The downgrade of the South African currency Credit Ratings a few months ago, have forced many organisations to review the way they respond to such unusual economic challenges.
This has also brought about the need for insurers to handle risk differently. In fact, the latest Financial Soundness of Insurers (FSI) update now requires insurers to determine the probability of default for each instrument or entity, rather than the credit rating.
As with any change, there are both benefits and complications for the organisations involved. In our latest website article, we analyse the impact of the latest FSI changes as it affects insurers. Our article is intended to provide guidance and insight, and it is available to you by clicking here.