The insurance sector must adapt to technological disruption while safeguarding inclusive employment through re-skilling workers and expanding opportunities for youth and women, and the seta and learning institutions can ensure the industry’s resilience and relevance in a changing world.
INSURANCE
South Africa’s financial sector is one of its global strengths, widely respected for resilience, regulatory strength, and sophistication. Represented by the BANKSETA and INSETA, it covers banking, insurance, investment, and related services. The sector contributes more than 20% of GDP, making it a central pillar of economic stability.
Historically, South Africa’s financial system was shaped by gold and mining wealth, which established Johannesburg as Africa’s financial hub. The past regime, excluded the majority from access to banking, credit, and insurance. Post-1994 reforms, such as the Financial Sector Charter, sought to drive transformation and inclusion.
Today, the sector employs hundreds of thousands, from bank tellers and actuaries to insurance brokers and fintech developers. It remains a global leader, but challenges persist: financial exclusion of rural communities, cybercrime, and skills shortages in digital finance. Globally, South African banks and insurers compete with emerging markets, positioning themselves as continental leaders.
By 2030, the finance sector will be dominated by digitalisation, fintech, and blockchain. Artificial intelligence will redefine credit scoring, insurance risk, and customer service. Green finance will emerge as a major trend, funding renewable projects and sustainable business models. Transformation will remain central, with the challenge of ensuring more South Africans access affordable financial products.
Finance must serve people, not just profits. If the sector continues to innovate while expanding inclusion, it will remain South Africa’s engine of growth. But failure to democratise finance risks entrenching inequality.
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