South African insurers face an uphill battle

South African insurers are currently confronted with a whole range of challenges that are likely to weigh heavily on their profitability.

The market is facing high inflation rates, the repercussions of climate change, socio-economic risks, tighter reinsurance conditions and infrastructure problems.

On top of all that, cybercrime could well be a new source of severe losses for the sector.

The recent war in the Middle East is another major concern for insurance companies.