As the industry shifts into a hard market, brokers will need to guide clients on the coverage that is being taken away and advise them on their options. For example, most insurers have taken away the public utilities extended cover extension under business interruption due to the fear of grid failure and the power surge claims that have followed.

Another major concern for Matt is succession planning in the industry. With the average age of brokers in South Africa being way over 50, the industry must find a way to create and train the next generation of brokers. Matt believes that brokers need to do a better job in attracting young, talented people and advertising the industry as a fantastic career opportunity.

Furthermore, Matt highlights the opportunity for brokers in the intangible asset space. As businesses are becoming more tech-focused and providing services and software, they still have significant risks that need to be insured.

Matt believes that brokers can tap into this growth area by offering cyber and specialist liability insurance products. In conclusion, the insurance industry in South Africa is facing several challenges and opportunities in the wake of recent events. Brokers must adapt to the changing landscape and find innovative solutions to meet clients' needs.