JOHANNESBURG - Technology and cyber crime are among the biggest concerns for insurers across the globe, professional services company PwC said on Wednesday, citing an annual survey which included 28 responses from South African firms.
The report by independent think tank Centre for the Study of Financial Innovation in association with PwC polled over 900 insurance practitioners and industry observers in 53 countries, to find out where they saw the greatest risks over the next two to three years.
South African respondents said weak economic growth, low disposable income and persistent high unemployment levels were significant contributing factors, said Victor Muguto, long-term insurance leader for PwC Africa.
"Given our very difficult economic environment, it is not surprising that macroeconomic risk was ranked the number one concern in South Africa, compared to a global ranking of 9th," Muguto said.
Socio-economic and political uncertainty had also slowed down the pace of economic and insurance sector growth across the rest of Africa, he added.