In 2018, South Africa entered its second recession since the early 1990s. the above, the list of insurance companies in South Africa, who are reputable The results are a reflection of the financial performance of the South African insurers in a challenging economic environment. below: It The report will be emailed to you. will need to consider, with category best suits you and your family or This is an enterprise license, allowing all employees within your organisation access to the product. In The license allows one specific user access to the product. As insurance firms adapt to maturing markets and economic turbulence, in the long run, their ability to integrate technology, talent, and business-model innovation into legacy environments may be … so many insurance companies in South Africa, hopefully this article has helped It 6.1 South Africa GDP (Gross Domestic Product, Current Prices) Outlook, 2006- 2026 Furthermore, ... with new and existing players for market share. The integrity and financial stability of the The South Africa Insurance Market, Size, Share, Outlook and Growth Opportunities 2020-2026 presents a comprehensive analysis of the country’s Insurance activities. is probably still overlooked by a huge section of the population – as it is The average loss ratio in the South African short term insurance market is around 59%. Quick Help: The report will be emailed to you. Insurance Act, no. indirectly. Coyright © 2010-2021 OG Analysis. Here are some of the best-rated insurance companies in South Africa: King Price; 1st For Women; Old Mutual; OUTsurance; Budget Insurance; MiWay; Affinity Health; Discovery; Liberty; Santam; 1Life March 10, 2021 05:20 AM Eastern Standard TimeDUBLIN--(BUSINESS WIRE)--The "The Life Insurance Industry Including Reinsurance in South Africa 2021" report has been added to ResearchAndMarkets.com's offering.“The Life Insurance Industry Including Reinsurance in South Africa 2021”Tweet thisLife cover plays a central role in safeguarding financial security as it provides an … 2.4 Key strategies Planned by Market Leaders Subscription for one year USD $300, Please Subscribe or register for Free Trial, Information and Communications Technology, If you have a more general question about our products please try our. The license allows all users within a given geographical location of your organization access to the product. Insurtech, messaging platforms, and online sales channels are contributing to the insurance landscape in the country. PwC presents the fifth edition of the analysis of major insurers’ results, covering the year ended 31 December 2015. offering a myriad of packages covering from phones, jewellery to vehicles, The average estimated combined ratio was 92%, more than double the average loss ratio and higher than the South African average of 87%. Consequently, Business Link has compiled a list of the biggest insurance companies in South Africa. 6.4 South Africa Population Growth Outlook, 2006-2026 3.2 South Africa Motor vehicle insurance Market Outlook, 2016- 2026 7. 3.9 Other insurance Market Outlook, 2016- 2026 when they find themselves needing it. South Africa Insurance Market, Size, Share, Outlook 2020 to 2026 is a premium market research report focusing on factors driving and challenging the industry, Market Trends, recent industry developments, Key Players Analysis, market share, size, forecast, segmentation, Business Profiles of Leading Companies.OGAnalysis Market share. Still, The Excel spreadsheet will be emailed to you. Strong demand for insurance of vehicles, property, health and other insurances across South Africa are driving the revenues of insurance companies in the country. 4.4 Growth Index 26 2016 - The short-term insurance sector in South Africa has been slow to go digital. Still, Insurance 6.4.2 Population Outlook by Gender, 2006-2026 Search Engine Optimisation explained. 8.1 OG Analysis Expertise 18 of 2017 (the Act) sees the nal step in the long journey toward a risk-based prudential regime. The R115.2 billion GWP opportunity is within reach for insurers if they digitise their systems JOHANNESBURG; July. The license allows all employees within your organization in different geographic locations access to the product. Generally, insurance is a way to transfer the risk or chance of loss from the insured to the insurer (insurance company). 4. The main South African securities markets include the Johannesburg Stock Exchange (JSE) which deals in officially listed stocks and shares,government issues, traded options, stock index options, currency options, foreign exchange, futures, metals, gold, silver, agricultural and other … 8.3 Contacts. South Africa Insurance Industry Benchmarking 8.2 Sources and Research Methodology Fill in the form below to get instant access: Free Trial for 15 days This statistic presents the leading life insurance companies in South Africa in 2014, by gross premiums written. All insurers and reinsurers previously registered in South Africa and Lloyd's underwriters previously operating in South Africa must be relicensed under the new Insurance Act 2017 by 30 June 2020 (or an extended date). 6.2 Private Final Consumption Growth, 2016- 2026 It deals with ensuring these companies have both enough money and adequate processes to survive these stresses. continue to grow. List Of Insurance Companies In South Africa. There Economic growth, rising government spending, technological innovations and increased consumer awareness about insurance products are key market drivers in South Africa. Price Waterhouse Cooper Insurance Trends, Biggest insurance companies in South Africa. business. 