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short term insurance industry south africa

The Short-Term Insurance Industry in South Africa 2024

Pila Rulashe | South Africa | 28 June 2024

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

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Report Coverage

This report on the short-term insurance industry includes information on the size of the industry, number of insurers, claims, industry performance measures and notable players. It provides information on the increase in climate-related risks, natural disasters and other major risks, and new technology and innovation, including the rise of insurtech. There are profiles of 52 companies including well-known players such as Santam, Old Mutual, Hollard and OUTsurance, state-owned insurers such as South African Special Risk Insurance Association, Eskom’s Escap and Land Bank Insurance Company, and tech-driven companies such as Pineapple and Naked.

Introduction

• The short-term insurance industry has been affected by the pandemic, riots and natural disasters.\r\n
• Experts have predicted that there will be pandemics in future and the severity and frequency of natural disasters will increase. \r\n
• The market share of the top four non-life companies, Santam, Guardrisk, Hollard and Old Mutual, has declined slightly. Santam has maintained its dominant position.\r\n
• New entrants to the industry such as insurtechs are still relatively small and are underwritten by traditional players. \r\n
• The industry faces continued challenges of affordability and risks from natural disasters compounded by insufficiently maintained infrastructure.

Trends

• After a decline in net profit before tax and dividends between 2019 and 2021, there has been a recovery to 2023.
• Concentration levels have remained steady with the top 5 companies making up around 44% of total gross written premiums.
• Large traditional insurance companies have invested in insurtech companies that have entered the industry.
• Net written premiums have declined as reinsurance costs have increased due to the growing severity and frequency of natural disasters.
• South Africa continues to be the largest insurance market on the continent.
• The number of companies has declined slightly.
• Turnover in non-life insurance has grown at a CAGR of 10.3% between 2017 and 2022.

Opportunities

• COFI Bill may help to simplify regulatory and legal compliance.
• Leveraging advanced technology to make insurance accessible to the uninsured.

Challenges

• Degradation of infrastructure that increases severity of damage and losses from insured events.
• Increasing frequency and severity of natural catastrophes.
• Poor economic environment making insurance less affordable.

Outlook

• Challenges such as constrained household incomes and natural catastrophes, are unlikely to materially improve over the next few years, putting upward pressure on premium pricing. \r\n
• Despite the challenges, the industry has managed to grow gross premiums received and recover profitability. \r\n
• Increasing pressure on household budgets may increase the need for customised solutions.\r\n
• The sector is expected to continue to make use of technological advancements to diversify revenues, lower costs and remain competitive. \r\n
• The increased use of technology could expose companies to cyberattacks and ransomware.

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The Short-Term Insurance Industry in South Africa
The Short-Term Insurance Industry in South Africa 2024

