Financial services firm KPMG’s latest South African Insurance Industry Survey 2022 showed that new perspectives on money and ownership as well as the state of the world as a whole are shaping the insurance landscape.
South Africa’s insurance industry is likely to see some serious changes in the way they set premiums as new trends emerge.
KPMG said that while this trend is not necessarily a problem for insurers as the vehicles still exist, the insured parties and the risk associated with the vehicles do, however, change. KPMG said that mental health is of direct interest to life insurers as it can impact people’s ability to work – leading to loss of income and income protection claims.
As of 2019, however, the World Health Organisation believes that one in every eight people or 970 million people around the world is living with a mental disorder. KPMG pointed to a significant increase internationally in extreme weather conditions, while domestically, South Africa had some regularity in missing big storms that hit the coast.
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