Why South Africans Are Over-Insured, Under-Protected – And What Needs to Change
Nearly two-thirds of South African household income is swallowed by debt repayments. Yet insurance penetration remains alarmingly low at just 11.54% in 2024, with the bulk of policies being funeral cover. Life, health, and asset insurance lag far behind, while many consumers hold overlapping or unsuitable financial products, often without fully understanding what they’re paying …