2021 South African Life Insurance Industry Analysis: State of the Industry, Influencing Factors and Competition Outlook
Dublin, March 11, 2021 (GLOBE NEWSWIRE) -- The "The Life Insurance Industry Including Reinsurance in South Africa 2021" report has been added to ResearchAndMarkets.com's offering.
Life cover plays a central role in safeguarding financial security as it provides an income stream to dependents who would otherwise suffer financial loss in the event of the death, disability or serious illness of a breadwinner. In 2020, 65 primary life insurers, five life cell captives, five composite reinsurers (offering life and non-life reinsurance), two life reinsurers, and one life microinsurer were registered with the Financial Services Conduct Authority. The life insurance sector is dominated by large companies such as Sanlam, Discovery and Old Mutual.
The coronavirus pandemic has put pressure on new business, lapse rates and potential future claims in the life insurance sector. It has caused extreme equity market and interest rate volatility, which affects the performance of the industry players. Gross written premiums are expected to decline as customers income is affected by unemployment. Liquidity constraints are highly likely in the event of product cancellation, an increase in surrenders, and decline in renewals and new business due to economic conditions.
Given the economic environment, long-term insurers are particularly exposed to market risk as well as lapse and surrender risk. As unemployment increases, many insurance policies lapse as policyholders cash in their savings or invest elsewhere. Other underwriting risks including mortality and morbidity catastrophes.
This report focuses on the life insurance industry including reinsurance, and examines the state and size of the sector, key performance indicators, corporate actions and various influencing factors.
There are profiles of 45 companies including large traditional insurers such as Sanlam and Old Mutual and relatively new players such as African Rainbow Capital, which was launched in 2019. There are also profiles of reinsurers such as Swiss Re and Munich Reinsurance.
Key Topics Covered:
1. INTRODUCTION
2. DESCRIPTION OF THE INDUSTRY
2.1. Industry Value Chain
2.2. Geographic Position
3. SIZE OF THE INDUSTRY
4. STATE OF THE INDUSTRY
4.1. Local
4.1.1. Corporate Actions
4.1.2. Regulations
4.1.3. Enterprise Development and Social Economic Development
4.2. Continental
4.3. International
5. INFLUENCING FACTORS
5.1. Coronavirus
5.2. Economic Environment
5.3. Investment Performance
5.4. Financial Inclusion
5.5. Environmental, Social and Governance (ESG)
5.6. Rising Input Costs
5.7. Crime
5.8. Cyber Risk
5.9. Technology, Research & Development (R&D) and Innovation
5.10. Labour
6. COMPETITION
6.1. Barriers to Entry
7. SWOT ANALYSIS
8. OUTLOOK
9. INDUSTRY ASSOCIATIONS
10. REFERENCES
APPENDIX
Classes and Sub-Classes of Insurance Business for Life Insurance under Schedule 2 of the Insurance Act, 2017
Summary Of Notable Players
Primary Insurers
Reinsurance Companies
Company Profiles
1 Life Insurance (Rf) Ltd
3Sixty Life Ltd
ABSA Life Ltd
African Rainbow Life Ltd
African Unity Life Ltd
AIG Life South Africa Ltd
Alexander Forbes Investments Ltd
Alexander Forbes Life Ltd
Allan Gray Life Ltd
Assupol Life Ltd
Avbob Mutual Assurance Society
Bidvest Life Ltd
Brightrock Life Ltd
Clientele Life Assurance Company Ltd
Coronation Life Assurance Company Ltd
Discovery Life Ltd
Fedgroup Life Ltd
General Reinsurance Africa Ltd
GIC Re South Africa Ltd
Guardrisk Life Ltd
Hannover Reinsurance Group Africa (Pty) Ltd
Hollard Life Assurance Company Ltd
Hollard Specialist Life Ltd
Investec Life Ltd
Land Bank Life Insurance Company Soc Ltd
Liberty Holdings Ltd
Lion Of Africa Life Assurance Company Ltd
Momentum Metropolitan Life Ltd
Munich Reinsurance Company Of Africa Ltd
Nedgroup Life Assurance Company Ltd
Nedgroup Structured Life Ltd
Old Mutual Life Assurance Company (South Africa) Ltd
Outsurance Life Insurance Company Ltd
Professional Provident Society Insurance Company Ltd
Prudential Portfolio Managers (South Africa) Life Ltd
Psg Konsult Ltd
Rand Mutual Assurance Company Ltd (The)
RGA Reinsurance Company Of South Africa Ltd
Sanlam Life Insurance Ltd
SCOR Africa Ltd
Standard General Insurance Company Ltd (The)
Strategic Investment Service (Pty) Ltd
Swiss Re Africa Ltd
Sygnia Life Ltd
Vodacom Life Assurance Company (RF) Ltd
For more information about this report visit https://www.researchandmarkets.com/r/zdvton
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