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    The Short Term Insurance Industry in South Africa 2022

    Alex Conradie | South Africa | 15 February 2022

    The Short Term Insurance Industry in South Africa 2020

    Natalie Bryden | South Africa | 24 November 2020

    The Short Term Insurance Industry in South Africa 2018

    Louise Mitchell | South Africa | 22 August 2018

    The Short Term Insurance Industry in South Africa 2016

    Carole Veitch | South Africa | 19 January 2016

    The Short Term Insurance Industry in South Africa 2014

    Carole Veitch | South Africa | 28 November 2014

    Report Info

    Report Summary Table of Contents
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    Report Coverage

    This report is on the short term, or non-life insurance industry in South Africa which provides insurance (including reinsurance) of non-life business such as accident, fire, property, motor vehicle, marine, aviation, transport, travel, trade credit and liability insurance. The report includes information on the state and size of the industry, financial indicators such as gross premiums and claims incurred, market shares, developments and corporate actions. There are profiles of 55 companies including well-known insurers such as Santam, Old Mutual, Hollard, OUTsurance and MiWay, reinsurers such as Hannover Reinsurance and Munich Reinsurance and state-owned companies including Escap (which insures Eskom), Sasria (which insured against the July 2021 unrest) and the Road Accident Fund.

    The Short Term Industry in South Africa

    South Africa’s non-life insurance industry has been affected by pandemic-related claims, the weak economy and high crime levels. While there was an increase in business interruption claims and reinsurance costs, the claims ratios of some classes of business, such as motor, improved due to the lockdown and fewer weather-related catastrophes. Claims ratios in other classes, such as trade credit and consumer credit, increased due to defaults on credit caused by the lockdown.

    Vehicle Insurance

    South Africa’s high vehicle accident rate is one of the factors responsible for the high premiums charged for personal and commercial vehicle insurance. During the pandemic, the number of motor vehicle claims decreased due to alcohol bans, curfews and the fact that many people are working from home. With 60% to 70% of vehicles in South Africa uninsured and more than 800,000 accidents occurring annually, most vehicles involved in accidents are not insured. Vehicles are generally not insured due to affordability, people believing they will never be involved in an accident or believing they only drive short distances or do not drive often, or because vehicle owners do not realise how high vehicle repair costs are.

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    The Short Term Insurance Industry in South Africa 2022

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    Industry Overview

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    The Short Term Insurance Industry in South Africa 2020-11-24

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    The Short Term Insurance Industry in South Africa 2018-08-22

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    The Short Term Insurance Industry in South Africa 2016-01-19

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    The Short Term Insurance Industry in South Africa 2014-11-28

