There have been two crucial ‘black swan events’, within the last two years, which will force commercial insurers to re-look at their cover limits and exclusions carefully, as well as the message that these events delivered. We cannot think that because the wordings and covers have worked well until now that they are adequate and […]
Container Crunch
As the world emerges from the Covid crisis and businesses large and small ramp up their operations, bottlenecks are starting to appear as demand for imported raw materials and goods far outstrips availability and supply. The construction sector is a case in point where the supply chain has all but broken down in some instances […]
Sureties Market Outlook
Sureties products are essential tools used to support of trade throughout the world. They are used to provide comfort in situations where one party is not comfortable with the size / market standing / operation of a potential counterparty this it is looking to establish a relationship with. While this can occur in domestic settings […]
Impact of Covid-19 on Dry Bulk Market
It will surprise nobody that year on year charter rates retrenched between 2019 (pre pandemic) and 2020 (post pandemic). What may surprise is that the level of the decline was not as severe as may have been expected in a market dependent on cargos moving freely around the globe. With restrictions on travel, economies closing […]
Policy wordings with respect to COVID-19
Policy wordings with respect to COVID-19 When COVID-19 arrived on South Africa’s shores, in March 2020, it impacted the entire South African economy and was completely unforeseen by Government and the Private Sector, and the financial services industry was no different. As the potential impact of COVID-19 became clearer, the Government had no choice but […]
A word from the Maritime Surety Committee Chairman
The marketing of Klapton’s Maritime Sureties offerings continued apace during 2020, targeting the international maritime sector and Klapton’s established African business regions. Our maritime specialists worked closely with Klapton Reinsurance Brokers Limited colleagues in Nairobi (“KRB”) to raise awareness in the East Africa nations during the past year and will do likewise with the new […]
Getting to grips with contractual versus delictual liability
To get to grips with liability insurance you need a clear understanding of the difference between contractual liability and delictual liability. These legal terms for specific liability are also relevant to understanding the cover offered on insurance policies. Before I explain why, I will share the practical impact of these terms. Negligent loss or damage […]
The day after… how to build a hybrid organization policy?
Hybrid sounds like a buzzword to us but today it is already a concept that we all use a lot, both we as employees in our private lives, employers and organizations. What has happened to us in the past year and the hybrid life we have adopted is not just another buzz word but is […]
Update on the FCA Judgment on Business Interruption lockdown claims
The highly publicised legal dispute between British insured and the Financial Conduct Authority concerning whether insurers will be forced to indemnify policyholders for business interruption losses suffered as a result of the various government-imposed lockdowns has now finally been settled by the UK Supreme Court. They upheld the original judgment of the UK high court […]
Claims and Market Summary for Africa and Asia
We have prepared a report detailing recent events in Africa and Asia which may be of interest.
Heavy rainfall led to extensive damage and humanitarian impacts across Somalia during the second half of June through July. Four people were killed. Among the hardest-hit areas came in the Shabelle River basin as nearly 200,000…