The biennial survey found that 84% of respondents have made financial changes in response to the growing cost of living. However, despite the pressure, very few are letting go of their insurance cover, with just 1% saying they had cancelled their policies to save money.

Atang Matebesi, head of Santam Client Solutions, noted that while consumers are cutting back in other areas, most still see the value in maintaining short-term insurance.

“People are tightening their budgets to avoid draining their savings, yet they continue to prioritise their insurance premiums,” Matebesi said. “This shows that short-term cover remains a crucial part of their financial planning.”

--ChannelAfrica--