State of the Market Report

Like the rest of the world, the impact of COVID-19 in South Africa has been devastating. The challenges and conditions that existed prior to the pandemic still prevail, however many have been amplified by the impact of COVID-19 and the worldwide social and economic lockdowns.

Beyond the human toll, the economic, social and political impacts have cut deep, while job cuts are plaguing the economy and uncertainty runs at unprecedented levels. The retail, entertainment, hospitality and transportation industries have been hit especially hard, while utilities, ICT and insurance sectors show some resilience.

The emergence of COVID-19 has resulted in short-term changes in focus for business across the board. While some of these changes will be temporary, others are likely to prevail and become part of a ‘new normal’.

Definitive trends in risk will continue to emerge, and sophisticated data and analytics models are providing powerful insights not only into historical patterns, but into the future risks facing the corporate sector. Successful companies will not be the ones that adopt a ‘wait and see’ approach. Instead they will be the ones that prepare themselves thoroughly to anticipate future needs and undertake the difficult process of finding solutions to address them. They will not just fix what is broken but view their new circumstances as a portal to the next generation of business opportunity.

Aon’s risk management experts have surveyed the business and insurance landscapes both globally and locally, and provide our take on the current and future risk trends, the state of the insurance market, the impact of the COVID-19 pandemic, and what business leaders need to focus on to manage risk exposure and ensure business growth in challenging times.

Click here to download the report

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