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TimesLIVE
07-07-2025
- Automotive
- TimesLIVE
Your shield against the unexpected: why insurance still matters
About 70% of South African motorists are either not insured or underinsured, leaving them financially exposed in the event of an accident, theft, or natural disaster. Affordability is a big hurdle — but just as concerning is how many people still don't realise how important insurance is for staying financially secure when life takes an unexpected turn. Burton Naicker, CEO of Miway Insurance, believes that addressing this protection gap begins with greater awareness. 'South Africans face increasing financial vulnerability, compounded by high unemployment and low insurance penetration. It's up to the industry to shift perceptions and show the real value of insurance in people's everyday lives.' The real protection gap SA's short-term insurance gap refers to the difference between what individuals or businesses could lose during an insurable event, such as a flood, car accident or burglary, and the portion of those losses that are insured. Small businesses and low-income households are especially affected, often operating with minimal to no protection. According to Naicker, the issue is twofold. 'There's one group of people who could technically afford insurance but choose not to, often because they think it costs too much. Then there's a much larger group who simply can't afford full coverage at all. In both cases, there's often little understanding of how customisable insurance can be made affordable. 'People view insurance as a luxury, something that can be cancelled when there is financial pressure. The reality is that most accidents and losses are caused by things out of your control, like someone else's poor driving, infrastructure failures or extreme weather conditions,' he says. 'That's why cover still matters.' Tailored cover is better than none Without a savings buffer, South Africans risk long-term setbacks if their vehicles or homes are damaged or destroyed. For small business owners, it could mean the collapse of a livelihood built over years. The economic knock-on effects are also significant. 'If a small business has no cover and suffers a major loss, it can't serve its customers, pay staff or contribute to the economy. The ripple effect is serious,' says Naicker. 'That's why I believe insurance should be treated as a basic cost of doing business — something that gets built into your pricing from the start.' Miway encourages people to explore flexible insurance options that suit their budget and needs. 'Especially during revolving life changes, we encourage you to keep your assets covered,' says Naicker. 'Your monthly premium can be reduced by increasing your excess or choosing a lower level of cover. It's always better to have some cover than to have nothing at all.' Insurance: smart protection for a changing world The nature of risk is also evolving, with extreme weather events becoming more frequent and severe. The record-breaking April 2022 floods in KwaZulu-Natal, for example, caused billions in damages. Add to that the ongoing threat of load-shedding, which can lead to power surges damaging appliances and compromised security systems. At a time when every rand counts, Miway's new Micashback is a meaningful reward that puts real cash back in people's pockets '[While cover from the government-owned] South African Special Risks Insurance Association plays a critical role in protecting against damage caused by risks such as civil unrest, looting, and strikes, it is vital for consumers to understand that this cover is only accessible through their existing personal or business insurance policies,' says Naicker. At Miway, adapting to this changing risk landscape means offering insurance that is not only relevant but also rewarding. The company recently launched Micashback — a smart new feature that gives customers 10% of their premiums back after two straight years without a claim. At a time when every rand counts, it's a meaningful reward that puts real cash back in people's pockets. 'Insurance shouldn't feel like a grudge purchase,' Naicker adds. 'It should be a tool for rebuilding and recovery, and where possible, and it should reward positive behaviour as well.' Time to reassess The recent National Insurance Awareness Day (June 28) serves as a reminder for South Africans to take a moment to reflect and review their policies, says Naicker. Whether you've bought a new car, renovated your home or started a side hustle, your policy should keep up with your lifestyle. Rather than cancelling insurance altogether when times are tough, it is best to speak to your insurer about how to make it more affordable Burton Naicker, CEO of Miway Insurance 'People's lives change all the time — you move into new jobs, start side hustles, or take on new financial responsibilities,' he says. 'Your cover should change with you. Rather than cancelling it altogether when times are tough, it is best to speak to your insurer about how to make it more affordable.' He adds that Miway continues to revise and expand its product range to meet different customer needs. 'Our policy structure is designed to offer real flexibility — drop cover, add cover, adjust your excess — all to help customers stay insured through different life stages.'
