The first regatta of the Eikos Training Series was held at Benoni Sailing Club over the weekend 18/19 October at Homestead Dam. The unseasonably cold weather brought with it plenty of wind, which the juniors really enjoyed. The 38 enthusiastic sailors arrived early on Saturday and on registration were presented with their Eikos regatta T-shirts. There was much excitement as the boats were rigged, ready for the regatta. Each boat proudly displayed their Eikos boats stickers. Five races were held on Saturday in ideal conditions, with the beginners staying close to shore.

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While proactive action saved many perishable shippers from significant losses during the 17-day Transnet strike, a number were left stranded as vessels failed to sail on schedule with disastrous results.This brought into sharp focus a major challenge for the industry – getting the carriers to accept more responsibility for their sub-contractors (Transnet) who are their partners in the cold chain, says Eikos Risk Applications director Bimesh Ugarchund.

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The sensitive nature of fruit, the complexities of shipping the product and the consequent claims-intensive nature of perishable insurance has done little to attract brokers and insurers to the sector.But Eikos Risk Applications recognised the opportunity of developing a different focus in the field early on, and 11 years down the line is now a major service provider to the industry – providing tailor-made solutions to both shippers and logistics providers.

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The Eikos Group, comprising Eikos Risk Applications (Pty) Ltd, Eikos Risk Capital Ltd, Group Risk Management Services (Pty) Ltd and RAS Administration Services (Pty) Ltd, has enjoyed considerable growth since its 1999 inception and particularly during the past two years.  As a result the Group has engaged in a strategic evaluation and restructuring process to meet  the demands of its increasing client base as well as the challenges facing business in the current economic environment. read more ...

The Eikos Group through it's two main operating divisions, Eikos Risk Applications (Pty) Ltd a leading South African marine insurance broker and transportation risk consultant and Eikos Risk Capital Limited (based in London) one of the leading strategic risk consultants in the world has been operating since 1999. Earlier this year Eikos Risk Applications were appointed, in the face of international competition, to handle the global marine and warehousing insurance program for The Presidents Emergency Plan for AIDS Relief.

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DO NOT assume that a marine insurance policy is the beginning and or the end of your risk management programme when bringing plant and equipment (especially equipment that is time-sensitive) into the country, says Hugh Reimers of Eikos Risk Applications. Management of risk is somewhat more complex and onerous than merely buying “off the shelf” insurance protection, he told FTW.

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The third regatta in the Eikos Training Series was held at Victoria Lake Sailing Club over the weekend of 8/9 May 2004. read more ...

Insurance should not be viewed as a primary Risk Management tool but rather as a vital but secondary means of financing the result of the loss following failure of all reasonable loss prevention steps / methods. read more ...

The first regatta of the Eikos Training Series was held at Benoni Sailing Club over the weekend 18/19 October at Homestead Dam. The unseasonably cold weather brought with it plenty of wind, which the juniors really enjoyed. The 38 enthusiastic sailors arrived early on Saturday and on registration were presented with their Eikos regatta T-shirts. There was much excitement as the boats were rigged, ready for the regatta. Each boat proudly displayed their Eikos boats stickers. Five races were held on Saturday in ideal conditions, with the beginners staying close to shore.

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It will be seen that a full 42% of losses handled by Eikos Risk Applications (by number of incidents) result from temperature variation damage, unrelated in any way to breakdown of the refrigeration equipment. In the standard cover provided by the insurance market not only is machinery breakdown necessary but it must break down for longer than 24 hours.
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Cargo Owners must be careful that, what they consider to be prudent (some may even prefer to be seen as aggressive) commercial practice in as far as the appointment of their service providers (C & F agents, Road Hauliers etc) is concerned, is not placing these service providers on which they rely to such an enormous extent at the very edge of extinction.

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I refer to the article headlined "Consult a specialist to cover all insurance bases" (FTW December 6, 2002).That a specialist needs to be consulted by exporters of perishable products is beyond dispute but not for the apparent reasons stated in the above referenced article.I am working off the pretext that the above referenced article is a rather bad misquote of the authors comments as it could lead one to believe that sinking of a conveying vessel or the dropping of a box by stevedores is not covered under a policy covering perishable products.

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DOING THINGS differently has been the mission at Eikos Risk Applications which this month celebrates three years in business.

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Following the sequence of terrible events which took place on the 11th September 2001 it will come as no surprise to learn that the global insurance and re-insurance markets have been thrown into turmoil.

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THE CONTINUING growth of outsourcing in the shipping and freight industries has created opportunity for the development of a number of new products in the finance and insurance sectors, according to Eikos Risk Applications director Hugh Reimers.

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As shippers and insurers continue to look for mechanisms to remove the grudge from insurance payments, alternative risk transfer has taken centre stage. At Eikos Risk Applications Alternative Risk Transfer continues to play a big role, says Hugh Reimers. "We look at the financial consequence of loss and try to optimise the customer's risk management spend."

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When Eikos Risk Applications set up its Cape Town base it was to provide a national service to its freight forwarding clients and, according to director Hugh Reimers, it has made huge strides in the 20 months Eikos has been trading.

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JUST AS one-stop shopping has turned the freight forwarding industry on its head and spawned a whole new breed of fourth party logistics providers, cargo risk management specialists are fast spreading their tentacles in the direction of trade finance. read more ...

THE CONTINUING growth of outsourcing in the shipping and freight industries has created opportunity for the development of a number of new products in the finance and insurance sectors, according to Eikos Risk Applications director Hugh Reimers.

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A YEAR since its launch as a "do it differently" cargo risk management company, Eikos has bedded down its product range, added several blue chip companies to its client list, and is ready for an aggressive marketing drive. That's according to UK-based chairman Dr Anthony Valsamakis who was in Johannesburg last week to mark the company's first year in business.

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The traditional handling of risk in the mobility sector is noteworthy for numerous shortcomings, which can be categorized under three headings; duplication, conflict and complexity.

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PRODUCING A TOTAL and efficient trade solution is the essence of risk management correctly applied to the transportation element of the supply chain, according to Victor Tabosa-Vaz and Mike Murrell, specialists in transportation risks at Eikos.

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HISTORICALLY INSURANCE has provided the only form of risk financing. At the same time, risk strategies in the past did not generate profit simply because they had narrowly focused on limiting risk itself.

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THERE IS GROWING evidence of a direct and quantifiable link between risk management and shareholder value. Time and again we see evidence of companies with poor risk management destroying shareholder value when faced with a crisis, while those with sound risk management policies actually adding to shareholder value when faced with similar crises.

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THE LAST 12 to 18 months has seen the integration of sophisticated insurance mechanisms into the freight operator’s product line, said Sean Pyott, of Eikos Risk Applications. The company provides insurance facility development for the freight industry that involves the marketing by the freight operator of cargo protection insurance to their clients.

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JUST AS INVESTMENT managers are being held legally liable for deviating from their stated investment philosophies, company chief executive officers are under growing pressure to adhere to clearly defined investment strategies. Those who don't could face legal sanction.

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ALTERNATIVE RISK TRANSFER, or ART as it is commonly known, has in recent years, moved from humble beginnings under the auspices of ‘risk control’ into the mainstream of general management responsibility. For those not yet involved, who should ART concern? Quite simply any managing or finance director that recognises risk and the inherent uncertainties in our changing environment as not only unavoidable, but intrinsic to the trading environment. Facing risk as a daily business reality, the modern corporation therefore requires a strategy reaching beyond mere risk containment, towards leverage of all corporate assets and thereby profitability. read more ...