The slow economic growth predicted for this year has prompted discussions in the industry on how to ensure that short-term insurance remains a sustainable product for consumers while remaining a financially viable and sustainable industry. Despite the competitive nature of the industry it is not only important, but vital for the challenges that lie ahead to be addressed at industry level.
As part of its value proposition, the SAIA seeks to become more involved in the broader discussion in the country to find sustainable solutions where we can contribute as an industry to grow South Africa’s economy. Therefore, fostering and building partnerships with all relevant stakeholders will be a key priority for us in the year ahead.
We have identified Transformation in all its facets as being pivotal in addressing South Africa’s socio-economic issues. It is for this reason that our CEO Forum and the inaugural SAIA Indaba, which will be held later this year will focus on economic transformation. Although the SAIA can only lead and facilitate the debate, as well as try and find industry solutions where applicable, as an industry body we are keen to become an agent for economic transformation where we can play a role.
Our initiatives on human capital development, enterprise development and procurement will therefore continue to be key priorities in the area of transformation. Projects such as the SAIA Motor Sustainability Forum (MTSF) will also assist with supporting small businesses through procurement. The industry and our members however will have to play their part with regard to the transformation agenda in their respective companies in order for the industry to make real progress.
Finally, the SAIA will continue to engage constructively with relevant role players with regards to the proposed regulatory changes for the industry to ensure that regulatory objectives are achieved without any unintended consequences for the sustainability of the industry.