Report Coverage
This report on the life insurance industry in South Africa includes information on the size and state of the sector, performance indicators, market shares, corporate actions notable players and developments. There are profiles of 28 companies including notable players such as Sanlam, Old Mutual, Liberty, Discovery, AVBOB, reinsurance companies including RGA and Munich Reinsurance and cell captive insurers such as Centriq.
Introduction
• The life insurance industry remained profitable and well capitalised despite record high claim payouts in 2021.
• The industry’s total income and profit increased in 2021 compared to 2019 and 2020.
• COVID-19 made people more aware of risks, causing higher demand for life insurance products.
• Africa is a key long-term growth market for insurance, providing opportunities for local life insurance companies.
• The industry’s growth is affected by the weak economy, unemployment and inflation that are reducing disposable income.
Strengths
• Large number of well-established companies.
• The industry is highly competitive, well capitalised and financially sound.
Weaknesses
• Shortage of skills, especially technology skills.
Opportunities
• Can grow customer base by increasing financial inclusion.
• COVID-19 made people more aware of the potential risks they face, causing higher demand for life insurance products.
• Insurance penetration is low in Africa, signifying an untapped market.
Threats
• Decreasing disposable income of consumers caused by the weak economy and rising unemployment and inflation.
• Insurtech companies.
Outlook
• Globally, life insurance premiums are expected to contract marginally in real terms in 2022, largely due to high inflation, financial market volatility and economic uncertainty.
• Premiums are forecast to increase in 2023.
• COVID-19 related claims are expected to decrease gradually, and the industry’s profitability should improve in the longer term due to higher investment returns as a result of rising interest rates.
• The local market is expected to shrink over the next year due to decreasing disposable income.
• A higher death rate than before the pandemic is expected over the next few years due to delayed or missed treatments for serious conditions.
Full Report
R 9 500.00(ZAR) estimated $516.80 (USD)*
Industry Landscape
R 6 650.00(ZAR) estimated $ 361.76 (USD)*
Historical Reports
The Life Insurance Industry in South Africa 2021-01-18
R 1 900.00(ZAR) estimated $103.36 (USD)*
View Report Add to CartThe Life Insurance Industry in South Africa 2019-01-31
R 1 900.00(ZAR) estimated $103.36 (USD)*
View Report Add to CartThe Life Insurance Industry in South Africa 2017-05-22
R 1 900.00(ZAR) estimated $103.36 (USD)*
View Report Add to CartThe Life Insurance Industry in South Africa 2015-12-02
R 1 900.00(ZAR) estimated $103.36 (USD)*
View Report Add to CartTable of Contents
[ Close ]PAGE | ||
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1. | INTRODUCTION | 1 |
2. | DESCRIPTION OF THE INDUSTRY | 1 |
2.1. | Industry Value Chain | 2 |
2.2. | Geographic Position | 3 |
2.3. | Size of the Industry | 4 |
2.4. | Key Success Factors and Pain Points | 6 |
3. | LOCAL | 6 |
3.1. | State of the Industry | 6 |
3.2. | Key Trends | 11 |
3.3. | Notable Players | 11 |
3.4. | Corporate Actions | 15 |
3.5. | Regulations | 16 |
3.6. | Enterprise Development and Social Economic Development | 18 |
4. | AFRICA | 19 |
5. | INTERNATIONAL | 23 |
6. | INFLUENCING FACTORS | 26 |
6.1. | COVID-19 and other Health Conditions | 26 |
6.2. | Economic Environment | 28 |
6.3. | Technology, Research and Development (R&D) and Innovation | 29 |
6.4. | Crime and Road Accidents | 31 |
6.5. | Environmental Issues | 33 |
6.6. | Investment Performance | 34 |
6.7. | Financial Inclusion | 35 |
6.8. | Labour | 36 |
7. | COMPETITIVE ENVIRONMENT | 37 |
7.1. | Competition | 37 |
7.2. | Ownership Structure of the Industry | 38 |
7.3. | Barriers to Entry | 38 |
8. | SWOT ANALYSIS | 39 |
9. | OUTLOOK | 39 |
10. | INDUSTRY ASSOCIATIONS | 40 |
11. | REFERENCES | 40 |
11.1. | Publications | 40 |
11.2. | Websites | 41 |
APPENDICES | 42 | |
Appendix 1 - Classes and Sub-Classes of Insurance Business for Life Insurance under Schedule 2 of the Insurance Act, 2017 | 42 | |
Appendix 2 - List of Life Insurers, August 2022 | 46 | |
Appendix 3 - Summary of Notable Players | 49 | |
COMPANY PROFILES | 53 | |
1 Life Insurance (RF) Ltd | 53 | |
3Sixty Life Ltd | 56 | |
Absa Life Ltd | 58 | |
AIG Life South Africa Ltd | 60 | |
Assupol Life Ltd | 62 | |
AVBOB Mutual Assurance Society | 65 | |
Bidvest Life Ltd | 68 | |
Centriq Life Insurance Company Ltd | 70 | |
Clientele Life Assurance Company Ltd | 72 | |
Constantia Life and Health Assurance Company Ltd | 74 | |
Discovery Life Ltd | 76 | |
General Reinsurance Africa Ltd | 78 | |
Guardrisk Life Ltd | 81 | |
Hannover Re South Africa Ltd | 83 | |
Hollard Life Assurance Company Ltd | 85 | |
King Price Life Insurance Ltd | 88 | |
Liberty Group Ltd | 90 | |
Momentum Metropolitan Life Ltd | 93 | |
Munich Reinsurance Company of Africa Ltd | 96 | |
Nedgroup Life Assurance Company Ltd | 98 | |
Nedgroup Structured Life Ltd | 100 | |
Old Mutual Life Assurance Company (South Africa) Ltd | 102 | |
OUTsurance Life Insurance Company Ltd | 107 | |
Professional Provident Society Insurance Company Ltd | 109 | |
RGA Reinsurance Company of South Africa Ltd | 112 | |
Sanlam Life Insurance Ltd | 114 | |
SCOR Africa Ltd | 119 | |
Swiss Re Africa Ltd | 121 |