: the
word is miserable.”
To which the converted Aussie retorted:
“My family in SA still have hope, believe it will be good, are "happy"
etc. Admittedly, they do drink a lot.” |
|
|
|
| |
|
| |
|
Legislation Handbook and Preparation Guide for REs
|
The Legislation Handbook for Level 1 Regulatory Exams provides the
legislation specified as relevant to the regulatory exams RE 1 and 5.
The Preparation guide includes the qualifying criteria provided by the
FSB for these exams.
The qualifying criteria are cross-referenced in the Preparation Guide to
the relevant sections to be studied in the Legislation Handbook.
Shaded tabs enable the user to easily identify the four sections of the
work and the information is then grouped by subject matter area in order
to assist you to find the relevant items quickly and easily.
The 4th edition reflects the law as at 15 April 2015.
Click here to order these
LexisNexis
books from our Advisor Store. |
|
|
|
|
Regulatory Examinations
|
|
|
RE Schedule updated |
|
Our venues are filling up fast as we approach 30 June 2017.
Candidates who are obliged to write and pass by the end of June
must please register in time.
|
|
|
|
| |
|
RE Self-Help Guidelines and Frequently Asked Questions |
Self-Help Guidelines
Candidates who wrote with Moonstone can now view their results,
make a new booking or update their information on our website:
www.faisexam.co.za
Here is what you do:
-
Click on the Moonstone FAIS Exam website (www.faisexam.co.za)
-
Click on the second heading: “Update Your Booking/Personal
Details/Get results”.
-
Key in your ID or Passport Number used to register for the
exam: click on Send password.
-
The system will
send a password to the e-mail address you provided at
registration.
-
Use this password to log in on the same address as above:
Type in the password – do not copy and paste.
-
Click login.
-
You will then be able to make a booking, download your
certificate or view results.
Frequently Asked RE Questions
You can click on
this link to see the answers to the most common
questions we receive.
Email enquiries should be addressed to
faisexam@moonstoneinfo.co.za. You can phone us on
021 883 8000 - select option 2 to speak to one of our
consultants.
|
|
|
|
|
Careers Platform
|
|
Are you hiring? Advertise your position on Moonstone’s Career Platform
|
| • |
The Moonstone website -
www.moonstone.co.za
- enjoys an average of 15 000 visits and approximately 39 000 page views per month. |
| • |
Moonstone boasts an exclusive newsletter mailing list of over 46000
dedicated financial decision makers who receive 2 newsletters per week. |
| • |
Our audience is relevant and industry specific: individual and corporate advisors and brokers in the following financial sectors:
Investment, Risk, Healthcare, Banking, Retirement, and Insurance. |
|
|
|
|
| |
|
Featured Positions |
-
Sales Position:
Uniq Business Solutions, Cape Town - If you are
ambitious & goal driven with 3 years of exceptional sales experience and
RE5 qualified with Fais credits, then
Read More
-
Client Services
Position:
Uniq Business Solutions, Cape Town - Do you have at least 2 years’
experience within a Short term Insurance Services Environment?
Read More
-
Sales Consultant –
Medical Scheme Brokerage:
Optivest Health Solutions, Durbanville, Cape Town - The ideal
candidate will be RE 5 qualified and will interact by phone, collect
information, and conduct follow-ups.
Read More
-
Short-term Commercial
Underwriter:
The Insurance Center, Westville, Durban - We are looking for an experienced
underwriter / administrator to start immediately if possible.
Read More
-
Independent Broker
Consultants and Desk Broker Consultants:
IFAnet, Nationwide - If you have a successful track record in the
“Broker Services” sector of the Life Insurance Industry and own your own
vehicle with a valid driver’s licence, then
Read More
-
Short-term Insurance
Sales Consultant:
Bestsure Financial Services (Pty) Ltd, Florida, Johannesburg - We
are looking for a self motivated sales specialist with FAIS
qualifications to generate new business through inbound requests, leads
and referrals.
Read More
-
Senior Healthcare
Consultant:
Completemed, Bellville, Cape Town - Health and gap cover sales in a
call centre environment. RE5 and full accreditation not negotiable.
Read More
|
|
|
|
|
In Lighter Wyn |
 |
|
Of sarchasm |
|
In 2013 I was in the UK for the funeral of a family member. The
tabloids there are just the greatest fun to read.
This is the view of Grace Dent on the new season of Game of thrones
which had just started:
During season 1 of Game of Thrones, the esteemed Caitlin Moran
referred to the show as "that one with the gnomes bumming",
mistaking it for some sort of Hobbit spin-off full of gratuitous
rutting. After she'd left my house and located her coat and handbag
in a nearby hedge, she was prepared to re-evaluate this slur.
Incidentally, if you're planning to write long anti-Americanisation
letters whining about my use of the term "season" as opposed to
"series" please put them on good-quality Basildon Bond notepaper as
I find the lovely "HDDD" sound it makes in the paper-shredder most
invigorating.
A Gentleman’s Game?
What if you were playing in the club championship tournament finals
and the match was halved at the end of 17 holes? On the eighteenth
hole, you have the honour and hit your ball a modest two hundred
fifty yards to the middle of the fairway, leaving a simple six iron
to the pin.
Your opponent then hits his ball, lofting it deep into the woods to
the right of the fairway.
Being the golfing gentleman that you are, you help your opponent
look for his ball. Just before the permitted five minute search
period ends, your opponent says: "Go ahead and hit your second shot
and if I don't find it in time, I'll concede the match."
You hit your ball, landing it on the green, stopping about ten feet
from the pin. About the time your ball comes to rest, you hear your
opponent exclaim from deep in the woods: "I found it!".
The second sound you hear is a click, the sound of a club striking a
ball and the ball comes sailing out of the woods and lands on the
green, stopping no more than six inches from the hole.
Now here is the ethical dilemma:
Do you pull the cheating bastard's ball out of your pocket and
confront him with it, or do you keep your mouth shut?
|
|
|
|
|
Tel: +27 21 883 8000 | Fax: +27 21 883 8005
info@moonstoneinfo.com
www.moonstone.co.za
P.O. Box 12662, Die Boord, Stellenbosch, 7613, Republic of South Africa
Disclaimer:
Services and products advertised by external product suppliers in
this newsletter are paid for by the respective suppliers. Moonstone
does not endorse any opinions, conclusions, data, products, services
or other information contained in this e-mail which is unrelated to
the official business of Moonstone and furthermore accepts no
liability in respect of the unauthorised use of its e-mail facility
or the sending of e-mail communications for other than strictly
business purposes.
The complete disclaimer can be accessed
here.
|
|
|
©2015 Moonstone. All rights reserved. |