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    Table of Contents

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    PAGE
    1. INTRODUCTION 1
    2. DESCRIPTION OF THE INDUSTRY 1
    2.1. Industry Value Chain 3
    2.2. Geographic Position 5
    2.3. Size of the Industry 5
    2.4. Key Success Factors and Pain Points 8
    3. LOCAL 8
    3.1. Key Trends 10
    3.2. Notable Players 15
    3.3. Corporate Actions 20
    3.4. Regulations 21
    3.5. Enterprise Development and Social Economic Development 23
    4. AFRICA 24
    5. INTERNATIONAL 28
    6. INFLUENCING FACTORS 31
    6.1. COVID -19 31
    6.2. Economic Environment 33
    6.3. Technology, Research and Development (R&D) and Innovation 34
    6.4. Crime 37
    6.5. Environmental Issues 40
    6.6. Investment Performance 40
    6.7. Financial Inclusion 41
    6.8. Input Costs 42
    6.9. Infrastructure 43
    6.10. Labour 43
    7. COMPETITIVE ENVIRONMENT 44
    7.1. Competition 44
    7.2. Ownership Structure of the Industry 45
    7.3. Barriers to Entry 46
    8. SWOT ANALYSIS 46
    9. OUTLOOK 47
    10. INDUSTRY ASSOCIATIONS 47
    11. REFERENCES 48
    11.1. Publications 48
    11.2. Websites 49
    APPENDICES 50
    Appendix 1 - Classes and Sub-Classes of Insurance Business for Non-Life Insurance under Schedule 2 of the Insurance Act, 2017 50
    Appendix 2 - SARB List of Insurers, November 2021 54
    Appendix 3 - Summary of Notable Players 60
    COMPANY PROFILES 67
    Absa Insurance Company Ltd 67
    African Reinsurance Corporation (South Africa) Ltd 69
    AIG South Africa Ltd 72
    Allianz Global Corporate and Specialty South Africa Ltd 74
    Auto and General Insurance Company (RF) Ltd 76
    Bidvest Insurance Ltd 78
    Bryte Insurance Company Ltd 80
    Budget Insurance Company (RF) Ltd 84
    Centriq Insurance Company Ltd 86
    CFAO Motors Insurance Ltd 89
    Chubb Insurance South Africa Ltd 91
    Clientele General Insurance Ltd 93
    Coface South Africa Insurance Company Ltd 95
    Compass Insurance Company Ltd 97
    Constantia Insurance Company Ltd 99
    Corporate Guarantee (South Africa) (RF) Ltd 102
    Credit Guarantee Insurance Corporation of Africa Ltd 104
    Dial Direct Insurance (RF) Ltd 107
    Discovery Insure Ltd 109
    Escap SOC Ltd 111
    Export Credit Insurance Corporation of South Africa SOC Ltd 113
    Federated Employers Mutual Assurance Company (RF) (Pty) Ltd (The) 116
    First For Women Insurance Company (RF) Ltd 119
    FirstRand Bank Ltd 121
    General Reinsurance Africa Ltd 126
    GIC Re South Africa Ltd 129
    Guardrisk Insurance Company Ltd 132
    Hannover Reinsurance Group Africa (Pty) Ltd 135
    Hollard Insurance Company Ltd (The) 138
    Indequity Group Ltd 142
    King Price Insurance Company Ltd 144
    Land and Agricultural Development Bank of South Africa 146
    Liberty Group Ltd 150
    Lion of Africa Insurance Company Ltd 153
    Lombard Insurance Company Ltd 156
    MiWay Insurance Ltd 159
    Momentum Metropolitan Holdings Ltd 162
    Munich Reinsurance Company of Africa Ltd 167
    Mutual and Federal Risk Financing Ltd 170
    Naked Financial Technology (Pty) Ltd 172
    Nedgroup Insurance Company Ltd 174
    Old Mutual Insure Ltd 176
    OUTsurance Insurance Company Ltd 179
    Pineapple Tech (Pty) Ltd 182
    Professional Provident Society Short-Term Insurance Company (Pty) Ltd 184
    PSG Konsult Ltd 186
    Renasa Insurance Company Ltd 190
    Road Accident Fund 192
    Safire Insurance Company Ltd 195
    Santam Ltd 197
    Sasria Ltd 202
    SCOR Africa Ltd 205
    Standard Insurance Ltd 207
    Swiss Re Corporate Solutions Africa (Pty) Ltd 209
    Trustco Group Holdings Ltd 211

    Report Coverage

    This report focuses on short-term insurance including direct and travel insurance in South Africa, and includes information on the size and state of the sector, key performance ratios, developments and corporate actions. There are profiles of 56 companies, including the traditional players such as Sanlam, and Old Mutual, reinsurers such as Hannover Re, GIC Re and Africa-Re, and public entities such as Sasria and Eskom’s Escap.

    Short-Term Insurance in South Africa

    South Africa’s insurance industry is struggling to grow revenue and maintain profitability due to the poor economy, the coronavirus pandemic, declining employment, reduced disposable income and increasing climate-related risks. The coronavirus pandemic has resulted in significant losses to companies, particularly in the accommodation, travel and tourism industries. Some companies launched business interruption claims and some insurers refused have refused to pay. Globally, insurance demand is expected to contract in 2020, with trade and travel-related insurance business such as marine, aviation and credit expected to have been the hardest hit.

    Big Players

    Of the 166 insurance companies registered with the Reserve Bank in September 2020, 86 are non-life insurers, 75 are life insurers and five are composite. Motor insurance is the largest short-term insurance class, followed by property and liability. The top 10 short-term insurers have dominated the industry for years, accounting for around 77% of gross written premiums in 2018. Santam has a market share twice the size of its closest competitor.

    Industry Trends

    Climate change-related catastrophes are increasing in frequency and severity and have been identified as one of the top risks for insurers. Technology is disrupting the industry and making insurance more accessible, while customers are demanding flexible and personalised insurance products tailored to their risk profiles. Stricter capital and compliance measures are making it difficult for some small players to remain viable.

