Johannesburg – The South African insurance industry has witnessed an increasing number of high-net worth individuals (HNWIs) seeking more personalised services and risk management procedures, according to Michael Petersen, CEO of Risk Benefit Solutions (RBS).
The New World Wealth Africa Report 2015 revealed that the number of dollar millionaires in South Africa approached 50 000 over the past year, and it is estimated that by 2017 this number would grow by 19% to reach approximately 55 000.
Therefore, the rise in HNWIs in the country, coupled with rising crime figures, has led to a growing need for specialised and tailored product offerings suited to the profile of this audience, in Petersen's view.
Proper planning enables HNWIs to find ways of protecting their wealth against life's unexpected events, and preserving it for future generations, cautions Stephen Mandigora, a Certified Financial Planner at Nedbank Financial Planning.
He pointed out that unexpected death, permanent disability and dread diseases are universal challenges. Their impact, therefore, requires a vigorous response to insurance planning as part of a wealth management strategy.