Treat insurance as a vital part of financial planning

AS SOUTH Africa joins the global observance of World Investor Week 2025 (6-12 October), the South African Insurance Association (SAIA) has issued a considered appeal to consumers to broaden their understanding of financial wellness.

- DIEKETSENG MALEKE

While budgeting and investment remain central pillars of financial planning, SAIA emphasises that non-life (asset) insurance is equally vital in safeguarding individuals and households against unforeseen financial shocks.

According to SAIA, non-life insurance, which includes cover for motor vehicles, homes, and business assets, plays a critical role in promoting financial resilience. It enables consumers to transfer the financial risk associated with unexpected loss or damage to an insurer, thereby preserving personal wealth and facilitating recovery. SAIA encourages consumers to view insurance premiums not as discretionary expenses, but as strategic investments in long-term financial stability.

“As consumers, we should not look at insurance premium as an expense, but rather a valuable component of our financial planning and management, as it provides peace of mind and protects us from financial worries when experiencing shock due to damage and/or loss of our valuable possessions such as our motor vehicles, homes and businesses,” says Zanele Gigaba, transformation manager at SAIA.