IOL News
26-06-2025
- General
- IOL News
Understanding borehole insurance and compliance for homeowners
Discover the essential information homeowners need about borehole installations, including insurance implications, compliance requirements, and expert advice on ensuring a safe and legal drilling process. Image: File photo. For many reasons, including the desire to build more drought-resilient homes, South Africa has seen an upsurge in residential borehole installations. According to the Department of Water and Sanitation, between 80,000 and 100,000 boreholes are installed every year. Local homeowners need to be aware of the insurance implications of owning a borehole, how to get the right cover, and most importantly, why it's important to have it drilled by a qualified professional. Get a borehole – but make it compliant. Recent headlines have highlighted the potential risk associated with borehole drilling, particularly when it's done without proper planning and adherence to regulations. These risks extend beyond individual properties and can lead to damage to underground infrastructure and disruption to essential services. According to Youlon Naidoo, executive head of claims and procurement at Miway, this issue also highlights the importance of understanding how borehole installation impacts home insurance cover. 'Installing a borehole is an effective way to ensure an uninterrupted water supply and reduce reliance on municipal water,' he explains. 'However, any form of underground drilling can affect the structural integrity of your home, impact neighbouring properties, and alter the health of the surrounding soil.' Naidoo stresses that compliance is the most critical part of the process. Borehole drilling must be approached with proper planning, adherence to safety standards, and alignment with regulatory requirements to minimise risks both during and after installation. Homeowners and service providers alike should be aware of these responsibilities to ensure safety, legal compliance, and appropriate insurance coverage. Important regulatory issues to consider Firstly, the regulation prescribes that any homeowner wishing to drill a borehole must have a hydrogeological study conducted to identify any potential issues with water quality and availability. Next, the homeowner needs to obtain a water use licence from the relevant municipality as well as an Environmental Impact Assessment (EIA) and a Drilling Permit. The drilling itself needs to comply with the proper technical, environmental, and safety requirements as set out by the Department of Water and Sanitation, The National Water Act, municipal by-laws, and the South African National Standard SANS 10299 guidelines. Service providers also need to comply with several safety requirements to protect the health and safety of their employees during the installation. Video Player is loading. 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Advertisement Next Stay Close ✕ For this reason, as Naidoo explains: 'Many insurance policies may not cover damages caused by non-compliant boreholes. Just like with any structural insurance claim, where we'd look into whether your home was built by a registered builder, the same applies to borehole installations. Homeowners need to make sure the installation was done by a qualified, reputable contractor, and that all the necessary permissions and legislative requirements, such as those outlined in SANS 10299, were met. When it comes to boreholes, getting it done right from the beginning could save you a lot of unnecessary stress, time, and expense if something goes wrong." How borehole insurance cover works The cost of replacing or repairing a borehole is covered by most local insurers; not as part of a separate standalone policy but as part of home insurance cover. Miway Buildings insurance policyholders, for example, enjoy cover on their property's permanent fixtures, fittings, and improvements, which include boreholes. It's important, therefore, that homeowners add their borehole to their insurance policy as soon as it is installed. There is also a third-party side of borehole insurance cover to consider. For example, Miway covers clients for any damage caused to a neighbour's property during borehole installation. As in other cases, however, checks and balances apply, including compliance-related factors such as whether the right kind of drilling equipment was used, whether the technical requirements were followed, and whether all safety elements were considered. This again, is where hiring a qualified professional can make all the difference. The homeowner's duty of care Homeowners need to remember that they have a duty of care to ensure that their borehole is properly maintained, just as they would in the case of their home or car. Some important steps include checking the system for leaks, inspecting the pump, and assessing the filters to ensure that the water is being properly cleaned. These routine checks are relatively affordable but in the long term, will help you protect your investment and make sure that if anything unexpected occurs, your insurer can step in to help.
