By Karen Muuren, Head: Segment Solutions at Santam
In a South African context, the average individual has net assets of approximately R180 000 (wealth per capita). This is a relatively healthy level when compared to most other emerging markets. There are approximately 38 400 millionaires (HNWIs) living in SA, each with net assets of R16 million or more, and 2 030 multi-millionaires, each with net assets of R160 million or more. South Africa also stands as the largest wealth market in Africa and the 32nd largest worldwide (in terms of total wealth held).
In today’s ever-changing environment, it’s important to ensure you have the correct insurance cover that meets your needs. Finding innovative and relevant ways to insure an individual’s assets has become a leading edge for creating meaningful insurance cover.
This is why Santam launched its Personal Lines Executive offering in early 2020 to provide a premium insurance solution for affluent individuals. This forms part of a business unit that focuses on relevant consumer and business segments by providing packaged solutions around risk with in-depth knowledge and value for those segments. One of the key features of this unit is that, over and above providing value, it also provides brokers with specialist knowledge, support, underwriting and risk management.
We have done extensive international and local research into market segments that have large growth potential but also have unique needs. The findings from this research pointed to the need for insurance that included cover for high-value household contents like fine art, jewellery and collectables. Many brokers had already provided us with feedback that this had been requested; however, the additional research struck just how large the need was.
Expertise makes it possible
Behind every modern marvel is a team of experts who take innovation to the next level. In insurance, having a risk solutions partner that understands your business the way you do is crucial to protect it.
Santam is an authorised financial services provider (FSP 3416),
a licensed non-life insurer and controlling company for its group companies.
Given the realities of load shedding, crime and other uniquely South African problems, safeguarding one’s wealth can be trickier than it would be elsewhere. Our Personal Lines Executive offering provides High net-worth individuals with bespoke personal cover insurance to protect what is important to them in this ever-changing world.