Maksure Launches an Internship Programme

Maksure Risk Solutions, a global independent specialist insurance and reinsurance broker with African roots has launched an internship programme aimed at attracting bright and talented school and university graduates to begin a rewarding career in the insurance market.

The internship will attract candidates from various African countries with interest in positions which include insurance and reinsurance broking, account handling, technician processing, claims management and finance.
“Maksure is committed in recruiting and developing African talent at all levels and I am excited that we now have a programme that specifically seeks to attract keen talents interested in taking insurance as a career,” commented Angela Siamvuto – Finance and Human Resources Manager at Maksure Risk Solutions.
Lerato Nku in the first graduate to join us as a Broker Technician Intern and will be receiving extensive training in the broker technician division. She is a graduate in Wealth Management and is looking forward to solidify her knowledge in short term insurance.

Candidates who are enthusiastic, hard-working that are looking to develop their skills within a global independent specialist insurance and reinsurance broker with African roots while receiving a competitive remuneration and benefits package are welcome to contact our Human Resources personnel at

Insurance & Reinsurance Broker in South Africa

Maksure Risk Solutions is a global independent specialist insurance and reinsurance broker with African roots based in Gauteng, South Africa. We provide innovative and tailor-made risk solutions in personal and business insurance as well as reinsurance solutions geared towards capital management and strengthening our client�s balance sheet.
Our direct insurance broking division is fully resourced to provide distinctive client value in both personal and business insurance. We have access to exclusive personal and business insurance offered by major top rated insurers in South Africa. Our dedicated professionals will work with you to identify your requirements and designed tailor made solutions at cost effective rates.

In terms of our reinsurance solutions, Maksure is inspired to assist clients in tackling underwriting and capital management objectives for start-up and mature insurance companies. Our powerful combination of specialized reinsurance broking expertise, advisory services, and flexibility in negotiating tailor made solutions with a wide range of reinsurers affords us a cutting edge competitive advantage in enabling our clients to unlock value and achieve profitable growth.

Cyber-attacks, a war to fight

South Africa has not been immune to the risk of cybercrime: it is estimated that in 2014, cybercrime cost South African companies around R5.8 billion.

Furthermore, on average it takes 200 days for a South African organisation to identify an online security breach. Likewise, individuals have also been impacted: eighty four per cent of South African adults have been victims of cybercrime.

“Criminal activity including hacking has been on the rise in South Africa and internationally and these range from Distributed Denial of Service attacks to the hacking of social media accounts. These attacks can have devastating effects on society, and businesses and individuals need to protect themselves against the consequences of cybercrime with comprehensive cover,” says Candice Sutherland, Business Development Consultant (Corporate Solutions) at SHA, Santam specialist underwriting manager agents (UMA)

To protect a company from these risks, a good cyber-insurance policy needs to cover first party expenses, taking into account the actual costs of re-collecting and replacing data, as well as the expenses related to employee overtime, rented external equipment and services.

Additionally, the policy has to cover loss of business income, the notification expenses incurred to comply with privacy legislation, any crisis management expenses and possibly regulatory fines and penalties.

The risks individuals and companies are exposed to include the following: • system unavailability and downtime;

  • business being held to ransom;
  • loss of revenue;
  • loss of data;
  •  reputational damage and costs associated with reducing the impact of a breach;
  •  loss of competitive advantage;
  •  industry and regulatory fines and penalties; and
  •  litigation arising from compromised data.

Maksure Risk Solutions has insurers that are able to offer the following cover:

First party:

Data recovery and business interruption: provides coverage to respond to a loss of income and operating expenses experienced due to a network security breach.

This will cover the expenses of specialists, investigators, digital forensic auditors, or loss adjusters as well as cover the cost of restoring or recovering data and operations, or costs incurred until it is established that data cannot be recovered or restored.

Crisis management & notification expenses: provides coverage for costs of responding to a security failure or privacy breach. These response costs could include notification expenses, the cost of providing credit-monitoring or other remediation services to customers or impacted third parties as well as service providers that specialise in crisis management and public relations.

Third party:

This would include coverage for third party claims due to the failure of the insured’s network security or the insured’s failure to prevent unauthorised access to personal information.

Associated regulatory fines and penalties to the extent insurable by law could also be covered.