News24
03-06-2025
- Business
- News24
How to thrive in SA's tough job market: embracing side hustles and inclusion
South Africa's unemployment statistics tell a sobering story. The latest Quarterly Labour Force Survey reveals that the unemployment rate has risen to 32.9% in Q1 2025, up from 31.9% in the previous quarter. Even more concerning, 76.7% of the country's unemployed people have been jobless for more than a year – a significant increase from 66.0% a decade ago. For job seekers, these numbers aren't just statistics—they represent real challenges that require new strategies. The traditional approach of sending countless CVs and hoping for interviews simply isn't enough in today's competitive market. What employers are looking for While companies still prioritise qualifications and experience, many are increasingly focused on finding employees who reflect the communities they serve. This shift creates opportunities for candidates who might previously have been overlooked. 'You cannot find a more diverse place than South Africa,' notes Nomie Nxumalo, Executive Head of People and Transformation at Miway. 'If leaders want to attract the right customers, they need to have the right people in the organisation – people who reflect the communities they're serving.' Nxumalo emphasises that this isn't just about ticking demographic boxes: 'It's about access, opportunity, and transformation. When you recruit from the communities you operate in, you're not just hiring staff, you're solving unemployment.' Job seekers should research potential employers' diversity commitments before interviews. Companies with genuine inclusion programs often highlight these on their websites and social media. Look for specific initiatives rather than vague statements about valuing diversity. Evaluating opportunities beyond salary When considering job offers, today's savvy job seekers should look beyond just the paycheck. While compensation remains important, other factors significantly impact job satisfaction and career growth. 'Everyone needs to feed their families, but we're finding that young people today aren't only looking for a salary,' says Nxumalo. 'They want to know how we treat each other, what we're doing in our communities, and whether they'll have opportunities to grow.' Questions worth asking potential employers include: What professional development opportunities do you offer? Do you have mentorship or sponsorship programs? How do you support employees' wellbeing? What community initiatives is the company involved in? According to Nxumalo, sponsorship is particularly valuable: 'A sponsor is someone who opens doors for you, even when you're not in the room. That's the kind of support many young South African professionals have never had.' Navigating the job market with a disability For South Africans with disabilities, the employment landscape presents significant challenges. Current statistics show that while approximately 15% of South Africans have disabilities, the employment rate for disabled persons within companies is just 1.0%, with unemployment rates among this group estimated at over 86%. 'The stigma around disability – especially mental illness – is still massive,' says Nxumalo. Many companies, however, are beginning to partner with organisations like the Career and Disability Expo to change this reality. These collaborations aim to dismantle stubborn stigmas while creating meaningful employment opportunities. Job seekers with disabilities should consider: Researching companies with established disability inclusion programs Connecting with specialised career expos and recruitment initiatives Being prepared to discuss reasonable accommodations that could help you succeed in the role Building digital skills that future-proof your career As automation transforms workplaces, developing digital skills has become essential for long-term employability. With AI and automation reshaping the world of work, job seekers need to prioritise digital upskilling. 'Digital transformation has been happening for years, but what's changed is the speed,' notes Nxumalo. Programs focusing on data literacy, cybersecurity, and digital behavior are becoming increasingly important across industries. Fortunately, South Africa offers several free and accessible digital skills training options: Mzansi Digital Learning: Free courses in AI, entrepreneurship, cybersecurity Grow with Google: Over 70 free online courses in digital marketing and business tools MTN Skills Academy: Digital skills training focused on career advancement ALX Africa: Practical courses in software engineering and data science 'Leaders need to be willing to be upskilled and reskilled too. You can't lead in a digital world if you're afraid of it,' Nxumalo points out. This means digital literacy is valuable at all career levels. Read more | Overemployed and leading a double (remote) life – how having more than one full-time job works in SA Embracing the side hustle generation Perhaps the most significant opportunity for today's job seekers lies in embracing the 'side hustle' mentality—even when pursuing traditional employment. 'They're not chasing a nine-to-five; they're chasing impact,' observes Nxumalo about today's workforce. 'If we want to keep the next generation engaged, we need to design workplaces that support project-based, creative, and side-hustle mindsets.' Successful approaches include: When interviewing, don't hide your side projects—highlight them as evidence of your drive and creativity. Some companies are now actively encouraging internal 'gig work' and leveraging employee talents in unconventional ways — from hiring staff as DJs at events, to tapping into hidden talents like photography, coding, and content creation. 'You're not just one thing,' Nxumalo emphasizes. 'We want our people to bring their whole selves to work – because when you do that, you build a workplace that's truly inclusive.' South Africa's unemployment crisis won't be solved overnight, but understanding how the employment landscape is changing helps individuals navigate it more effectively. By developing digital skills, embracing side projects, and seeking out truly inclusive employers, job seekers can position themselves for success even in a challenging market. As Nxumalo concludes, 'This is how the private sector can move the needle on South Africa's deeply entrenched issue of economic exclusion.' For job seekers, this shift represents an opportunity to stand out by authentically sharing not just what you can do, but who you are.
