SAIA champions financial resilience

The value of non-life insurance industry, its product and services during Money Smart Week SA 2024

The South African Insurance Association (SAIA) remains dedicated to increasing the visibility of the non-life insurance industry and highlighting the value of its products and services to society. The industry continues to play an essential role by protecting consumers with the adequate non-life insurance from financial strain and distress that could result from damage to or loss of their properties. 

In recent years, South Africa has been impacted by several catastrophic events, with regions that includes parts of KZN, Eastern Cape, and most recently, Western Cape, having been declared disaster areas. These events have included floods, tempests, and wildfires, resulting in significant damage to or loss of assets such as residential and commercial properties, personal belongings and motor vehicles. 

Ms. Zanele Gigaba, Transformation Manager at SAIA, says, “These losses amounted to billions of rands and had long-term financial implications, as many of them could not be recovered, especially through insurance claims, as a large part of the affected society remained uninsured.” 

Consumers seeking insurance cover for their assets against unexpected financial setbacks may engage with insurance companies and/or brokers on products and services that suit their needs, including the following: 

• The motor insurance policy to protect your motor vehicle against losses due to accidents, theft, and damage caused by weather related events.
• The homeowners’ insurance policy to protect your home building and other permanent fixtures and fittings, such as geysers, built-in cupboards, and electrical work from accidental losses resulting from events such as fire, storms, flooding, among other events.
• The home contents insurance policy to protect your movable home contents against losses resulting from accidental damages or loss and theft. 

Money Smart Week SA 2024 – a collaborative platform for the financial sector to showcase various consumer financial education programmes and to promote consumer awareness and understanding of the sector products and services will take place from 26 August until 1 September 2024. SAIA, in collaboration with its consumer education partners will be participating in the event. 

Consumers are encouraged to always assess their asset risk exposure and engage with the non-life insurance industry regarding suitable products. The non-life insurance industry is regulated, with SAIA members providing competitive products and services to serve different consumer needs. 

Mr. Themba Palagangwe, SAIA GM: Governance and Transformation, concluded by saying, “Consumer Education remains critical in creating awareness of how the consumer can interact with the non-life insurance industry at the time of need and promoting access to its products and services.” 

For more information on Money Smart Week SA, please visit www.mswsa.co.za