March 22 - Santam, one of the largest insurance providers in South Africa, is the first to target low-income groups with a cheap home insurance product. Santam MultiHome will feature premiums for as little as R15 per month, and should make an entire underclass aware of short-term home insurance.
In the past ignorance and excessive cost were the two primary reasons why most South Africans from disadvantaged backgrounds did not insure their homes. This new home insurance product is in line with the Banking industry's efforts to launch Mzansi style affordable products.
This is a huge new market for South African insurance companies, and even long-term insurance products are being aimed at this demographic. New life insurance policies are available from companies like 1 Life Direct, and this will spark new offerings from the established giants of life insurance in South Africa like Liberty Life.
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