Overview
When we last conducted the survey the world was beginning to merge from the COVID 19 pandemic, with top risks being amplified by the pandemic, but showing the industry being incredibly resilient. Fast forward two years and the risks associated with the pandemic are far less of a worry. Whilst the top risks are broadly similar to the last edition, we have seen fundamental shifts in the way people work, accelerated advances in technology, and significant economic shocks.
The macroeconomic outlook was seen as the most severe near-term risk in South Africa. A respondent said this: “has a twofold impact. One, loss of business, due to business closure and affordability challenges; and two, increased cost of claims”. The global concerns about the impact of climate change and cyber crime on the industry were also prevalent in the South African rankings.
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