When the storm moves closer: why insurance can no longer be an afterthought

IF YOU grew up in a South African household, you probably heard phrases like: “We’ll deal with it when the time comes” or “Nothing will happen to us”.

- ZAHIR BHYAT

For many families and businesses, insurance often lived in that category, being important, but postponed.

Something for tomorrow

Wars that once seemed geographically distant now influence what South Africans pay for fuel, food, imported goods and transport. Global conflicts disrupt supply chains. Shipping routes become expensive. Exchange rates fluctuate. Electricity infrastructure remains under pressure. Climate events increase in severity.

In this environment, the question is no longer whether you can afford insurance. The question is whether you can afford not to have it. A conflict thousands of kilometres away now affects the price of bread in Durban, vehicle parts in Johannesburg, and building materials in Cape Town.

When shipping costs rise, repair costs rise. When inflation rises, replacement costs rise. When replacement costs rise, underinsurance becomes dangerous.