South Africa is Africa’s largest and most sophisticated short-term insurance market which has undergone many changes in recent times.
Short-term insurers operate in an extremely competitive industry, an environment where the issue of corporate governance is highly profiled. The King III report provides a proactive and comprehensive set of recommendations on a code of corporate practices and conduct. Companies have to commit themselves to ethical and responsible management of their enterprises and, from an industry perspective; follow the South African Insurance Association’s (SAIA) Code of Good Business Practice.
The industry climate is also being strongly characterised by legislative enactments. Current and upcoming legislation seeks increasingly to empower and protect the customer.
In order to prosper and grow, insurers will have to remain focused, have a sound financial base and clear business objectives which place emphasis on meeting customers’ needs.
Continue reading more about Corporate Responsibility here.