Africans’ insurance needs often overlooked
One of the world’s largest insurance companies said today that too many insurance products don’t provide relevant cover for the realities of day to day lives of millions of Africans.
Speaking at the launch today of an innovative, low cost suite of products for South Africa, Kenya and Uganda, Kevin Skuse, Regional Plus+ and Extended Warranty Manager at AIG South Africa, said: “There is a disconnect between the real insurance needs of Africans today and what is being offered by some insurers.
“One major problem area is that many insurance risks are provided in one product which drive up the premium and make it unaffordable to many Africans. A second challenge is that the generic protection offered is not applicable to the African market.”
Skuse said that this "one size fits all" approach may work in other parts of the world but a more African-specific focus is required to make sure the benefits of insurance are made available to more people.
Skuse added that AIG South Africa was inspired to introduce a new range of first-of-their-kind offerings after speaking to people across
“The Plus+ Products is the result. These can be bought as a standalone cover or tacked on to existing policies of any insurer to provide an extremely cost effective kicker to more traditional or existing cover. The new range of products includes: Identity Theft – covers legal expenses, lost income and fraudulent charges incurred by the policyholder. Disaster Mortgage - Monthly mortgage or selected amount paid if buildings are temporarily lost, damaged or destroyed by any of the insured events and are rendered uninhabitable during the period of insurance. Disaster Cash, Domestic Employee - Policyholder may claim on behalf of their Domestic Employee under this policy if their Domestic Employee’s specified home becomes uninhabitable following insured perils. Payment is made directly to the Domestic Employee.
Disaster Cash – Insured. Designed to provide policyholders with a defined cash benefit to help with expenses if their homes become uninhabitable for more than 48 hours following an insured peril.
Appliance repair - In the event of sudden and unforeseen electrical or mechanical breakdown of any specified appliance, repairs are made or the item is replaced. Cover is available on a wide range of specified items.
Kidnap and abduction consultation fees – for insured’s kidnap or alleged kidnap anywhere in the world. The policy will pay reasonable fees and expenses to qualified consultants to the limit reflected on the policy. Some of these insurance products cost as little as R4 per month and many are not provided elsewhere in
“The Plus+ Products is the result. These can be bought as a standalone cover or tacked on to existing policies of any insurer to provide an extremely cost effective kicker to more traditional or existing cover.
The new range of products includes:
Identity Theft – covers legal expenses, lost income and fraudulent charges incurred by the policyholder.
Disaster Mortgage - Monthly mortgage or selected amount paid if buildings are temporarily lost, damaged or destroyed by any of the insured events and are rendered uninhabitable during the period of insurance.
Disaster Cash, Domestic Employee - Policyholder may claim on behalf of their Domestic Employee under this policy if their Domestic Employee’s specified home becomes uninhabitable following insured perils. Payment is made directly to the Domestic Employee.
Disaster Cash – Insured. Designed to provide policyholders with a defined cash benefit to help with expenses if their homes become uninhabitable for more than 48 hours following an insured peril.
Appliance repair - In the event of sudden and unforeseen electrical or mechanical breakdown of any specified appliance, repairs are made or the item is replaced. Cover
is available on a wide range of specified items.
Kidnap and abduction consultation fees – for insured’s kidnap or alleged kidnap anywhere in the world. The policy will pay reasonable fees and expenses to qualified consultants to the limit reflected on the policy.
Some of these insurance products cost as little as R4 per month and many are not provided elsewhere in
