National Treasury is compiling a roadmap for the insurance industry to tackle issues ranging from transformation and inclusion, to market development and access to insurance products, says Deputy Finance Minister Sfiso Buthelezi.This would consolidate the various projects underway within the industry and set a clear path towards obtaining certain goals, Buthelezi said on Thursday at a function hosted by the South African Insurance Association.The insurance industry played an important role in supporting economic growth, but needed to do more to improve access to insurance products, particularly for low-income households, Buthelezi said.Parliamentary hearings into the transformation of the financial services sector earlier in 2017 pinpointed financial inclusion as an important element of this.Of the 18.5-million insured South Africans, just 6.6-million have nonfuneral insurance products. Of those who have funeral insurance, 5.5-million have two or more such products. Similarly, only ...
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