Insurance brokers lose confidence in economy – survey

2011-08-10 09:18

Insurance brokers have lost further confidence in the South African economy, according to a survey released today.

The latest CIB Broker Confidence Index (BCI), which measures the confidence levels of South African insurance brokers, found a 3% overall drop in confidence in the second quarter of this year to 65%.

It was down from 68% in the previous three months.

The CIB BCI measures broker confidence on a number of factors, including outlook for the local economy and business conditions in the insurance industry.

Brokers’ view on the outlook for the South African economy fell in the second quarter of this year by 4% to 57% from the first quarter of this year.

This was 8% down compared to the same period last year.

Brokers continued to lose confidence in their outlook for business conditions in the local insurance industry over the next 12 months.

Confidence levels dropped by 4% to 58% during the second quarter this year, from the first quarter.

Jonjon Smit, sales director of CIB Insurance Administrators, said this was partly as a result of the uncertainty around global reinsurance costs after the natural disasters this year.

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