In his keynote address at the SAIA Cocktail function in July, Deputy Finance Minister Sfiso Buthelezi pledged government’s support to the short-term insurance industry. Buthelezi said while government remains committed to seeing an insurance sector that is transformed and supports financial inclusion, it’s important that the industry continues to innovate, treat it customers fairly, is well regulated , supports key government initiatives on infrastructure and continues to reduce costs so that customers get value for their money, amongst others.
The deputy minister stressed that while the industry was on the right trajectory, there is still a lot of work that needed to be done. He singled out three key focus areas for the industry, namely improving access to insurance, transforming the insurance sector and partnering with government to address climate change. He acknowledged that although these are challenging times - thanks to factors such as global economic and political instability, climate change, economic recession and credit rating downgrades - “It is in challenging times that we can unite to find common ground. This is the time when the insurance sector can truly show its added value."
Looking at the issues mentioned by the deputy minister, we can safely say the SAIA and its members are on the same page - and we have a lot of common ground. As an industry, we are fully committed to transformation and we recognise the role that a transformed and inclusive society will play in economic growth and in ensuring a sustainable future for our country; a future in which we can all flourish and thrive.