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    The Short Term Insurance Industry in South Africa 2020

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    Industry Overview

    R 1 330.00(ZAR) estimated $ 70.34 (USD)*

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    Historical Reports

    The Short Term Insurance Industry in South Africa 2022-02-15

    R 9 500.00(ZAR) estimated $502.40 (USD)*

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    The Short Term Insurance Industry in South Africa 2018-08-22

    R 1 900.00(ZAR) estimated $100.48 (USD)*

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    The Short Term Insurance Industry in South Africa 2016-01-19

    R 1 900.00(ZAR) estimated $100.48 (USD)*

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    The Short Term Insurance Industry in South Africa 2014-11-28

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    Table of Contents

    [ Close ]
    PAGE
    1. INTRODUCTION 1
    2. DESCRIPTION OF THE INDUSTRY 1
    2.1. Industry Value Chain 3
    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 16
    4.2. Continental 18
    4.3. International 21
    5. INFLUENCING FACTORS 23
    5.1. Coronavirus 23
    5.2. Economic Environment 25
    5.3. Crime 26
    5.4. Investment Performance 27
    5.5. Financial Inclusion 28
    5.6. Rising Operating Costs 29
    5.7. In-Vehicle and Home Technology 30
    5.8. Cyber Risk 30
    5.9. Technology, Research and Development (R&D) and Innovation 31
    5.10. Cyclicality 34
    5.11. Environmental Concerns 34
    5.12. Labour 35
    6. COMPETITION 37
    6.1. Barriers to Entry 37
    7. SWOT ANALYSIS 38
    8. OUTLOOK 39
    9. INDUSTRY ASSOCIATIONS 39
    10. REFERENCES 40
    10.1. Publications 40
    10.2. Websites 40
    APPENDIX 1 42
    Classes and Sub-Classes of Insurance Business for Non-Life Insurance under Schedule 2 of the Insurance Act, 2017 42
    APPENDIX 2 46
    SARB List of Insurers, September 2020 46
    APPENDIX 3 52
    Summary of Notable players 52
    COMPANY PROFILES 56
    ABSA INSURANCE COMPANY LTD 56
    AFRICAN REINSURANCE CORPORATION (SOUTH AFRICA) LTD 58
    AIG SOUTH AFRICA LTD 60
    ALLIANZ GLOBAL CORPORATE AND SPECIALTY SOUTH AFRICA LTD 62
    AUTO AND GENERAL INSURANCE COMPANY (RF) LTD 64
    BIDVEST INSURANCE LTD 66
    BRYTE INSURANCE COMPANY LTD 68
    BUDGET INSURANCE COMPANY (RF) LTD 71
    CENTRIQ INSURANCE COMPANY LTD 73
    CFAO MOTORS INSURANCE LTD 76
    CHUBB INSURANCE SOUTH AFRICA LTD 78
    CLICK2SURE INTERMEDIARIES (PTY) LTD 80
    CLIENTELE GENERAL INSURANCE LTD 81
    COFACE SOUTH AFRICA INSURANCE COMPANY LTD 83
    COMPASS INSURANCE COMPANY LTD 85
    CONSTANTIA INSURANCE COMPANY LTD 87
    CORPORATE GUARANTEE (SOUTH AFRICA) (RF) LTD 89
    DIAL DIRECT INSURANCE (RF) LTD 91
    DISCOVERY INSURE LTD 93
    ESCAP SOC LTD 95
    EXPORT CREDIT INSURANCE CORPORATION OF SOUTH AFRICA SOC LTD 97
    FEDERATED EMPLOYERS MUTUAL ASSURANCE COMPANY (RF) (PTY) LTD (THE) 100
    FIRST FOR WOMEN INSURANCE COMPANY (RF) LTD 103
    FIRSTRAND BANK LTD 105
    GENERAL REINSURANCE AFRICA LTD 110
    GIC RE SOUTH AFRICA LTD 113
    GRANADILLA (PTY) LTD 116
    GUARDRISK INSURANCE COMPANY LTD 117
    HANNOVER REINSURANCE GROUP AFRICA (PTY) LTD 120
    HOLLARD INSURANCE COMPANY LTD (THE) 122
    INDEQUITY GROUP LTD 125
    INVESTSURE TECHNOLOGIES (PTY) LTD 127
    KING PRICE INSURANCE COMPANY LTD 129
    LAND AND AGRICULTURAL DEVELOPMENT BANK OF SOUTH AFRICA 131
    LIBERTY GROUP LTD 135
    LION OF AFRICA INSURANCE COMPANY LTD 138
    LOMBARD INSURANCE COMPANY LTD 141
    MIWAY INSURANCE LTD 143
    MOMENTUM METROPOLITAN HOLDINGS LTD 146
    MUNICH REINSURANCE COMPANY OF AFRICA LTD 151
    MUTUAL AND FEDERAL RISK FINANCING LTD 153
    NAKED FINANCIAL TECHNOLOGY (PTY) LTD 155
    NEDGROUP INSURANCE COMPANY LTD 157
    NOBUNTU GROUP (PTY) LTD 159
    OLD MUTUAL INSURE LTD 160
    OUTSURANCE INSURANCE COMPANY LTD 162
    PINEAPPLE TECH (PTY) LTD 165
    PROFESSIONAL PROVIDENT SOCIETY SHORT-TERM INSURANCE COMPANY (PTY) LTD 167
    PSG KONSULT LTD 169
    RENASA INSURANCE COMPANY LTD 173
    SAFIRE INSURANCE COMPANY LTD 175
    SANTAM LTD 177
    SASRIA LTD 181
    SCOR AFRICA LTD 183
    STANDARD INSURANCE LTD 185
    TRUSTCO GROUP HOLDINGS LTD 187