Full Report

R 20 000.00(ZAR) estimated $1109.36 (USD)*

Industry Landscape

R 14 000.00(ZAR) estimated $ 776.55 (USD)*

Historical Reports

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

R 6 500.00(ZAR) estimated $360.54 (USD)*

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

R 1 900.00(ZAR) estimated $105.39 (USD)*

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

R 1 900.00(ZAR) estimated $105.39 (USD)*

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

R 1 900.00(ZAR) estimated $105.39 (USD)*

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

R 1 900.00(ZAR) estimated $105.39 (USD)*

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Table of Contents

[ Close ]
PAGE
1. INTRODUCTION 1
2. DESCRIPTION OF THE INDUSTRY 1
2.1. Industry Value Chain 4
2.2. Geographic Position 6
2.3. Size of the Industry 7
3. LOCAL 13
3.1. State of the Industry 13
3.2. Key Trends 20
3.3. Key Issues 20
3.4. Notable Players 22
3.5. Corporate Actions 24
3.6. Regulations 25
3.7. Enterprise Development and Social Development 25
4. AFRICA 27
5. INTERNATIONAL 30
6. INFLUENCING FACTORS 33
6.1. Unforeseen Events 33
6.2. Economic Environment 34
6.3. Labour 34
6.4. Environmental Issues 35
6.5. Technology, R&D, Innovation 35
6.6. Government Support 36
6.7. Input Costs 37
7. COMPETITIVE ENVIRONMENT 38
7.1. Competition 38
7.2. Ownership Structure of the Industry 40
7.3. Barriers to Entry 40
8. INDUSTRY SUMMARY 41
9. OUTLOOK 41
10. INDUSTRY ASSOCIATIONS 42
11. REFERENCES 42
11.1. Publications 42
11.2. Websites 43
ANNEXURE 1 44
INDUSTRY LEGISLATION 44
APPENDIX 1 46
SUMMARY OF NOTABLE PLAYERS 46
COMPANY PROFILES 55
ABSA INSURANCE COMPANY LTD 55
AFRICAN REINSURANCE CORPORATION (SOUTH AFRICA) LTD 57
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
CHUBB INSURANCE SOUTH AFRICA LTD 75
CLIENTELE GENERAL INSURANCE LTD 77
COFACE SOUTH AFRICA INSURANCE COMPANY LTD 79
COMPASS INSURANCE COMPANY LTD 81
CORPORATE GUARANTEE (SOUTH AFRICA) (RF) LTD 83
CREDIT GUARANTEE INSURANCE CORPORATION OF AFRICA LTD 85
DIAL DIRECT INSURANCE (RF) LTD 88
DISCOVERY INSURE LTD 90
ESCAP SOC LTD 92
EXPORT CREDIT INSURANCE CORPORATION OF SOUTH AFRICA SOC LTD 94
FEDERATED EMPLOYERS MUTUAL ASSURANCE COMPANY (RF) (PTY) LTD (THE) 97
FIRST FOR WOMEN INSURANCE COMPANY (RF) LTD 100
FIRSTRAND BANK LTD 102
GENERAL REINSURANCE AFRICA LTD 107
GIC RE SOUTH AFRICA LTD 110
GUARDRISK INSURANCE COMPANY LTD 112
HANNOVER RE SOUTH AFRICA LTD 115
HOLLARD INSURANCE COMPANY LTD (THE) 118
INDEQUITY GROUP LTD 122
KING PRICE INSURANCE COMPANY LTD 124
LAND AND AGRICULTURAL DEVELOPMENT BANK OF SOUTH AFRICA 126
LIBERTY GROUP LTD 130
LOMBARD INSURANCE COMPANY LTD 133
MIWAY INSURANCE LTD 136
MOMENTUM METROPOLITAN HOLDINGS LTD 139
MUNICH REINSURANCE COMPANY OF AFRICA LTD 144
NAKED FINANCIAL TECHNOLOGY (PTY) LTD 146
NEDGROUP INSURANCE COMPANY LTD 148
OLD MUTUAL ALTERNATIVE RISK TRANSFER INSURE LIMITED 150
OLD MUTUAL INSURE LTD 152
OUTSURANCE INSURANCE COMPANY LTD 155
PINEAPPLE TECH (PTY) LTD 158
PROFESSIONAL PROVIDENT SOCIETY SHORT-TERM INSURANCE COMPANY LTD 160
PSG FINANCIAL SERVICES LTD 162
RENASA INSURANCE COMPANY LTD 167
ROAD ACCIDENT FUND 170
SAFIRE INSURANCE COMPANY LTD 173
SANTAM LTD 175
SASRIA SOC LTD 180
SCOR AFRICA LTD 183
STANDARD INSURANCE LTD 185
SWISS RE CORPORATE SOLUTIONS AFRICA LTD 187
TRUSTCO GROUP HOLDINGS LIMITED (INCORPORATED IN NAMIBIA) 189

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.

Introduction

According to South African Reserve Bank (SARB) figures, South Africa’s non-life insurance industry recorded gross premiums of R173.3bn in 2020, compared to R172.9bn in 2019. Data from global reinsurance company Swiss Re shows the country’s non-life insurance industry was the world’s 35th largest in 2020, with a 0.21% share of the world market based on premiums. However, the industry’s operating profit decreased from R22.6bn in 2019 to R15.8bn in 2020. Factors such as COVID-19 related claims, the weak economy and high crime levels are affecting the performance of the industry.

Strengths

• Industry is highly competitive.
• Industry is well capitalised and financially sound.
• Large number of well-established companies.

Weaknesses

• Ambiguous policy wording causing protracted claim disputes.
• Shortage of skilled employees.

Opportunities

• Can grow customer base by increasing financial inclusion.
• Insurance penetration is low in Africa, signifying an untapped market.
• More people are able to afford insurance as technological developments lower costs for insurers.

