The Financial Services Regulatory Authority (FSRA) has called on the insurance sector to design and deliver more inclusive, resilience-driven products that protect livelihoods and support national development.
Speaking at the inaugural Insurance and Risk Management Leadership Dinner 2025, hosted by Ensure Insurance Brokers under the theme “Shaping What’s Next,” FSRA’s Gugu Makhanya, who was representing the CEO, applauded the industry’s innovation and growth, while urging firms to move beyond traditional coverage and address emerging risks tied to climate change, health crises, and economic volatility.
“We want to see a sector that is stable, inclusive, protects consumers, and contributes to national development,” said Mkhanya. “At the core of this resilience is the strength of insurance companies and intermediaries, as well as the design and development of appropriate and inclusive insurance products.”
Makhanya noted that as Eswatini faces growing climate-related challenges, from droughts to hailstorms, the need for research, product innovation, and data-driven solutions has never been greater. She called on insurers to invest in understanding risk at the community level and developing tailor-made policies that respond to local realities.
Highlighting the personal value of insurance, Makhanya shared a moving account of how her medical cover once proved life-saving during a health crisis.
“There was a moment when doctors were ready to make a drastic decision. But the moment they saw I was covered, they did the necessary, and I’m standing here today on high heels, thanks to medical insurance,” she said to applause.
Her testimony underscored the life-changing impact of insurance and the importance of broadening coverage beyond funeral products, which currently dominate the insurance landscape in Eswatini.
According to the FinScope Survey (2018), the majority of emaSwati with insurance are only covered for funeral policies, signaling a vast untapped market for other forms of protection, such as health, agriculture, and property insurance.
“There is a huge opportunity in the sector. We’ve just been told that we are 25 years behind, meaning there is so much ground to cover,” she added.
Makhanya reaffirmed the FSRA’s commitment to acting not just as a regulator but as a partner in resilience and growth, encouraging continued engagement with stakeholders to strengthen industry standards, promote innovation, and boost consumer confidence.
“Our role is to guide, to safeguard, to enable, and to give credibility to your businesses,” she concluded.