Only 11.5 % of South Africans

In 2024, nearly two-thirds of South African household income was consumed by debt repayments. Yet, despite the fact that many live just one salary away from homelessness or destitution, insurance penetration remains critically low, at just 11.54 %. The majority of existing policies are limited to funeral cover, while essential products like life insurance, health insurance, and asset protection continue to be underutilised.

Many consumers are burdened with overlapping, inadequate, and / or misaligned financial products, often without a clear understanding of what they’ re paying for or how they’ re protected. According to industry experts, the root cause is a flawed financial advice model – one that prioritises product sales over people’ s real financial needs, leaving millions of households underinsured and financially vulnerable.

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