Threats

• Climate change-related risks.
• COVID-19-related claims.
• Future pandemics.
• High vehicle accident rate and high levels of crime, including insurance fraud and cybercrime.
• South Africa’s poor economy hampers insurance uptake.
• Weak performance of investments.

Outlook

After world non-life insurance premiums increased by 1.5% in real terms in 2020, global reinsurance company Swiss Re forecast they grew by 2.8% in 2021, and it expects them to rise by 3.7% in 2022, both in real terms. Global insurers expect challenges for 2022 to include regulation, sustainability, talent and evolving customer preferences, while strategic priorities will probably be centred on flexible work models, finding the balance between automation and the need to keep human interaction with customers, and doing more to boost stakeholders’ trust. \r\n\r\nGideon Galloway, King Price Insurance’s CEO, expects the South African non-life insurance industry to grow in 2022 because demand for insurance is increasing. He sees the following trends for local insurers in 2022: they will make it easier for customers to join them; create products to meet rapidly-evolving market needs; digitally transform operations by using automation and artificial intelligence to create smoother claims and underwriting processes; expand cybersecurity cover as it is the biggest risk facing local companies; and adapt vehicle insurance to changing mobility patterns. In cities, it is getting easier for people to get around without having cars, while younger generations do not view cars as status symbols but simply as a means of getting around.

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

Full Report

R 6 500.00(ZAR) estimated $360.54 (USD)*

Industry Landscape

R 4 550.00(ZAR) estimated $ 252.38 (USD)*

Historical Reports

The Short-Term Insurance Industry in South Africa 2024-06-28

R 20 000.00(ZAR) estimated $1109.36 (USD)*

View Report Add to Cart

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

R 1 900.00(ZAR) estimated $105.39 (USD)*

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

R 1 900.00(ZAR) estimated $105.39 (USD)*

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

R 1 900.00(ZAR) estimated $105.39 (USD)*

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

R 1 900.00(ZAR) estimated $105.39 (USD)*

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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
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.

Introduction

South Africa’s insurance industry is struggling to grow revenues and maintain profitability due to tough economic conditions exacerbated by the coronavirus pandemic, declining employment, a squeeze on household disposable incomes and increasing climate-related risks. While traditionally slow to adopt new technology, insurers are increasingly making use of advanced analytics and distributed ledger technology to mitigate risks and improve customer service. Regulatory changes such as privacy protection laws will demand that insurers have adequate cybersecurity measures in place, while the new global IFRS 17 accounting standards need to be adopted. \r\n\r\nThe coronavirus pandemic has resulted in significant losses to companies, particularly in the accommodation, travel and tourism industries, and the insurance industry due to business interruption claims.

Strengths

• Technological adoption.
• The insurance industry is well capitalised and financially sound.
• The short-term insurance industry is highly competitive.

Weaknesses

• Shortage of skilled employees in the sector.
• The industry is exposed to the volatility of local and global financial markets.
• There is a lack of meaningful transformation in the industry.

Opportunities

• A growing middle class across the continent represents a pool of potential new policyholders.
• Infrastructure development and renewable energy projects across Africa.
• Insurance penetration is low in Africa, signifying an untapped market.
• Technological developments enabling mobile insurance.

Threats

• Climate change presents the biggest single emerging risk to the industry.
• Coronavirus-related business interruption claims.
• South Africa’s poor economy will hamper insurance uptake.
• The high cost of regulatory compliance and minimum capital requirements.
• The high level of crime, insurance fraud and motor vehicle accidents.
• The rising cost of reinsurance.

Outlook

Global insurance demand is expected to contract in 2020 due to the coronavirus-induced economic recession and recover in 2021, according to the Swiss Re Institute. Trade and travel-related insurance business such as marine, aviation and credit are expected to have been the hardest hit, while property and medical are expected to be stable. For instance, global hotel group Marriott International closed the Mount Grace Country House & Spa in Magaliesburg, the Protea Hotel by Marriott Durban Edward, and the Protea Hotel by Marriott Hazyview.\r\n\r\nWhile South Africa’s insurance industry is well capitalised, profitability will be challenged due to pandemic-related losses and lacklustre investment returns due to low interest rates and companies performing poorly. According to Swiss Re, the coronavirus pandemic is a lesson for insurers and policy makers who, in the interest of long-term societal and economic stability, should look to develop more public-private partnership solutions for pandemic risks.

