In early 2023, the insurance industry in South Africa faces a number of issues. It continues to deal with economic fallout from COVID-19 and economic stress. Businesses and individuals still struggling financially put pressure on insurers. New business volumes and margins are weak. In response, insurers have introduced new products and coverage options to revitalise their markets, or have pushed products between funeral coverage and fully underwritten policies. In this report, we discuss:

• The status of International Financial Reporting Standard 17 in Africa
• The lessons in COVID-19 herd immunity from China
• Greenwashing
• Machine learning
• Capital markets and cyber risk capacity
• Regulatory updates