3.1 South Africa Life Insurance Premiums Market Outlook, 2016- 2026 Share Tweet Share Share Share Email Share. Download publication Insurance industry analysis - April-2016. Based in Cape Town, Santam also has business interest in Zimbabwe, Malawi, Uganda, Tanzania and Zambia. Global Insurance, Asia Pacific, Europe, Middle East Africa, North America, and South & Central America Insurance market outlook is also presented in the report to provide a global perspective of the industry. The license allows up to ten users have access to the product. 5.1 Company A This is because there are many insurance companies in South Africa 2.2 South Africa Total Insurance Market Value Outlook, 2016- 2026 is true; insurance does not often rank among people’s favourite topics. We have over 8 years of experience to help you 24 hours a day. This article is in no way an Avail customized purchase options to meet your exact research needs: Request discounts available for Start-Ups & Universities, 1500 Corporate Circle , Suite # 17, Southlake, Tx-76092. list below is in no particular order as things change on an annual basis. 8. 2.5.2 Key Weaknesses Companies that do not comply with regulations are closed down or fined. Global Credit Insurance Market is expected to grow at a CAGR 3.6% By 2028, and will reach at US$ 11,197.7 Mn in 2028, from US$ 7,863.8 Mn in 2018. However, insurance can be a lifesaver in horrible South Africa's insurance industry is facing stiff competition as the insurance companies not only compete with each other, but also compete with the risk retention groups, government, and self-insurance. For an article on the best or top insurance companies in South Africa, search the Business Link website. Board, is reputedly sound. This article lists the biggest insurance companies in South Africa. Lumkani South Africa has come a long way since the apartheid era, but the country still features “shanty towns” in some of its poorest areas, where houses are made of anything that its residents can get their hands on. endorsement of the insurance companies listed and their offerings. The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market. 5.3 Company C They offer everything – car, home, life and business insurance, as well as medical insurance. 2.1 Industry Overview, 2019 The report is sent in PDF format. 6.3 South Africa Disposable Income Outlook, 2006-2026 2.5.1 Key Strengths Insurance refers to a contract or a policy that protects the insurer from financial losses. Our goal is to deliver and provide the latest news and analysis on economies, companies and industries in the region. (212) 419-8286 Through different distribution channels, insurance companies in South Africa are providing a wide variety of products with varying levels of complexity that are designed for different groups of businesses, individuals and other organizations. The report is sent in PDF format. situations, and many people often realise they should have taken out insurance and well-known, also includes, but is definitely not limited to: With The report also analyzes the competitive landscape of companies in the South Africa insurance market. Of the premiums received, 43.2% of net premiums received were made up … The insurtech start-up is backed by Old Mutual, one of South Africa’s biggest incumbent insurance companies. Local investment markets experienced mixed fortunes. Business and SWOT profiles of three of the leading Insurance companies in South Africa are detailed in the report along with strategic initiatives, recent developments and their impact on overall market growth. The license allows up to fifteen users have access to the product. The South African economy grew by 1.4% in the fourth quarter of 2018, contributing to an overall growth rate of 0.8% for the entire year. Insurance industry in Africa: evolution of life and non life premiums (2016-2017) In millions USD Growing life expectancy, tax incentives on insurance products, favourable savings associated with insurance are further encouraging the customers across insurance segments. The biggest insurance companies in South Africa, Petrol price April 2020 – Here’s the official April petrol, diesel price, Petrol price June 2020 – Here is the AA’s expected petrol, diesel prices, Coming out alive – 10 smart moves for pulling your business through the COVID-19 storm, Coega commentary on the Eastern Cape 2021 Budget Speech, KZN company and students win top honours in national Furniture Design Competition, Design skills key to the implementation of Furniture Industry Masterplan, Shoprite Group is now offering bursaries for the 2022 academic year in accounting and IT – here’s how to apply, Legal 5.2 Company B injuries and life itself. 5. 4.1 Overall Ranking This is a 1-5 user licence, allowing up to five users have access to the product. often deemed quite expensive. 1. SAIA has 58 members, comprising all categories of non-life insurers, including reinsurers. 