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

Full Report

R 1 900.00(ZAR) estimated $105.39 (USD)*

Industry Landscape

R 1 330.00(ZAR) estimated $ 73.77 (USD)*

Historical Reports

The Short-Term Insurance Industry in South Africa 2024-06-28

R 20 000.00(ZAR) estimated $1109.36 (USD)*

View Report Add to Cart

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

R 6 500.00(ZAR) estimated $360.54 (USD)*

View Report Add to Cart

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

R 1 900.00(ZAR) estimated $105.39 (USD)*

View Report Add to Cart

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

R 1 900.00(ZAR) estimated $105.39 (USD)*

View Report Add to Cart

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

R 1 900.00(ZAR) estimated $105.39 (USD)*

View Report Add to Cart

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

Introduction

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. According to the Financial Sector Conduct Authority (FSCA), formerly the Financial Services Board, short-term insurance companies contributed gross premium income of R108.14bn to the South African economy at the end of September 2017. Exceptionally tough operating and market conditions for the industry are accompanied by the costs of compliance to new regulatory obligations.

Strengths

• The industry is competitive.
• The short-term insurance industry is sophisticated, well capitalised and financially sound. It has proved to be resilient and stable during times of economic recession.
• There is a relatively high level of innovation.

Weaknesses

• Many stakeholders believe that the industry is over-regulated.
• Penetration of the market is low and the level of underinsurance remains high.
• Reinsurance capacity in the local market is limited.
• There is a dearth of skilled employees.
• There is a lack of meaningful transformation in the industry.

Opportunities

• Corporate and commercial projects across Africa offer opportunities, particularly for insurers specialising in the extractive industries, infrastructure development and renewable energy.
• Opportunities for expansion exist in the BRICS markets.
• The development of affordable, client-centric insurance and micro-insurance products for South Africa’s largely uninsured or underinsured low-income earners.
• The emerging urbanised middle class, both locally and across sub-Saharan Africa, represents a valuable pool of potential new policyholders.
• The roll out of M-insurance.

Threats

• Global catastrophes caused by natural disasters and extreme weather events represent a substantial threat to the reinsurance sub-sector.
• Heightened geopolitical tensions and an increase in acts of terror.
• Over-regulation, the high cost of regulatory compliance and new minimum capital requirements could force small insurance companies out of business.
• South Africa’s low growth rate, the prevailing weakness of the local currency and socio-political challenges.
• The high level of motor vehicle accidents.
• The high levels of crime, including insurance fraud.
• The industry is highly exposed to the volatility of both local and global financial markets.
• The rising cost of reinsurance.

Outlook

Commentators see more medium to long-term trends which will disrupt the insurance industry by 2020 than in most other industries. They include changing demographics, the increasing economic significance of emerging markets, and fintech, which is disrupting the way companies use technology to buy or manage insurance. These, along with changing regulations will significantly change the structure of the insurance industry. Jackie Drotsky, licenced compliance officer at Momentum Consult told the media, \"There is no doubt that the changes will bring about technological/system requirements, resource requirements, enhanced contracts management; administrative burdens, product innovation, more stringent underwriting measures, to name but just a few\". \r\n\r\nAlthough the South African population is becoming increasingly risk aware, stakeholders predict that insurance penetration is unlikely to improve significantly until there is an upturn in the local economy. Stakeholders warn that short-term insurance loss ratios can no longer be absorbed by insurers and that insurance premium increases will need to be passed on to policyholders. Analysts predict that South Africa’s slow economic growth outlook will continue to drive the African agendas of local insurers, as they seek opportunities in untapped regional markets.

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

Full Report

R 1 900.00(ZAR) estimated $105.39 (USD)*

Industry Landscape

R 1 330.00(ZAR) estimated $ 73.77 (USD)*

Historical Reports

The Short-Term Insurance Industry in South Africa 2024-06-28

R 20 000.00(ZAR) estimated $1109.36 (USD)*

View Report Add to Cart

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

R 6 500.00(ZAR) estimated $360.54 (USD)*

View Report Add to Cart

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

R 1 900.00(ZAR) estimated $105.39 (USD)*

View Report Add to Cart

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

R 1 900.00(ZAR) estimated $105.39 (USD)*

View Report Add to Cart

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

R 1 900.00(ZAR) estimated $105.39 (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%.

