Tag: BrightRock

While South African entrepreneurs are becoming more sophisticated in planning for long-term growth and succession, a critical and often overlooked insurance gap remains. This gap leaves a vast number of small and medium-sized businesses dangerously exposed. As a South African needs-matched life insurer, we provide a snapshot of business insurance trends.

When we think about our legacy, it usually involves things like building a solid career, raising well-adjusted children and passing on cherished family traditions. However, your legacy could also be about teaching your children the life lessons and everyday habits that your parents and grandparents taught you, either through you modelling their behaviour or by heeding their advice.

The insurance landscape is one of ever-changing complexity. The regulatory environment is shifting, consumer expectations are changing, while fast-developing technologies require business models to become more refined to enable innovation, improve risk management and deliver greater value to clients.

You’ve most likely heard the term ‘underwriting’ mentioned in insurance ads and weren’t sure what it meant and why it’s important. Underwriting is a key element of life, critical illness, and disability insurance. It forms the basis of what premiums you pay and what you are covered for.

The impact of COVID-19 on the life insurance industry was recently highlighted when the Association for Savings and Investment South Africa (ASISA) released their 2020 statistics for the sector. ASISA reported that South African life insurers paid out claims and benefit payments worth R522.7 billion last year, representing a significant increase of R31.7 billion when compared to 2019.