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The Life insurance Industry Including Reinsurance
BY Louise Mitchell
South Africa
31 January 2019
R 14 400.00 (ZAR)  
estimated $ 1 016.14 (USD) *
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The Life Insurance Industry Including Reinsurance


With total assets of R3.1-trillion at 30 September 2018, South Africa’s life insurance industry is the largest on the African continent. The industry contributed R469bn to the local economy through total benefit payments to policyholders and beneficiaries during 2017. Individual benefits, amounting to R207.5bn, showed minimal year-on-year growth, but the increase in critical illness and murders in South Africa are a potential driver of future increases in benefits paid. Death claims, which made up 78.5% of risk claims, decreased by 1.2% over the 12-months to 30 June 2018.


Industry Transformation


The industry is in a transformational phase as a new regulatory regime is being implemented. Technological change is another driver of the transformation with the rise of insurtech startups widely regarded as a major industry disruptor. Commentators believe the implementation of the Treating Customers Fairly framework and other new regulations will have a profound effect on the market. The entry of non-traditional players such as banks, telecoms companies, undertakers and funeral parlours and retailers has served to increase the competitiveness of the industry.


Report Coverage


This report provides a comprehensive overview of the insurance and reinsurance sector in South Africa and on the continent with industry statistics largely covering 2017. There are detailed profiles of 43 companies including major insurers Old Mutual, MMI, Liberty and Sanlam, direct life insurers such as Clientèle Life, 1Life and OUTsurance and reinsurers such as Munich Re and Swiss Re.


Page
1. INTRODUCTION 1
2. DESCRIPTION OF THE INDUSTRY 1
2.1. Industry Supply Chain 4
2.2. Geographic Position 5
3. SIZE OF THE INDUSTRY 5
4. STATE OF THE INDUSTRY 7
4.1. Local 7
4.1.1. Corporate Actions 12
4.1.2. Regulations 13
4.1.3. Enterprise Development and Social Economic Development 20
4.2. Continental 22
4.3. International 25
5. INFLUENCING FACTORS 27
5.1. Economic Environment 27
5.2. Investment Performance 28
5.3. Financial Inclusion 29
5.4. Environmental, Social and Governance (ESG) 31
5.5. Operating Costs 31
5.6. Crime 32
5.7. Cybercrime 33
5.8. Information Technology (IT), Research & Development (R&D) and Innovation 33
5.9. Labour 36
5.10. Cyclicality 39
5.11. Climate Change and Extreme Weather 39
5.12. Fraudulent Claims 40
6. COMPETITION 42
6.1. Barriers to Entry 43
7. SWOT ANALYSIS 44
8. OUTLOOK 45
9. INDUSTRY ASSOCIATIONS 46
10. REFERENCES 46
10.1. Publications 46
10.2. Websites 47
APPENDIX 1 - SUMMARY OF NOTABLE PLAYERS 49
Primary Insurers 49
Reinsurance Companies 51
APPENDIX 2 52
Classes and Sub-Classes of Insurance Business for Life Insurance under Schedule 2 of the Insurance Act, 2017 52
COMPANY PROFILES 56
1 LIFE INSURANCE (RF) LTD 56
3SIXTY LIFE LTD 58
ABSA LIFE LTD 59
AFRICAN UNITY LIFE LTD 61
AIG LIFE SOUTH AFRICA LTD 63
ALEXANDER FORBES INVESTMENTS LTD 65
ALEXANDER FORBES LIFE LTD 68
ALLAN GRAY LIFE LTD 69
ASSUPOL LIFE LTD 71
AVBOB MUTUAL ASSURANCE SOCIETY 73
BIDVEST LIFE LTD 76
BOPHELO LIFE INSURANCE LTD 78
BRIGHTROCK LIFE LTD 80
CLIENTELE LIFE ASSURANCE COMPANY LTD 82
CORONATION LIFE ASSURANCE COMPANY LTD 84
DISCOVERY LIFE LTD 86
FEDGROUP LIFE LTD 88
GENERAL REINSURANCE AFRICA LTD 90
GIC RE SOUTH AFRICA LTD 93
GUARDRISK LIFE LTD 96
HANNOVER REINSURANCE GROUP AFRICA (PTY) LTD 98
HOLLARD LIFE ASSURANCE COMPANY LTD 100
HOLLARD SPECIALIST LIFE LTD 103
LAND BANK LIFE INSURANCE COMPANY SOC LTD 106
LIBERTY HOLDINGS LTD 108
LION OF AFRICA LIFE ASSURANCE COMPANY LTD 113
MMI GROUP LTD 115
MUNICH REINSURANCE COMPANY OF AFRICA LTD 118
NEDGROUP LIFE ASSURANCE COMPANY LTD 120
NEDGROUP STRUCTURED LIFE LTD 122
OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LTD 124
OUTSURANCE LIFE INSURANCE COMPANY LTD 129
PROFESSIONAL PROVIDENT SOCIETY INSURANCE COMPANY LTD 131
PRUDENTIAL PORTFOLIO MANAGERS (SOUTH AFRICA) LIFE LTD 134
PSG KONSULT LTD 136
RAND MUTUAL ASSURANCE COMPANY LTD (THE) 140
RGA REINSURANCE COMPANY OF SOUTH AFRICA LTD 143
SANLAM LIFE INSURANCE LTD 146
SCOR AFRICA LTD 151
STANDARD GENERAL INSURANCE COMPANY LTD (THE) 153
STRATEGIC INVESTMENT SERVICE LIFE COMPANY LTD 155
SWISS RE AFRICA LTD 156
SYGNIA LIFE LTD 158