Burgette Couvaras, Head High Net Worth Santam Insurance
Despite mounting pressure on the South African economy and its associated social challenges, alongside a continuing trend of emigration, certain sectors, although affected, remain resilient and continue to grow.
One such sector is the high-net-worth (HNW) market. According to official SARS statistics, the number of individuals earning a taxable income of more than R5 million pa increased by 21.8% from 2021/2022 to 2022/2023, and this upward trend is ongoing.
The modern lifestyle of the HNW market increasingly demands luxury homes, watercraft and cars to jewellery and fine art. This underscores the significant growth potential in the segment. The clients are discerning, aspirational, and expect that their insurance experience matches their lifestyle. These clients and their brokers appreciate competitively priced all risks insurance across a spectrum of assets, with an added convenience of meaningful value-added products such as roadside and home emergency assistance, and complimentary chauffeur drive service.
Comprehensive hospitality insurance designed with your business in mind.
Our expertise positions us to effectively cover hotels, lodges, golf and sporting clubs, restaurants, conference and wedding venues, timeshare resorts, etc. This enables your clients to continue welcoming their guests to relax and enjoy their facilities, safe in the knowledge that we have them covered with insurance solutions designed to address the specific needs of their business.
To find out more visit Santam.co.za
or speak to your Relationship Manager.
Santam is an authorised fi nancial services provider (FSP 3416),
a licensed non-life insurer and controlling company for its group companies.
At Santam, we cater to this market through our specialised offerings under Santam Executive, Echelon, and Vantage. These bespoke products and services are designed for the redefined full ambit of high-net-worth individuals. This sector is redefined to include young degreed professionals on their upward journey, motor enthusiasts and collectors, high income earners and ultra-high-net-worth individuals. The latter group, defined as U.S. dollar millionaires, now numbers over 33,000 in South Africa.
The Santam HNW solutions are offered exclusively through the intermediated (broker) model. Brokers play a key role in this sector and consistently report that their clients require expert advice and appreciate the benefit of having a knowledgeable professional available, especially at claims stage and when structuring their short-term portfolios.
This is a lucrative and highly competitive market, with most insurers placing strong emphasis on it. Santam remains committed to a high-touch service model, backed by leading products, specifically designed to cater for the sector backed by a dedicated team of skilled and experienced professionals who understand the unique risks and needs of this sector equipped to provide the appropriate solutions.
Editor’s Thoughts
As South Africa’s high-net-worth segment evolves, it’s clear that wealth is no longer defined only by traditional assets—but by lifestyle, experience, and expectation. Burgette Couvaras highlights not only the sector’s resilience and growth but also the increasing sophistication of its clients. In this market, insurance must do more than cover loss—it must provide service excellence, personalisation, and peace of mind. With the right partnerships and products, insurers have a real opportunity to become trusted advisors in preserving the lifestyles and legacies of a rising elite.