    Report Coverage

    The report on the sector describes the current market, the latest regulatory developments and factors influencing the success of the sector. The report profiles 43 short-term insurance companies, including dominant players Santam, Hollard and Mutual & Federal (rebranded to Old Mutual Insure). It also focuses on direct insurance companies like OUTsurance and MiWay which have taken personal lines market share at the expense of traditional players and intermediaries. The report includes new entrants using digital platforms and/or serving the financially excluded low-income market with microinsurance products developed within the regulatory framework of the newly enacted Insurance Act, 2017.

    Short-Term Insurance Industry

    This report focuses on South Africa’s rapidly evolving short-term insurance industry, which encompasses a broad spectrum of personal and commercial lines, including various types of travel insurance. With gross premium income of R116.7bn in 2016, the short-term, or non-life insurance sub-sector, plays a key role in the financial sector and is an important contributor to economic growth. Short-term insurance companies contributed gross premium income of R108.14bn to the South African economy at the end of September 2017.

    State of The Industry

    Contraction and consolidation saw the number of primary insurers that were registered with the FSB decrease by 10.2% to 88 at the end of March 2017. The industry is experiencing tough trading conditions and increased regulatory obligations. One of the industry’s most pressing challenges is the increase in frequency and severity of extreme weather events and natural disasters which included fires in Knysna, drought in the Western Cape, and storms in Gauteng and Kwazulu-Natal. Catastrophic events, changing demographics, fintech and amended regulations may significantly change the structure of the industry.

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    The Short Term Insurance Industry in South Africa 2018

