By Sherry Sibeko, Executive Head: Personal Lines, Miway

As June marks the halfway point of the year, many South African households find themselves taking stock of their finances - reviewing budgets, reassessing priorities, and identifying where spending habits need to shift. For some, the first six months have gone according to plan. For others, rising living costs, unexpected expenses, and economic pressure have made staying on track more challenging.

This natural mid-year reflection point presents an important opportunity: not just to adjust day-to-day spending, but to rethink the role of insurance as a key pillar of financial resilience.

“By mid-year, consumers typically have a much clearer picture of what their financial year looks like,” says Sherry Sibeko, Executive Head: Personal Lines, Miway. “It’s the moment where you can see what’s working, what isn’t, and where you may be exposed - and that’s exactly where insurance should come into the conversation, not as an afterthought, but as a proactive plan.”

From grudge purchase to financial safety net

Insurance has long been viewed by many as a reluctant expense - something to have, but not necessarily something to prioritise. However, in an environment where unpredictability has become the norm, this perception is quickly shifting.

Whether it’s a burst geyser in winter, vehicle repair costs after an accident, or damage caused by extreme weather, unexpected events can have a significant financial impact if households are not adequately covered.

“Insurance plays a critical role in protecting the progress you’ve already made,” adds the spokesperson. “It’s not just about safeguarding assets - it’s about protecting your ability to recover financially from life’s curveballs.”

Why a mid-year check-in matters

Unlike the start of the year when budgets are often aspirational, June offers a more realistic snapshot of financial behaviour and pressures. By this stage, households can assess whether they are staying within budget, where costs have increased unexpectedly, which financial commitments remain sustainable and where gaps in protection or cover might exist.

This makes it an ideal time to review insurance policies and ensure that cover aligns with current circumstances.

Key questions to consider include:

·       Is your current cover still sufficient? (I.e. Has the value of your assets changed, or have you made new purchases that need to be insured?)

·       Are you over- or under-insured? (Paying too much for unnecessary cover, or too little for insufficient protection, can both carry financial consequences).

·       Are your premiums still manageable? (With ongoing cost pressures, it’s worth reviewing whether your policy structure still fits comfortably within your budget).

·       Do you understand what you are covered for? (Clarity on what your policy includes and excludes is essential to avoid surprises when you need to claim).

Small adjustments, long-term impact

A mid-year insurance review doesn’t always require major changes. Often, small adjustments can make a meaningful difference whether it’s updating asset values, adjusting excess levels, or bundling policies more efficiently.

Just as importantly, it offers peace of mind: knowing that if something goes wrong, you’re not left facing the full financial burden alone.

“Financial wellness isn’t only about saving and budgeting - it’s about protecting what you’ve built,” says Sibeko. “Taking a few minutes to review your insurance at the halfway mark can help ensure you’re set up for the rest of the year, no matter what comes your way.”

A timely reminder before the year accelerates

The second half of the year is often accompanied by increased spending during the spring and festive periods – so, now is the time to act. Waiting until something goes wrong can be significantly more costly than taking a proactive approach today.

“For South African consumers navigating an uncertain economic landscape, a mid-year check-in isn’t just helpful - it’s essential. And ensuring that your insurance cover is aligned to your current needs is one of the smartest financial decisions you can make,” Sibeko concludes.