The expanding regulatory framework has led to the increase of niche insurance products to cater for risks such as cyber liability and business rescue. The Consumer Protection Act and the Protection of Personal Information Act also add to the growing list of insurable risks.
Liability insurance will gain importance as increased consumer awareness leads to more litigation, including class actions.
Niche risk management provides opportunities for expert intermediary services, with more clients willing to pay advice fees for complex products.
Click here to read my full analysis on the need for tailored products.