    Full Report

    R 1 900.00(ZAR) estimated $100.48 (USD)*

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    Industry Overview

    R 1 330.00(ZAR) estimated $ 70.34 (USD)*

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    Historical Reports

    The Short Term Insurance Industry in South Africa 2022-02-15

    R 9 500.00(ZAR) estimated $502.40 (USD)*

    View Report Add to Cart

    The Short Term Insurance Industry in South Africa 2020-11-24

    R 1 900.00(ZAR) estimated $100.48 (USD)*

    View Report Add to Cart

    The Short Term Insurance Industry in South Africa 2016-01-19

    R 1 900.00(ZAR) estimated $100.48 (USD)*

    View Report Add to Cart

    The Short Term Insurance Industry in South Africa 2014-11-28

    R 1 900.00(ZAR) estimated $100.48 (USD)*

    View Report Add to Cart

    Table of Contents

    [ Close ]
    PAGE
    1. INTRODUCTION 1
    2. DESCRIPTION OF THE INDUSTRY 1
    2.1. Value Chain 3
    2.2. Geographic Position 4
    3. SIZE OF THE INDUSTRY 5
    4. STATE OF THE INDUSTRY 11
    4.1. Local 11
    4.1.1. Corporate Actions 15
    4.1.2. Regulations 18
    4.1.3. Enterprise Development and Social Economic Development 24
    4.2. Continental 27
    4.3. International 30
    5. INFLUENCING FACTORS 31
    5.1. Economic Environment 31
    5.2. Regulatory Environment 33
    5.3. Investment Performance 34
    5.4. Financial Inclusion 36
    5.5. Operating Costs 37
    5.6. The Automotive Aftermarket Sector 38
    5.7. Crime 39
    5.8. Cyber Risk 39
    5.9. Information Technology, Research and Development (R&D) and Innovation 40
    5.10. Labour 44
    5.11. Cyclicality 46
    5.12. Climate Change and Extreme Weather 46
    6. COMPETITION 47
    6.1. Barriers to Entry 48
    7. SWOT ANALYSIS 48
    8. OUTLOOK 49
    9. INDUSTRY ASSOCIATIONS 50
    10. REFERENCES 50
    10.1. Publications 50
    10.2. Websites 51
    APPENDIX 1 53
    Summary of Major Players 53
    APPENDIX 2 56
    Classes and Sub-Classes of Insurance Business for Non-Life Insurance under Schedule 2 of the Insurance Act, 2017 56
    APPENDIX 3 60
    New and Amended Accounting Standards and Interpretations that became effective on or after 1 January 2016 60
    COMPANY PROFILES 61
    ABSA INSURANCE COMPANY LTD 61
    AFRICAN REINSURANCE CORPORATION (SOUTH AFRICA) LTD 63
    AIG SOUTH AFRICA LTD 66
    ALEXANDER FORBES INSURANCE COMPANY LTD 68
    ALLIANZ GLOBAL CORPORATE AND SPECIALTY SOUTH AFRICA LTD 70
    AUTO AND GENERAL INSURANCE COMPANY (RF) LTD 72
    BIDVEST INSURANCE LTD 74
    BRYTE INSURANCE COMPANY LTD 76
    BUDGET INSURANCE COMPANY (RF) LTD 79
    CENTRIQ INSURANCE COMPANY LTD 81
    COFACE SOUTH AFRICA INSURANCE COMPANY LTD 83
    COMPASS INSURANCE COMPANY LTD 85
    CONSTANTIA INSURANCE COMPANY LTD 87
    DIAL DIRECT INSURANCE (RF) LTD 89
    ESCAP SOC LTD 91
    EXPORT CREDIT INSURANCE CORPORATION OF SOUTH AFRICA SOC LTD 93
    FEDERATED EMPLOYERS MUTUAL ASSURANCE COMPANY (RF) (PTY) LTD (THE) 96
    FIRST FOR WOMEN INSURANCE COMPANY (RF) LTD 99
    FIRSTRAND BANK LTD 101
    GENERAL REINSURANCE AFRICA LTD 106
    GIC RE SOUTH AFRICA LTD 109
    GUARDRISK INSURANCE COMPANY LTD 112
    HANNOVER REINSURANCE GROUP AFRICA (PTY) LTD 115
    HOLLARD INSURANCE COMPANY LTD (THE) 117
    INDEQUITY GROUP LTD 121
    KING PRICE INSURANCE COMPANY LTD 124
    LAND AND AGRICULTURAL DEVELOPMENT BANK OF SOUTH AFRICA 126
    LIBERTY GROUP LTD 131
    LION OF AFRICA INSURANCE COMPANY LTD 134
    LOMBARD INSURANCE COMPANY LTD 137
    MIWAY INSURANCE LTD 139
    MMI HOLDINGS LTD 142
    MUNICH REINSURANCE COMPANY OF AFRICA LTD 147
    MUTUAL AND FEDERAL RISK FINANCING LTD 149
    NEDGROUP INSURANCE COMPANY LTD 151
    OLD MUTUAL INSURE LTD 153
    OUTSURANCE INSURANCE COMPANY LTD 156
    PSG KONSULT LTD 159
    SANTAM LTD 163
    SASRIA LTD 167
    SCOR AFRICA LTD 169
    STANDARD INSURANCE LTD 171
    TRUSTCO GROUP HOLDINGS LTD 173

    Report Coverage

    The report on the highly competitive short-term insurance sector describes the current market, the latest regulatory developments and discusses factors influencing the success of the sector. The report profiles 49 short-term insurance companies, ranging from industry leader Santam which has almost 20% of the market, to direct insurance company, 1Life Insurance (RF) Ltd. Also profiled are six of the country’s seven reinsurance companies, including Hannover Re and Munich Re which have a combined market share of 65%.

