The SHORT-TERM insurance market has traditionally focused on a handful of essential retail and commercial lines: for consumers the main forms of cover have been for household possessions, cars and homes; for business owners there has been asset cover, business interruption cover and legal liability cover.
But this is changing, and while the “essentials” will remain core to their operations, short-term insurers are expanding into niche markets, a move that is advantageous both to insurers, because it diversifies their business, and to consumers, because it fills gaps in protection against expenses and losses that have become increasingly difficult to fund out-of-pocket.
In a recent opinion piece, Cornel Schoeman, the chief operating officer of Genric Insurance, said several external factors were driving the development of more specialised products.
“Global and local…
