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The South African Insurance Market: Risk Chat - 6 June 2016

Posted By IRMSAInsight, 06 June 2016

06 June 2016

 

IS THE PRICE DRIVE OVER?


The South African insurance market has been primarily driven by price for years. There has been substantial insurer capacity, as well as strong insurer and broker competition and appetite to support it. Is the market changing and what does that mean for organisations?

In recent months there has been significant media attention on the South African economy, focusing on the weakening Rand, reduced foreign investment and political instability.  There have also been a number of insurers, brokers and other financial institutions reconsidering their footprint in Africa, withdrawing capacity, and with an appetite to only underwrite the cleanest risks.

If price is no longer the primary driver, what is? Information! Data is paramount! This means being able to accurately identify insured values; understand and articulate key exposures; provide evidence of strong risk management practices and corporate ethos; and the need to focus on greater collaboration between customer, broker and insurer.

The capacity and appetite is still there, we just might need to be more patient and work harder for it.


Click Below to View the Renewal Timelines


  

 

As a Risk Manager:

  • Best practice would suggest starting renewal discussions 6 months before renewal. Do you?
  • Have you considered the impact of rising insurance premiums and how you might mitigate this?
  • Can you clearly articulate your corporate Risk Management philosophy and do you act on it?




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