    Short-term Insurance Industry

    This report focuses on South Africa’s rapidly evolving short-term Insurance industry, which encompasses a broad spectrum of personal and commercial lines, including travel insurance. As at 31 December 2014, 90 insurers and seven reinsurance companies were registered with the Financial Services Board (FSB). With gross premium income of R102.83bn in 2014, the non-life insurance sub-sector plays a key role in the financial sector and is an important contributor to economic growth.

    Market Penetration

    Although there are approximately 12.5 million short-term policyholders in South Africa, this figure does not represent market penetration. Results of the 2015 FinScope South Africa Consumer Survey indicate that only 6.6 million South African residents aged 16 years and older have non-funeral insurance cover. Only 4% of respondents had household contents insurance, down from 6% in 2014, while 8% of respondents had motor vehicle insurance, down from 9% in 2014.

    A sector Under Pressure

    The sector has been under growing pressure in recent years, as it grapples with a barrage of regulatory and technological challenges. With the “Twin-Peaks” and Solvency Assessment and Management (SAM) regulatory frameworks implemented in January 2016, some analysts caution that the sector currently finds itself “on the cusp of major disruption”. Added to these changes is the pressure caused by the weak economy, the sharp depreciation of the South African rand and rising inflation which are expected to result in further interest rate hikes. Analysts also warn that this erosion of disposable income is likely to drive up the policy lapse rate.

    Read More..
    The Short Term Insurance Industry in South Africa 2016

    Full Report

    R 1 900.00(ZAR) estimated $100.48 (USD)*

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    Industry Overview

    R 1 330.00(ZAR) estimated $ 70.34 (USD)*

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    Historical Reports

    The Short Term Insurance Industry in South Africa 2022-02-15

    R 9 500.00(ZAR) estimated $502.40 (USD)*

    View Report Add to Cart

    The Short Term Insurance Industry in South Africa 2020-11-24

    R 1 900.00(ZAR) estimated $100.48 (USD)*

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    The Short Term Insurance Industry in South Africa 2018-08-22

    R 1 900.00(ZAR) estimated $100.48 (USD)*

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    The Short Term Insurance Industry in South Africa 2014-11-28

