The South African Insurance Association (SAIA) will be participating in the Money Smart Week SA – a financial literacy campaign aimed at motivating and empowering all South Africans to become more educated about their finances, that runs from 28 August – 03 September 2023.
Non-life insurance products remain highly sensitive towards adjustments on household and/or business income. This makes buying choices for insurance products by both the households and business (particularly the Small, Micro and Medium Enterprises – SMMEs) consumers very volatile during tough economic times.
However, this does not always result in similar adjustments to exposure to the potential loss and/or damage to assets that one could suffer should the unforeseen event occur. Therefore, non-life insurance products can still offer the financial remedy when a consumer or business has experienced a loss or damage to their insured assets.
During this Money Smart Week SA, SAIA would like consumers to remain aware of the possible adverse outcomes of cancelling their non-life insurance policies. We therefore continue to encourage consumers to engage with their insurers so that they could consider options that may be available to them to continue to protect their valuable assets, thereby aligning with this year’s Money Smart Week theme, “plan your money, plant your future”.
Safeguarding the consumer’s financial loss may be achieved through insurance cover review/adjustment or consumer shopping around for comparable insurance products in order to reduce their insurance premiums.
Consumer Education remains critical in promoting responsible access to financial services and products.
For more information on Money Smart Week SA, please visit www.mswsa.co.za
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