IOL News
15-05-2025
- Business
- IOL News
Working from home? Understand the insurance implications before you set up
Some companies still allow their employee to work from home now. Image: Pexels PNW Production As many people embrace the convenience of home offices, only a few realise that this work-life-balance choice could have significant implications for their insurance policies. Nomie Nxumalo, executive head for people and transformation at Miway, urges South Africans to review their home and car insurance to ensure they remain adequately covered if they opt to work from the comfort of their personal space. 'Most standard home insurance policies are structured around personal use of the home. Whether you're running a business or working remotely, it's crucial to declare to your insurer if a portion of your home is being used for business purposes,' Nxumalo said. She said that not doing so could result in claims being declined or certain losses not being covered. There is a shift in the purpose of property, as homes are no longer a mere living place only. Last month, John Herbst, CEO of Fine & Country Sub-Saharan Africa (SSA), said properties today serve multiple purposes; they are now spaces to work, create, entertain, and relax. 'For real estate professionals, this means shifting the conversation from square metres to possibility. The work-from-anywhere revolution is not only changing where we live – it's redefining why we live there in the first place,' Herbst said. The network of independent estate agents said the future of work is hybrid, flexible, and mobile, and the homes people live in need to reflect that. While remote and hybrid work arrangements have recently started to decline as the return-to-office trend has gained momentum around the globe, many companies continue to embrace these models to attract and retain top talent. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. 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The South African-based direct insurance company said the integration of workspaces into personal residences brings about certain dynamics to home usage. It said many homeowners have invested in expensive office equipment, increased their reliance on home internet, and even started running businesses from their residences. However, the insurer said failing to inform insurers about these changes could lead to gaps in coverage or even rejected claims in some cases. For instance, Miway said home offices often house valuable equipment like computers and printers, as well as back-up supply to routers, which many people installed when loadshedding was at its worst. It added that other items could include fridges and storage, depending on the business activities. According to the company, these products may require extra coverage beyond a standard insurance policy and would certainly need to be considered under contents coverage. 'Additionally, handling sensitive data from home can expose you to cyber threats, yet most home insurance policies do not include cybersecurity,' Nxumalo said. She concluded that the best approach is to consult with an insurance professional to tailor coverage to one's specific needs, ensuring all aspects of their work-from-home lifestyle are adequately safeguarded. The Stanford Institute for Economic Policy Research (SIEPR) surveyed college graduates in 40 countries across the Americas, Europe, Asia and Africa from November 2024 to February 2025 to collect information on working from home (WFH). The institution said it derived five facts from its study. It found that WFH is highest in North America, the UK and Australia, and lowest in Asia. The study showed that WFH levels fell from 2022 to 2023 but have since stabilised. Employees with children are more likely to split their workweeks between home and the employer's location, while those without children are more likely to work in a fully remote or fully onsite capacity. WFH levels are similar for men and women in every major region of the world. The desire to WFH is highest among women with children, the study found. Independent Media Property
