The South African insurance market is faced with various challenges – comprehensive financial inclusion remains an area of focus and the market is split into a formal and an informal sector. A significant portion of the population relies on funeral cover with a much lower emphasis on much needed non-funeral insurance solutions.

This article provides an overview of the Microinsurance Regulatory Environment in South Africa, aimed to address some of these challenges.

As the various implications of the framework are expected to play out differently for each insurer, it is recognised that the decision of whether to acquire a Microinsurance licence is likely to be unique to each insurer and extend beyond the regulatory aspects.

 

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