    R 1 900.00(ZAR) estimated $100.48 (USD)*

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    Table of Contents

    [ Close ]
    PAGE
    1. INTRODUCTION 1
    2. DESCRIPTION OF THE INDUSTRY 1
    2.1. Value Chain 2
    2.2. Geographic Position 3
    3. SIZE OF THE INDUSTRY 4
    4. STATE OF THE INDUSTRY 11
    4.1. Local 11
    4.1.1. Corporate Actions 15
    4.1.2. Regulations 18
    4.1.3. Enterprise Development (ED) and Socio-Economic Development (SED) Initiatives 23
    4.2. Continental 25
    4.3. International 26
    5. INFLUENCING FACTORS 28
    5.1. Economic Environment 28
    5.2. Government Intervention 29
    5.3. Regulatory Changes 29
    5.4. Input Costs 30
    5.5. Crime 30
    5.6. Technology, Research and Development (R&D) and Innovation 32
    5.7. Labour Resources 34
    5.8. Cyclicality 36
    5.9. Environmental Concerns 36
    6. COMPETITION 38
    6.1. Barriers to Entry 38
    7. SWOT ANALYSIS 39
    8. OUTLOOK 40
    9. INDUSTRY ASSOCIATIONS 41
    10. REFERENCES 41
    10.1. Publications 41
    10.2. Websites 43
    COMPANY PROFILES 44
    1LIFE INSURANCE (RF) LTD 44
    ABSA INSURANCE AND FINANCIAL ADVISERS (PTY) LTD 46
    ABSA INSURANCE COMPANY LTD 48
    AFRICAN REINSURANCE CORPORATION (SOUTH AFRICA) LTD 50
    AIG South Africa Ltd 52
    Alexander Forbes Insurance Company Ltd 54
    Allianz Global Corporate and Specialty South Africa Ltd 56
    Aon South Africa (Pty) Ltd 58
    Auto and General Insurance Company (RF) Ltd 62
    Bidvest Insurance Ltd 65
    Braveheart Financial Services (Pty) Ltd 67
    Centriq Insurance Company Ltd 69
    CIB Insurance Administrators (Pty) Ltd 71
    Coface South Africa Insurance Company Ltd 73
    Compass Insurance Company Ltd 75
    Constantia Insurance Company Ltd 77
    Dial Direct Insurance (RF) Ltd 79
    Econorisk (Pty) Ltd 81
    Export Credit Insurance Corporation of South Africa SOC Ltd 84
    Federated Employers Mutual Assurance Company (RF) (Pty) Ltd (The) 87
    FirstRand Bank Ltd 90
    Fussell and Associates (Pty) Ltd 94
    General Reinsurance Africa Ltd 96
    Genesis Insurance Brokers (Pty) Ltd 98
    GIB Insurance Brokers (Pty) Ltd 100
    GIC Re South Africa Ltd 103
    Guardrisk Insurance Company Ltd 105
    Hannover Reinsurance Group Africa (Pty) Ltd 107
    Hollard Insurance Company Ltd (The) 109
    Indequity Group Ltd 113
    Insure Group Managers Holdings Ltd 116
    Ithala Development Finance Corporation Ltd 118
    King Price Insurance Company Ltd 123
    Lion of Africa Insurance Company Ltd 125
    Lombard Insurance Company Ltd 128
    Marsh (Pty) Ltd 130
    MiWay Insurance Ltd 133
    Mont Blanc Financial Services (Pty) Ltd 136
    Multi Risk Brokers (Pty) Ltd 138
    Munich Reinsurance Company of Africa Ltd 140
    Mutual and Federal Insurance Company Ltd 142
    Mutual and Federal Risk Financing Ltd 146
    Nedbank Ltd 148
    OUTsurance Insurance Company Ltd 156
    PSG Konsult Ltd 158
    Regent Insurance Company Ltd 161
    Risk Benefit Solutions (Pty) Ltd 164
    Santam Ltd 166
    SCOR Africa Ltd 171
    Standard Bank Insurance Brokers (Pty) Ltd 173
    Standard Insurance Ltd 175
    Telesure Investment Holdings (Pty) Ltd 177
    Trustco Group Holdings Ltd 181
    Vision Direct 155 (Pty) Ltd 185
    Zurich Insurance Company South Africa Ltd 186

    Extract

    Although the short-term insurance industry is stable, companies operating in the sector remain under pressure...

    Description

    This report focuses on South Africa's short-term insurance sector, which incorporates a broad spectrum of non-life personal and commercial insurance and reinsurance lines.

