The pandemic giveth and the pandemic taketh away
Health concerns help the insurance industry, but the economy cuts it off at the knees
The pandemic means life insurance is on everyone’s mind right now. But just because clients are more aware of the fragility of their health doesn’t mean insurers shouldn’t keep innovating to offer better models of service and cover.
South Africans have, given the pandemic, never been more aware of the need for life insurance, not only to look after their dependents if they die but to help them if they survive an illness and can’t work. But the sector has also been challenged by the economic fallout of Covid-19, where high unemployment, reduced incomes and a deep recession mean consumers are less likely to save and invest. In this environment, where life insurance is often labelled a grudge purchase, it is more important than ever to showcase its value. ..