Survey highlights recovery in SA insurance industry
Non-life insurers bounced back from a loss of R16.7bn in 2022 to a profit of R13.7bn in 2023, while life insurers posted significant profit growth, says KPMG.
Non-life insurers bounced back from a loss of R16.7bn in 2022 to a profit of R13.7bn in 2023, while life insurers posted significant profit growth, says KPMG.
Sasria’s five-year strategic plan includes the reintroduction of R1bn excess of loss cover and expanding its coverage for events such as natural disasters.
Thoroughly reading and understanding insurance policies and exclusion clauses benefits both parties, leading to fairer and more equitable outcomes for everyone involved.
Insurers need to employ advanced data analytics and AI to better price and manage these risks, as well as adjust premiums and make selective coverage decisions.