Insurance industry could play a role in reducing the Socio-Economic gap in SA

The head of a leading insurance company has called on the industry to reassess its reach in securing the assets of the poor while creating wealth for them which will help address the massive social deficiencies in South Africa.

“Protecting the assets of this large group of our population through a Public-Private Partnership (PPP) would in the long term lift many out of the stranglehold of poverty while creating an investment climate, in part, for reinvestment in further insurance,” says Sharon Paterson, CEO of Infiniti Insurance.

Paterson’s appeal has come after the company conducted a review of the devastation caused by the Knysna fires just a year after runaway tornado of flames tore through the Sedgefield-Knysna-Plettenberg Bay area. As one of the most disastrous fires in the country in a century, it took lives, razed commercial plantations and caused damage to properties and infrastructure. A thousand firefighters from all over the country descended on the hamlet and its surrounds to bring the blaze under control.

Infiniti Insurance Company had a number of clients affected by fire which in some instances randomly burnt down buildings in the town and surrounds.  Paterson says that even for those with adequate cover, the rehabilitation process has been long and difficult. Read more

 

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