PODCAST | Economics of SA’s funeral insurance sector in 2024

The economics of SA’s funeral insurance sector in 2024 is the focus in this edition of the Business Day Spotlight. 

Host Mudiwa Gavaza is joined by Clinton Macdonald from KGA Life. 

Macdonald says funeral insurance is “by far” the largest part of the sector, with KGA using funeral parlours as it main point of acquiring customers. He explains that parlours, many of which had expanded their operations during Covid-19 are now facing a downturn like other businesses in the economy. Headwinds for the sector also include consumers with less disposable income, inflation and growing competition from financial services players offering funeral insurance products. 

KGA Life operates nationally through an extensive distribution network of intermediary partners, and has offices in Gauteng, Western Cape, KwaZulu-Natal and Free State.

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The company, which specialises in funeral policy underwriting and regulatory compliance, describes itself as an “unconventional funeral insurance company with a unique approach” to how it operates. 

The discussion looks at: economics of funeral insurance in SA; headwinds facing the industry; competition; technology investment; and an outlook for the sector. 

Business Day Spotlight is a MultimediaLIVE Production. 

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