IIG News

Darryl Grater – IIG Farewell

Thursday, 09 February 2023 saw me step down after 6 years since my election onto the council of the  Insurance Institute of Gauteng (IIG). I consider myself privileged and fortunate over this period to have had  a seat at the table to contribute to the execution of the IIG, whose mandate for the last 112 years has been  to serve the insurance industry and bolster its sustainability specifically within Gauteng. As I retrospect  over this period where I headed up the education team, marketing team, and served as Vice-President,  Deputy-President and President, the key pillars that the IIG stand for remain front and centre, and relevant: 


Education: since 2017 I was ecstatic to witness hundreds of people impacted in a real and positive way  through their engagement with IIG programmes. Over 150 Class Of students, more than 140 mentees from  the  Roots  and  Wings  mentorship  programme,  over  140  students  of  the  Insurance  Leadership  and  Development Programme (ILDP) offered in collaboration with GIBS Business School and Henley Business  School, 16 gradates of the Academic Programme (focused on guaranteed employment post a year-long  internship to disadvantaged and unemployed young adults), and the thousands of CPD hours though  numerous thought leadership events – all these are but examples of the groundswell of  development and education the IIG has continued to deliver over the years. These outcomes have created  accessible and scalable value to not just the insurance industry, but financial services overall. 


Professional Networking: it’s not all work and no play: the IIG still hosts some of the most exciting events  throughout the year, including Africa’s largest insurance networking event where between 1,500 and 1,800  attend the Annual Dinner. It is just one of many networking events where brokers, insurers, reinsurers and  underwriting managers are able to network, foster business opportunities and galvanize relationships –  many of which will last a lifetime. 


Transformation:  the  IIG  has  made  vast  inroads  into  an  inclusive  council  that  is  now  completely  representative of the demographic of South Africa. This was important for not only the IIG as an entity, but  to enable its best serving the needs of the South African insurance market and its professionals who  represent such a demographic spread.   


Pride and Affiliation: the Institute does not just instil deep sense of affiliation, but importantly pride within  industry. The importance of insurance and financial advice has never been more relevant than it is currently  where capital is lean and risk exposures have magnified. Insurance in many ways provides the backbone of  the economy as a whole: hedging risk and ensuring sustainability for both the private and public sector  without which the cost would impact the fiscus and public debt in an uncontrollable and untenable  downward spiral. Imagine the recent events of SA’s riots of July 2021, disastrous flooding in KZN in April  2022, Hurricane Ian in the USA, the impact of the La Niña’s weather cycle on property globally, the tragic  earthquake in Turkey, etc without insurance protections in place? The cost would inevitably land on  government to intervene and remedy, for which most public budgets would struggle to sustain. The world  would take less risk with overall shrinking on economic activity and unemployment on a macro scale. The  insurance sector should be proud of what it achieves on that macro global stage – and what its offered  protection enables in terms of infrastructure development, innovation and core economic growth. 


Furthermore, as a public benefit organisation (PBO) registered as a non-profit entity, the IIG continued to  demonstrate sound financial performance and governance with clean-audited financials over the period  safeguarding the R70m+ in the income statement over these past 6 years. 


Those who have served the IIG along with me either in capacity as a councillor, executive councillor, co- opted councillor or ambassador: I salute you. Thank you for your contribution, your friendship, your impact  on my life, and your deep desire to make a difference. I will always have the fondest memories of the  achievements, the struggles, the grit and sacrifice you all demonstrated in pursuit of making the insurance  sector stronger, and in consequence a better South Africa for all. 

Article written by: Darryl Grater