Insurance players feeling cautiously optimistic about the remainder of the year

Certainty has become a luxury in today’s increasingly unpredictable world. Yet, with the right tools, mindset and partnerships, it is possible to navigate volatility and emerge more resilient in the face of shocks and disruption.

This was the overwhelming takeaway from the 2025 Elite Risk Wealth Conference held recently, where leaders and experts from insurance, economics and leadership explored how to adapt to a fast-changing environment. This year’s theme — Navigating Uncertainty: The New Rules of Risk and Resilience — reflected the major forces shaping the landscape today.

“From geopolitical tensions and climate change to shifting consumer expectations and the rapid pace of digitisation, uncertainty is no longer the exception — it’s the norm. But we are also seeing opportunity,” said Tarina Vlok, MD of Elite Risk Acceptances, the high-net-worth insurer and a subsidiary of Old Mutual Insure. “The industry must embrace change by becoming more customer-obsessed, leveraging AI and digital innovation to improve service, and investing in talent to build future-ready teams.”

Charles Nortje, MD of Old Mutual Insure, said 2025 started well for the insurance industry, despite headwinds.

“If anything, the events from the last few years have shown us how to think about risk today: We’ve weathered COVID-19, the 2021 riots and a period of under-pricing. Our focus now is on sustainable pricing, claims efficiency and smarter risk management.”

He added that the business remains committed to supporting policyholders in challenging regions where there are heightened risks — a contrast to some global insurers withdrawing from high-risk areas altogether, as witnessed by the Pacific Palisade fire disaster earlier in 2025.

“We don’t want to leave our policyholders high and dry. In South Africa, we believe there's a better way — one that involves working with policyholders to manage risk, rather than walking away from it.”

Professor Thuli Madonsela, advocate, academic and former Public Protector, delivered the keynote address, a testament to her own message on resilience and ethical leadership amid life’s most testing moments: Just a day before the event, she announced the unexpected passing of her husband, Richard Edward Foxton, leaving a wake of devastation at her doorstep. Yet, in the face of grief, she used the conference platform to emphasise the power of trust in navigating uncertainty.

“Resilience isn’t just about bouncing back. It’s about bouncing forward,” she said. “You don’t need a title to lead. In uncertain times, ethical leadership is everyone’s responsibility, and that is something that was also true for my husband,” she said.

Respected author and workplace culture expert Siphiwe Moyo spoke about the concept of Psychological Capital, developed by Martin Seligman, as a measurable and teachable skillset.

“In a volatile and uncertain world where disruption is the norm, you’ve got to focus on what you can control. Hope, resilience and optimism aren’t just nice-to-haves — they’re tools. You can teach them, measure them, and use them to cut through the chaos.”

Nicky Weimar, Chief Economist at Nedbank, gave a more sobering view of South Africa’s economic outlook. While 2025 began with optimism — thanks to improved logistics, the absence of loadshedding, falling inflation and interest rate cuts — this momentum has been tempered by political uncertainty, delayed infrastructure spending, and global instability.

“Uncertainty seems to be the only constant. South Africa is making slow progress on structural reforms, but regulatory burdens, policy delays and trade risks continue to challenge business growth — especially in sectors like agriculture and manufacturing,” she said.

Weimar noted that rising tariffs, geopolitical conflict and weakening global growth are weighing heavily on investor confidence.

“Resilience isn’t something we inherit — it’s something we build. And through the right partnerships, innovation and commitment to ethical leadership, we can weather the storm,” concluded Vlok.