Insuring Tomorrow: Navigating Change in South Africa’s 2023 Landscape

Kashmira Naran, Insurance Partner at KPMG and co-editor of the 2023 Insurance Survey, gives a look into the dynamic changes shaping the South African insurance landscape with insights from the 2023 KPMG Insurance Survey.

As economic pressures and geopolitical uncertainties impact the industry, learn how insurers are resiliently adapting. The survey's central theme, "the power of human," highlights the industry's shift toward customer-centricity. Discover key challenges, including economic pressures, natural catastrophe events, and political uncertainties, and explore opportunities driven by technology and ESG initiatives. From embracing generative AI to transitioning from risk transfer to risk management through IoT technology, South African insurers are innovating. Despite fierce competition, the sector remains crucial to the country's economy, prioritizing relationships and customer-centric approaches for long-term success amidst a rapidly evolving landscape.