PODCAST | PSG Insure discusses SA’s insurance market

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All this took place within the broader context of the deteriorating energy crisis, which caused large-scale damage due to power surges, equipment failure and inventory losses.

As a result, insurers saw claims rising, while businesses and consumers realised the importance of having protection in place. 

During this period some insurers experienced higher policy cancellation rates as clients optimise their disposable income. The nonpayment of debit orders and defaults on premium payments increased during this period. On a commercial level, companies experienced higher rates of closure or liquidation.

Even then, he says, the industry has largely weathered the storm.

Masondo  discusses the state of SA’s insurance industry; the impact of a prolonged hard insurance market; factors driving supply and demand; and future trends.

Business Day Spotlight is a TimesLIVE Production. 

Source: businesslive.co.za