Guardrisk Risk Report

⚖️ Legal & Regulatory

Guardrisk has faced multiple legal and regulatory challenges, with various lawsuits and regulatory penalties impacting its operations. These have been primarily related to its handling of insurance claims during the COVID-19 pandemic, as well as other legal disputes involving expert evidence and construction guarantees. These events underscore the importance of robust legal and regulatory compliance measures for Guardrisk to mitigate ongoing and future risks.

• South African court dismissed Guardrisk's appeal in a coronavirus claims case 🗓 December 17, 2020.
• Court imposed a punitive costs order on Guardrisk after finding its expert’s evidence wanting 🗓 March 9, 2023.
• High Court ordered Guardrisk to pay R15m in a construction guarantee dispute 🗓 July 17, 2023.
• Policyholder prepared to launch a damages claim against Guardrisk 🗓 January 17, 2024.
• Entity falsely claimed to be associated with Guardrisk's partner, MiWay Insurance 🗓 October 21, 2024.

🏗️ Operational & Business Continuity

Operative challenges have been significant for Guardrisk, with claims rejection issues leading to broader operational risks, impacting their service reputation and business continuity strategies. Instances of claim rejections brought to light potentially harmful operational practices that required immediate attention to prevent further customer dissatisfaction and potential losses.

• Trucking company blamed Guardrisk for business destruction due to an 'incorrect' rejected claim 🗓 April 3, 2024.
• Guardrisk caught up in a scandal involving misappropriated premiums 🗓 February 20, 2023.

📜 Innovation & R&D

Guardrisk has been proactive in advancing its innovation through strategic ventures and investments. Recognizing the potential of technology in transforming insurance services, it has launched initiatives to drive insurtech development and innovation within the sector.

• Guardrisk introduced Launchpad, an insurtech initiative to drive innovation 🗓 February 16, 2023.
• Guardrisk's corporate venture capital fund plans to break barriers into insurance 🗓 February 20, 2023.
• Guardrisk Life partnered with global fintech provider, YuLife 🗓 June 14, 2023.