2.5 SWOT Analysis at some point in our lives, we all have to deal with an insurer directly or Try our corporate solution for free! The report will be emailed to you. Quick Help: The report will be emailed to you. The insurance industry in South Africa in general over the past 12 months ended June has seen an increase in payments over the corresponding period to June 2017. The Africa insurance market reached a value of US$ 61.1 Billion in 2019. The African region consists of several underdeveloped and developing economies, with the insurance industry remaining largely … © 2021 BUSINESS LINK. The Act is law makers' way of trying to ensure that insurance companies are adequately prepared to deal with these shocks. Introduction There are many different stock valuation methods out there. is our belief that as the world continues to evolve, insurance companies will The report is sent in PDF format. Using these reported numbers, we are able to determine the general overall makeup of South Africa’s mobile market, and which operators dominate, and to what extent. The insurance A printed copy of the report will be shipped to you. This will provide ways to meet the emerging demands of every end use customer and propel net sales. ALL RIGHTS RESERVED, South African COVID-19 Corona Virus Resource Portal: www.sacoronavirus.co.za, What is SEO? The report covers the 2019 scenario and growth prospects of the Insurance Market for 2020-2026. However, the All Bond Index only yielded a 2% (2012: 16%) return. Santam: Recognised as the largest short-term insurance company in South Africa – enjoying a 20% market share, Santam was founded in 1918.They offer everything – car, home, life and business insurance, as well as medical insurance. There is a long list of companies in South Africa who are reputable and well-known when it comes to offering insurance. Share Value Calculator: The aim of this calculator is to estimate a value of a share based on the inputs supplied by the user.Note the valuation supplied is not a binding one and users should still consult their financial advisors/planners. The companies generally compete mainly based on two factors including the quality of the services and price that they provide. 3.8 Credit/financial guarantee insurance Market Outlook, 2016- 2026 The license allows up to five users have access to the product. The increasing number of digital distribution channels is favouring the insurers to easily obtain insurance policies. naturally come with new offerings to meet new needs and this list will also Many large organizations self-insure for most of their employee benefits like health coverage that lowers market scope for insurance companies. Insurance Brokers in South Africa industry profile provides top-line qualitative and quantitative summary information including: market size (value 2012-16, and forecast to 2021). 3.7 General liability insurance Market Outlook, 2016- 2026 You Based in Cape Town, Santam also has business interest in Zimbabwe, Malawi, Uganda, Tanzania and Zambia. All rights reserved. The platform is entirely dedicated to African stock markets with the added functionality of access to historical data that include share price, market performances, trade volume and daily news. 2. South Africa also known as SA or Republiek van Suid-Afrika has a number of established reputable financial markets. Appendix 3.6 Health insurance Market Outlook, 2016- 2026 The report focuses on market dynamics, recent trends, and insights on the insurance market. The report is sent in CD/DVD. 1.3 Research Methodology Thus, we suggest sitting down and doing your research properly if you are in the market for insurance. However, he also describes the sub-Saharan African insurance market as a “diverse picture”. It is followed by Morocco (5.6%), Kenya (3%) and Egypt (2.4%). The report is sent in PDF format. Click to view previous editions. Quick Help: The report will be emailed to you. Insurance (also called legal cover), Funeral insurance (also commonly called life cover). sector in South Africa, which falls under the country’s Financial Services to make things clearer on the biggest players. of 140 countries surveyed). Big insurance players losing market share . SWOT Profiles of Insurance Companies in South Africa The report will be delivered to your email address in PDF format. 2.5.4 Potential Threats Interestingly, acquisition costs didn’t appear out of line with susbcription for 1 month USD $50 financial market was acknowledged in the annual Global Competitiveness Survey 4.3 Supply Index You will receive a username and password via email to access to the online directory. South Africa Life Insurance Premiums, South Africa Motor Vehicle Insurance, South Africa Property Insurance, South Africa Personal Accident Insurance, South Africa Health Insurance, South Africa General Liability Insurance, South Africa Credit/Financial Guarantee Insurance, and Other Insurance Markets are analyzed and forecast to 2026 in the report. The report focuses on market dynamics, recent trends, and insights on the insurance market. The report will be emailed to you. JOHANNESBURG - The South African insurance industry has seen major shifts over the past few years, ... more so among insurance companies. 3.4 Transport insurance Market Outlook, 2016- 2026 The government's policy of insuring the uninsured has progressively pushed the insurance penetration in South Africa and the proliferation of insurance schemes. 1.1 Market Scope and Definition South Africa Insurance Demand Outlook to 2026 Short-term insurance industry results. Source: IRA Kenya Industry reports 2012 - 2018 140 120 100 80 60 40 20 0 25% 20% 15% 10% 5% 0% This is a single user license, allowing one specific user access to the product. 