COVID-19 insurance risks: What can we expect going into 2021 and beyond?

This is part four in a series of six blog posts providing COVID-19 risk advice. In part three we unpacked what insurance and risk management advisers should be doing. Read part three here.

By Claude Hamman, Head of Specialist Risk Advisory at Indwe

Let us first regard the previous century before we imagine the next decade. Humanity has survived the Great War, the Great Depression, World War II and the Great Recession. Now, we are facing the Great Infection, as the COVID-19 crisis of 2020 sweeps across the planet. In a previous article (Unlocking a new future for South Africa) we looked at a post-COVID-19 crisis world and explored some of the opportunities and threats that may emerge.

History shows that organisations that emerge from a time of crisis, even with a slight lead, are generally able to maintain and strengthen their position in the period after the crisis period.

Technology has emerged as a key opportunity, specifically the use of high-speed internet services, drone technology, large scale online learning, artificial intelligence and virtual reality technology, to name only a few. The digitisation of business will be an essential part of the world economy as we transition into the post-lockdown period, especially when combined with communication infrastructure investments. In education for example, this means that the best teachers are able to deliver world-class content anywhere in the world.

Our perspective has changed as a result of the current crisis forcing people from different generations to embrace technology in order to keep their doors open. Our ability to adapt to our environment enables human beings to combine resilience with technological advancements to create a better future for generations to follow. What other opportunities will emerge from this crisis?

There are opportunities for those who are willing to invest time and energy to manage uncertainty and prepare for the future. At Indwe, the team continues to develop solutions using RiskTech® to harness the power of existing and emerging technologies like satellite, drone and machine learning. RiskTech® is applied across various industries to drive efficiency and growth. The agricultural sector for example can benefit from the combination of drone technology with traditional risk management techniques, in order promote precision farming practices that reduce risk and improve yield.

As a leader, now is the time to connect people to a deeper sense of purpose and to lead by example, showing that even though it is tough times now and the future is still uncertain, with the right attitude and plan there will be a future for us all. We can create greater resilience by looking at the current challenges we face, harnessing technology and inviting people to join us on a path to a shared purpose.

Read part five in our risk advice series: How do organisations ensure resilience and business continuity management?

For more information and guidance, speak to an Indwe advisor today on 0860 13 13 14 or visit

Indwe is an authorised Financial Services Provider. FSP: 3425

About the author:

Claude Hamman is the Head of Specialist Risk Advisory at Indwe, he’s a member of the IRMSA Educational and Technical Committee, a certified Risk Management Professional (IRMSA), a member of the Insurance Institute of South Africa and an affiliate of the Business Continuity Institute (BCI).