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South African Insurance Trends

Local Insurance Trends and Changes in 2014

South African Insurance trends may follow new directions during 2014.

Local Insurance Trends and Clients

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Online Insurance is the new trend

Echoing the global trend of client-centred insurance, local South African Insurance Providers are also geared towards the trend of increased customer knowledge and participation. This client-centric approach is slowly replacing the more traditional product-centric approach of the past.

Insurance Providers have also noted that a shift in the needs of new and younger clients points toward an increased volume of online and mobile applications to be made available.

According to data analysis and demographics, a strong market seems to emerge in the growing middle class sector.

Local Insurance Trends: Auto Insurance

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On your way to the pet shop, please pick up milk and eggs …

The following issues regarding Auto Insurance, may lead to an increase of car insurance premiums:

Increased number of cars: The increased number of cars on South African roads, many of which are not insured, poses a high risk to Insurance Providers.

Unlicensed drivers: Adding to the above-mentioned problem Insurance Companies face regarding uninsured drivers, another grave problem is the number of unlicensed drivers.

Road conditions: Potholes and appalling road conditions all across South Africa increases the risk to drivers and by implication, to Insurance Providers.

Auto repairs: Expensive auto repairs and breakdown services also add to the financial load that Insurance Providers are burdened with.

Driving Under the Influence (DUI): Numerous cases of DUI are reported annually. This poses a grave risk to sober drivers that may be involved in an accident caused by a drunken driver.

South African Insurers keep abreast of International Insurance Trends, whilst still having to accommodate local conditions.

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