    The Short Term Insurance Industry in South Africa 2014

    Full Report

    R 1 900.00(ZAR) estimated $100.48 (USD)*

    Buy Now +

    Industry Overview

    R 1 330.00(ZAR) estimated $ 70.34 (USD)*

    Buy Now +

    Historical Reports

    The Short Term Insurance Industry in South Africa 2022-02-15

    R 9 500.00(ZAR) estimated $502.40 (USD)*

    View Report Add to Cart

    The Short Term Insurance Industry in South Africa 2020-11-24

    R 1 900.00(ZAR) estimated $100.48 (USD)*

    View Report Add to Cart

    The Short Term Insurance Industry in South Africa 2018-08-22

    R 1 900.00(ZAR) estimated $100.48 (USD)*

    View Report Add to Cart

    The Short Term Insurance Industry in South Africa 2016-01-19

    R 1 900.00(ZAR) estimated $100.48 (USD)*

    View Report Add to Cart

    Table of Contents

    [ Close ]
    PAGE
    1. INTRODUCTION 1
    2. DESCRIPTION OF THE INDUSTRY 1
    2.1. Industry Supply Chain 2
    2.2. Geographic Position 3
    3. SIZE OF THE INDUSTRY 3
    4. STATE OF THE INDUSTRY 8
    4.1. Local 8
    4.1.1. Corporate Actions 10
    4.1.2. Regulations & Government Programmes 11
    4.1.3. Enterprise Development and Social Economic Development 14
    4.2. Continental 19
    4.3. International 21
    5. INFLUENCING FACTORS 22
    5.1. Government Intervention 22
    5.2. Economic Environment 23
    5.3. Rising Input Costs 23
    5.4. Regulatory Changes 24
    5.5. Crime 24
    5.6. Information Technology 25
    5.7. Technology 26
    5.8. Labour 26
    5.9. Environmental Concerns 28
    6. COMPETITION 28
    6.1. Barriers to Entry 29
    6.2. Innovation 29
    6.3. Research and Development (R&D) 29
    7. SWOT ANALYSIS 30
    8. OUTLOOK 30
    9. INDUSTRY ASSOCIATIONS 31
    10. REFERENCES 31
    10.1. Publications 31
    10.2. Websites 32
    APPENDIX 1 33
    Types of Short-Term Insurance Policies 33
    APPENDIX 2 34
    Short-Term Insurers registered with the Financial Services Board (FSB) 34
    APPENDIX 3 44
    Comparative Review of Short-Term Insurance Results – Primary Insurers 44
    APPENDIX 4 45
    Short-Term Insurance Individual Ranking – 2013 45
    ORGANOGRAM 82190A 47
    Insurers 47
    COMPANY PROFILES 51
    1LIFE INSURANCE (RF) LTD 51
    ABSA INSURANCE COMPANY LTD 53
    AIG SOUTH AFRICA LTD 55
    ALEXANDER FORBES INSURANCE COMPANY LTD 57
    ALLIANZ GLOBAL CORPORATE & SPECIALTY SOUTH AFRICA LTD 58
    AUTO & GENERAL INSURANCE COMPANY LTD 59
    BIDVEST INSURANCE LTD 61
    CENTRIQ INSURANCE COMPANY (RF) LTD 63
    COMPASS INSURANCE COMPANY LTD 65
    CONSTANTIA INSURANCE COMPANY LTD 66
    DIAL DIRECT INSURANCE LTD 68
    ETANA INSURANCE COMPANY LTD 70
    EXPORT CREDIT INSURANCE CORPORATION OF SOUTH AFRICA SOC LTD 73
    FEDERATED EMPLOYERS MUTUAL ASSURANCE CO LTD (THE) 75
    FIRSTRAND BANK LTD 77
    GUARDRISK INSURANCE COMPANY LTD 80
    HOLLARD INSURANCE COMPANY LTD (THE) 82
    INDEQUITY GROUP LTD 85
    INSURE GROUP MANAGERS HOLDINGS LTD 87
    ITHALA DEVELOPMENT FINANCE CORPORATION LTD 89
    KING PRICE INSURANCE COMPANY LTD 94
    LION OF AFRICA INSURANCE COMPANY LTD (THE) 96
    LIREAS HOLDINGS (PTY) LTD 98
    LOMBARD INSURANCE COMPANY LTD 100
    MIWAY INSURANCE LTD 102
    MUTUAL & FEDERAL INSURANCE COMPANY LTD 104
    MUTUAL & FEDERAL RISK FINANCING LTD 106
    OUTSURANCE INSURANCE COMPANY LTD 107
    REGENT INSURANCE COMPANY LTD 109
    SANTAM LTD 112
    STANDARD INSURANCE LTD 115
    TELESURE INVESTMENT HOLDINGS (PTY) LTD 116
    TRUSTCO GROUP HOLDINGS LTD 119
    ZURICH INSURANCE COMPANY SOUTH AFRICA LTD 122
    ORGANOGRAM 82190B 125
    Insurance Brokers 125
    COMPANY PROFILES 127
    ABSA INSURANCE & FINANCIAL ADVISERS (PTY) LTD 127
    BRAVEHEART FINANCIAL SERVICES (PTY) LTD 129
    CIB INSURANCE ADMINISTRATORS (PTY) LTD 130
    ECONORISK (PTY) LTD 132
    FUSSELL & ASSOCIATES (PTY) LTD 134
    GENESIS INSURANCE BROKERS (PTY) LTD 135
    GIB INSURANCE BROKERS (PTY) LTD 136
    MARSH (PTY) LTD 138
    MONT BLANC FINANCIAL SERVICES (PTY) LTD 141
    MULTI RISK BROKERS (PTY) LTD 142
    NEDBANK LTD 143
    PSG KONSULT LTD 149
    RISK BENEFIT SOLUTIONS (PTY) LTD 151
    STANDARD BANK INSURANCE BROKERS (PTY) LTD 153

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