Sutherland concludes, “Organisations that have experienced breaches of data security can testify that cybercrime relates to more than just the loss infrastructural capacity. This is a real criminal activity which can lead to extortion, fraud and forgery as well as impact the sustainability of a business. If cyber security is properly managed with the right insurance cover, businesses and individuals can be safe out there.”

Cell Captive, a perfect vehicle for Bancassurance

The demand of third party cell captives by banks and some micro lending institutions is on a steady rise across the globe. The banks are utilising cell captives as vehicles to capture profitable lines of business that are best suited to be distributed by banks. Cell captives allow the bank to earn three types of income which are finders� fee/ commission, underwriting profit and investment income.

Bancassurance or allfinanz as it is sometimes known, is the partnership or relationship between a bank and an insurance company, or a single integrated organisation, whereby the insurance company uses the bank sales channel in order to sell insurance products, an arrangement in which a bank and an insurance company form a partnership so that the insurance company can sell its products to the bank’s client base.

Cell Captives can assist a bank to develop insurance solutions that provide a strategic competitive advantage. Taking credit life insurance as an example, a bank will be able to provide point of sale credit life insurance making the loan application process and insurance provision seamless compared to competitor banks that require the loan client to go and apply for credit life insurance at another insurer. Further, other bancassurance products such as life assurance and endowment policies that can be sold via a cell captive structure may have the benefit of building loyalty with the client thus enabling the bank to reduce customer churn.

Maksure Risk Solutions, a global independent specialist insurance and reinsurance broker with African roots has assisted a number of micro lenders and banks to set up and manage their cell captives resulting in new revenues for their clients.

To find out how Maksure can be of assistance to you, contact Simba Makwembere on his email address

Demand for Political Violence Insurance on the rises

The demand for Political Violence, Sabotage and Terrorism insurance has been on a steady increase recently in different parts of the African continent. The increase in the demand is reinforced by the ongoing political activities and uncertainties. Examples of activities such as the Westgate, Kenya incidence, Gambia and DRC violence in protest of the proposed increased presidential terms are still fresh in people’s minds and are driving the need to buy Political Violence Insurance. Insurance buyers in Southern African markets such as Mozambique, especially with movable property such as yellow plants and those moving goods are demanding political violence cover.

Political Violence Insurance covers against damage to property occasioned by a political event. Most insurance and reinsurance companies also extent the cover to provide coverage against sabotage, riots, strikes & civil commotion, malicious damage, war & civil war, mutiny/ coup d’Etal.

Despite the increase in the demand for this type of insurance and the perceived increase in high-profile incidents, “Maksure Risk Solutions a global independent specialist insurance and reinsurance broker with African roots, notes that the insurance premium rates for Political Violence are reducing. ‘We believe that the premiums are going down simply because it is a ‘buyer’s market at this stage” said Knight Mawere, Portfolio Manager � Reinsurance. Insurers are faced with low business opportunities and are thus competing on prices.

If you need an obligation free Political Violence quotation, do not hesitate to contact the Maksure Risk Solutions team at +27 11 805 0086 or email

Global Insurance: Vast Potential

“Companies that want to lead the way in the insurance industry need to relook at their strategy and cost effective business models, flexibility of their portfolios and innovation in value adding products. Emerging Markets, including Africa, are receiving increased attention as future industry investment destinations” – Malcolm Rapson, Insurance Sector Leader

The global insurance market is remarkably strong, despite continued fallout from the financial crisis. Low interest rates coupled with relatively poor investment returns have impeded growth, but demand for insurance products and services remains high.

We keep you prepared by providing insights into the nuances of your market, as well as global trends putting pressure on the industry.

Stay nimble amid risk and regulation

Waves of global legislation continue to pressure management and absorb precious resources. Combined with the need to innovate in a highly competitive environment, this is causing some insurers to withdraw from long-standing core markets and product lines.

However, insurers are adapting by leveraging technology and developing operating models that are compliant with Solvency II. New business architectures will enable insurers to release better products more quickly and cheaply.

Gain market insight

The balance of power is shifting toward the customer, and distribution models are rapidly evolving. Emerging markets in Latin America, Asia, Africa and Eastern Europe are future battlegrounds that offer big prizes – but only if insurers can get it right. Success will be achieved with patience, long-term investment and genuine understanding of local dynamics.