By: George Jennings

When flying an airplane, the pilot has no control over the tailwinds and the headwinds. The pilot’s control is to steer the aircraft safely through the prevailing conditions. The insurance industry is experiencing the winds of change. What are the challenges and how can we navigate them in the year ahead?

Drawing the curtain on 2024

2024 was a year of umpteen challenges in a volatile and unpredictable environment, including the trading conditions in the insurance market.

We experienced a turnaround in the reinsurance market. However, despite unparalleled weather conditions, the market remains robust and resilient.

Positive outlook for 2025

Heading into 2025, various developments during 2024 have triggered a more positive outlook. The 2024 Ggeneral Election is a testament to the voters’ views which, we foresee, will bring about change in the landscape and a new direction of our country.

It is encouraging to see the growth and support of Consort’s Broker/Intermediary base over the past twelve months, resulting in growth in our client base.

Consort anticipates a challenging and rewarding 2025. From a service perspective and further increase of our footprint, stretching from the Western Cape to Limpopo and across our borders, Consort is geared and ready to face the future.

Innovative insurance products and solutions

Consort is constantly exploring new avenues and looking for innovative insurance products and solutions to adapt to the never-ending evolution of our workspace and information technology.

A watchful eye on the construction mafia

A positive step has been the announcement by the Government to address the ongoing disruption by the construction mafia. The construction industry has been plagued by mafia groups whose main objective is to ‘take a stake’ in a construction contract or project. In many instances, the modus operandi is to disrupt or force the contractors to cooperate or face the consequences by deranging and delaying the completion of the project or contract through various means.

From an insurance perspective, the construction mafia can trigger a claim if their actions bring about or result in physical loss or damage to the contract works at the contract site.  It is worth checking that your Contract Works policy makes provision for any potential material damage claim as a direct result of a construction mafia incident.

Technological advancement

Technological development is advancing at such a pace that it is sometimes difficult to keep abreast of the developments of Plant, Machinery and Equipment. From the mining sector to the construction industry, the medical fraternity, production lines, mechanical/electronic robots, office machines, the motor industry, security, and surveillance equipment, hi-tech equipment is reformatting our extraordinarily complex world.

Changing weather conditions

In 2025, we need to focus on the extreme weather conditions. As we all know and have experienced or seen the weather phenomenon has churned up some of the insurance markets around the globe. We are continuing to monitor these changing weather patterns and conditions and their potential impact from an insurance perspective. One of the worst disasters in the history of the country was the KwaZulu Natal floods back in 2022. These floods caused havoc all over the region, but despite all, the insurance industry came to the rescue of those who were fortunate enough to have adequate cover. This is where Consort were ready and prepared to assist all our intermediaries and clients. A show of force and tenacity brought great relief to all our clients.  This is where we as Consort pride ourselves in the quality of our products and the service we offer.

It must be remembered that being part of the Financial Services Sector, we also act as a pillar of support to the Banking industry to provide protection to assets that could be secured with loans and or other lending mechanisms. Assets such as buildings in the course of construction, construction plant and equipment, Electronic Equipment and the like. Our policies provide protection for these kinds of losses or damage.

Consort at the forefront

A new chapter has begun. Consort’s objectives will be to address the industry and its challenges with expert insight when faced with the headwinds.

Consort has the intellectual and insurance capacity as well as the resources to offer our Brokers/Intermediaries and our clients a well-supported range of products and services.

Our Brokers/Intermediaries and followers are invited on the various platforms to come forward with suggestions and questions for us to address. We can communicate directly or on a preferred platform.

Consort is prepared for the headwinds of 2025. Our team looks forward to providing you with the most up-to-date information and products. We will continue to build relationships and deliver a value-added service in everything we do.

Consort Technical Underwriting Managers