Introduction

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 R102.83bn in 2014, 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. Notwithstanding its highly strategic value as a societal “safety-net” in times of disaster, the industry has been under growing pressure in recent years, as it grapples with a barrage of regulatory and technological challenges. With the impending implementation of the so-called “Twin-Peaks” and Solvency Assessment and Management (SAM) regulatory frameworks in January 2016, some analysts caution that the sector currently finds itself “on the cusp of major disruption”.

Strengths

• The industry is competitive.
• The short-term insurance industry is sophisticated, well capitalised and financially sound. It has proved to be resilient and stable during times of economic recession.
• There is a relatively high level of innovation.

Weaknesses

• Many stakeholders believe that the industry is over-regulated.
• Penetration of the market is low and the level of underinsurance is extremely high.
• Reinsurance capacity in the local market is limited.
• There is a dearth of skilled employees.
• There is a lack of meaningful transformation in the industry.

Opportunities

• Corporate and commercial projects across Africa offer opportunities, particularly for insurers specialising in the extractive industries, infrastructure development and renewable energy.
• Diversification into the Reinsurance segment.
• Opportunities for expansion exist in the BRICS markets.
• The development of affordable, client-centric insurance and micro-insurance products for South Africa’s largely uninsured or underinsured low-income earners
• The emerging urbanised middle class, both locally and across sub-Saharan Africa, represents a valuable pool of potential new policyholders.
• The roll out of M-insurance.

Threats

• Global catastrophes caused by natural disasters and extreme weather events represent a substantial threat to the sub-sector.
• Heightened geopolitical tensions and an increase in acts of terror.
• Over-regulation, the high cost of regulatory compliance and new minimum capital requirements could force small insurance companies out of business.
• South Africa’s low growth rate, the prevailing weakness of the local currency and socio-political challenges.
• The high level of motor vehicle accidents.
• The high levels of crime, including insurance fraud.
• The industry is highly exposed to the volatility of both local and global financial markets.
• The rising cost of reinsurance.

Outlook

South Africa, with crime and motor vehicle accident rates that rank amongst the highest in the world, is a high risk environment that offers few public safety nets. The importance of the role played by the short-term insurance industry within the context of the broader economy should therefore not be underestimated. Stakeholders reiterate that if growth is to occur, it is often necessary to take risks, and that South Africa’s short-term insurance sub-sector, by enabling risk-averse companies to undertake projects with an element of risk, performs a vital role in the economy. \r\n\r\nAlthough the South African population is becoming increasingly risk aware, stakeholders predict that insurance penetration is unlikely to improve significantly until there is an upturn in the local economy. Stakeholders warn that short-term insurance loss ratios can no longer be absorbed by insurers and that insurance premium increases will need to be passed on to policyholders. Going forward, the implementation of the Twin Peaks regulatory framework and SAM requirements from 1 January 2016 is expected to place further upward pressure on insurance premiums. Analysts predict that South Africa’s pedestrian economic growth outlook will continue to drive the African agendas of local insurers, as they seek opportunities in untapped regional markets.

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

Full Report

R 1 900.00(ZAR) estimated $105.39 (USD)*

Industry Landscape

R 1 330.00(ZAR) estimated $ 73.77 (USD)*

Historical Reports

The Short-Term Insurance Industry in South Africa 2024-06-28

R 20 000.00(ZAR) estimated $1109.36 (USD)*

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

R 6 500.00(ZAR) estimated $360.54 (USD)*

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

R 1 900.00(ZAR) estimated $105.39 (USD)*

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

R 1 900.00(ZAR) estimated $105.39 (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. 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

Introduction

Direct insurance companies have mushroomed in South Africa and have established a firm foothold in the short-term insurance sector, having increased their market share to more than 20% of personal lines. Vigorous marketing campaigns encouraging the consumer to cut out the middleman, in order to get a better deal, have borne fruit and for savings of up to 25%, many policyholders are prepared to trade in their broker for a call-centre consultant. As direct insurers stake their claim in the commercial insurance market, the future role of the insurance broker appears increasingly uncertain. With total gross premiums of R79.4bn written in 2011, the South African short-term insurance industry plays a key role in the financial sector and is an important contributor to the local economy. Classified under SIC Code 82190 and defined in the Short-term Insurance Act No 53 of 1998, short-term insurance provides a flexible means of securing one’s assets without entering into a long-term commitment. The industry includes a broad spectrum of personal and commercial insurance and re-insurance products. This report assesses the current state of the short-term insurance sector, focusing on developments since July 2012, and examines the role of brokers and intermediaries within the industry.

