South Africa is a country of significant differences in terms of income, with much talk of the wealthy leaving the country, are there still opportunities for brokers in the High-Net-Worth segment? Christelle Colman, CEO/ Founder of Ami Underwriting Managers (a Constantia UMA), thinks so and shares her reasons for being optimistic.
“There are several reasons why we believe there is still considerable opportunity in the wealth insurance segment in SA. Apart from the growing middle class, there is growth from gen Z and the young millennial segments that are moving up in life and needing more sophisticated insurance solutions.”
“The generally accepted global definition of an HNWI is a person with a net asset value of more than 1 million USD or a Dollar millionaire. Regarding insuring individuals in the wealth segment, we do not consider net asset value but insurable assets, whether financed or purchased in cash. It broadens the segment quite significantly.“