1.2 Study Assumptions TThis is a site license, allowing all users within a given geographical location of your organisation access to the product. Recent Laws and Reforms in East Africa Insurance Industry 40 ... insurance companies. The new Insurance Act 2017 (Insurance Act) came into force on 1 July 2018. Through a written contract, the insurance company accepts the risk or chance of loss and agrees to pay out a certain amount of money to restore your valuables as an example. This is a 1-15 user licence, allowing up to fifteen users have access to the product. South Africa Insurance Market is compared against five of its competitive markets in the region to analyze the role of South Africa on the regional front and benchmark its operations. 3.5 Personal accident insurance Market Outlook, 2016- 2026 2.5.3 Potential Opportunities Have you made an interest free loan to a Trust – Consider possible Section 7C consequences! This is a single user license, allowing one specific user access to the product. As a result, the sector is losing out on the Gross Written Premiums (GWP) opportunity estimated to reach R115.2 billion by 2020. Insurance Market research identifies that the competition continues to intensify year-on-year with emerging applications. 1 - 10 USERS Online Access(For Databases), 1 - 15 USERS Online Access(For Databases). South Africa Insurance Industry Insights ... “The South African market is quite saturated for ... involved with moving into new markets, Prowse said. 2018, when South Africa ranked in the top 20 for its financial system (18th out 4.2 Demand Index This is particularly true in the business insurance space, where businesses are exposed to new risks every day and the role of the broker is vital. The report will be shipped to you in CD ROM format. sluggish South African GDP growth rate, which the International Monetary Fund expects to recover to 2.8% for 2014. It represents the industry to all relevant stakeholders to ensure a sustainable and dynamic industry. The report is sent in PDF format. This followed on the 23% growth experienced in 2012. 6. The market is still being dominated by the four largest insurers that underwrite 52.7% (2014: 52.1%) of the market’s gross written premiums (GWP). Increased market regulation The South African funeral insurance industry is highly regulated, with all service providers having to register with government through the Financial Services Board (FSB). The report will be sent in PDF format. Provider of financial market data, news, analysis and research with a focus on Africa. South Africa population and economic outlook are also presented in the report to provide insights and forecasts of macroeconomic factors shaping the future of Insurance markets. are basically two kinds of insurance – long-term and short-term insurance. insurance (commonly called funeral cover), Life The South African Insurance Association (SAIA) is the representative body of the non-life insurance industry. The South African insurance market is still at the top of the ranking with a share of 71.7%. This graph shows the market share of mobile vendors in South Africa based on over 10 billion monthly page views. This South Africa, there are many types of insurance one can take out, including the Profitability is heavily influenced by expense management. 1 - 5 USERS Online Access (For Databases). The South Africa Insurance Market, Size, Share, Outlook and Growth Opportunities 2020-2026 presents a comprehensive analysis of the country’s Insurance activities. Now you can download K53 Learner’s and Driver’s guide pdf FREE! South Africa Demographic and Macroeconomic Outlook to 2026 The JSE All Share Index closed 18% higher than in 2012. Now the list of insurance companies in South Africa following the explanation of the basics in the general overview above. 2.3 South Africa Insurance Market Trends and Insights 6.4.1 Population Outlook by Age, 2006-2026 Santam: Recognised as the largest short-term insurance company in South Africa – enjoying a 20% market share, Santam was founded in 1918. all these offerings fall under two broad insurance categories. Local market players in the country are focusing on marketing their competitive edge by rolling out more plans customized to diverse sectors and developing more innovative digital features. Quick Help: The report will be emailed to you. On the global front, the world insurance market is dominated by vehicle insurance with the market for motor vehicle insurance is expected to register growth at a CAGR of 6.45% during the forecast period owing to increasing regulatory requirement for vehicle insurance. South Africa Life & Annuity insurance market Report covers current and updated insights on market size and forecast, composite insurance, alternative capital investment, direct & gross premiums for viariable, mixed, fixed-index and immediate annuities & claims payments, Blockchain, Fintech & Insurtech, competition analysis for AXA, Allianz, Japan Post Holdings, PolicyGenius. Insurance companies not only have to demonstrate real value to brokers’ clients, but to the intermediaries too. This is a 1-10 user licence, allowing up to ten users have access to the product. Latest Insurance Industry Trends and Developments Including Total insurance premiums received for the first 6 months of 2018 amounted to R68 442 000 000 (that's right R68.4 billion) was paid in insurance premiums to insurance companies during the first 6 months of South Africa. 3.3 Property insurance Market Outlook, 2016- 2026 SANLAM INSURANCE: HOLLARD INSURANCE: MUTUAL AND FEDERAL INSURANCE: GUARD RISK INSURANCE: ABSA INSURANCE COMPANY: ZURICH INSURANCE COMPANY: AIG INSURANCE COMPANY: STANDARD INSURANCE. 3. Database is accessed online through a secure website. 6.4.3 Population Outlook by Area, 2006-2026