Insurance cover falls as consumers face increasing budget pressures
South Africa stands on the brink of recession, with rising interest rates taking the consumer lending rate up to 10.25% up from a low of 8.5% in July 2012. 2016 is shaping up to be a tough year, with not only interest rates but inflation, the cost of food, electricity and fuel costs all moving in one direction – up. As consumers increasingly come under pressure, the temptation to cut out or cut down on insurance costs becomes a very real one.