The SMME sector is critical to South Africa’s economic growth, employing around 80% of the African continent’s workforce and supplying just over 20% of SA’s GDP.
The past 12 months have exposed the lack of appropriate insurance products and advice for the SMME market. Right now we have an opportunity, as an industry, to ensure we structure products suited to the constantly changing environment that SMMEs operate in.
In this weeks thought leadership newsletter we look at the specific needs of the SMME sector and some of the approaches from insurers to address their risks.
Time to change our approach to SMME insurance
About a third of SA’s GDP comes from small to medium enterprises and another staggering fact is that about 70% of these businesses fail within three to five years. We spoke to Michael Clack, general manager business development at Renasa about the risks that SME’s face and the importance of insuring small and medium enterprises.
SMME business resilience takes a collective focus
SMMEs – like any other business – cannot go at it alone, which is why we’re continuing to see more, innovative collaborations that are expanding awareness and access to, or enhancing, the SMME value proposition.
Protecting the heartbeat of South Africa’s economy
As drivers of economic growth and job creation, all business owners should ensure that they not only protect themselves with personal cover, but to also ensure their business is protected and can continue operating, no matter what happens to them.
Brokers must access, apply digital technology to benefit themselves and their customers
With South Africa being a nation of small businesses, and insurance an essential service underpinning the resilience of those businesses, brokers must consider digital technology as an integral component of their value proposition.
Five Risk Trends Affecting SMMEs
It crucial for SMMEs to identify the trends impacting their businesses and to find ways to leverage new opportunities. Aon South Africa, risk advisors and insurance brokers, delve into the top five trends affecting the SMME sector.