Strengths

• Innovative technologies have been implemented.
• The sector is well regulated.
• The short-term insurance industry is resilient, stable, financially sound and well capitalised.
• The short-term insurance market is highly competitive.

Weaknesses

• Insurance fraud is very high. An estimated 20% of all claims are fraudulent.
• Public perception of short-term insurance industry is relatively poor and several thousand claims are lodged with the ombudsman every year.\no There is a shortage of highly skilled personnel, notably actuaries, specialist underwriters, risk management professionals and senior managers.\no There is a high staff turnover in the sector, which has been attributed to the introduction of compulsory FAIS examinations.\no Insurance fraud is very high. An estimated 20% of all claims are fraudulent.
• There is a high staff turnover in the sector, which has been attributed to the introduction of compulsory FAIS examinations.
• There is a shortage of highly skilled personnel, notably actuaries, specialist underwriters, risk management professionals and senior managers.

Opportunities

• Expansion into African markets.
• Growth of a technologically-minded middle-class.
• Growth of direct online insurance products.
• Improved access to the previously untapped informal sector, as a result mobile technologies and the future roll-out of the Micro-insurance Policy Statement.\r\n
• Rise of mobile-based technologies, the Internet and social media.

Threats

• Exchange rate volatility and the devaluation of the emerging currencies.
• Increasing frequency of natural disasters.
• South Africa’s low growth rate, compounded by socio-political challenges.
• The high incidence of accidents on South African roads.
• Volatility in the global financial markets.

Outlook

As companies operating in the South African short-term insurance industry prepare for the imminent implementation of a new regulatory framework, a sense of trepidation is discernible, with many stakeholders referring to the profound changes as a ‘regulatory tsunami’. Analysts caution that the high cost of compliance is likely to place upward pressure on premiums. Furthermore, they warn that the new regulatory regime will have a particularly negative impact on smaller insurance companies, which may be required to rationalise product lines if they are to survive. \r\nOver the next five years, significant changes are expected to take place within the short-term insurance industry. Stakeholders have identified the following trends:\r\n
• The uptake of smart device technologies; \r\n
• Automated underwriting; \r\n
• The use of multiple direct distribution channels, at the expense of intermediaries/ insurance brokers;\r\n
• The streamlining of claims procedures, as well as the implementation of proactive loss control measures;\r\n
• Greater reliance on Data and Analytics (D&A); \r\n
• An increase in commoditisation, with the narrowing of differences between insurance brands; and\r\n
• A decline in profitability.\r\n\r\nDespite the challenges facing the industry, the outlook remains stable and there are opportunities for growth. Stakeholders have earmarked the development of affordable products for the under-serviced low-income market. They have also urged Government to make Motor Third Party Property Damage insurance compulsory. Given that only 35% of motor vehicles are currently insured in South Africa, stakeholders believe that appropriate measures should be implemented to bring the country into line with accepted global insurance practices. Notwithstanding concerns relating to the Ebola crisis in West Africa, analysts predict that the mobile revolution will continue to drive expansion into Africa.

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

Full Report

R 1 900.00(ZAR) estimated $105.39 (USD)*

Industry Landscape

R 1 330.00(ZAR) estimated $ 73.77 (USD)*

Historical Reports

The Short-Term Insurance Industry in South Africa 2024-06-28

R 20 000.00(ZAR) estimated $1109.36 (USD)*

View Report Add to Cart

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

R 6 500.00(ZAR) estimated $360.54 (USD)*

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

R 1 900.00(ZAR) estimated $105.39 (USD)*

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

R 1 900.00(ZAR) estimated $105.39 (USD)*

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

R 1 900.00(ZAR) estimated $105.39 (USD)*

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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