Short Term Insurance Industry in South Africa Report 2024 - COFI Bill May Help to Simplify Regulatory and Legal Compliance
Dublin, July 19, 2024 (GLOBE NEWSWIRE) -- The "Short Term Insurance Industry in South Africa 2024" report has been added to ResearchAndMarkets.com's offering.
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.
Key Market Insights
The short-term insurance industry has been affected by the pandemic, riots and natural disasters.
Experts have predicted that there will be pandemics in future and the severity and frequency of natural disasters will increase.
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.
New entrants to the industry such as insurtechs are still relatively small and are underwritten by traditional players.
The industry faces continued challenges of affordability and risks from natural disasters compounded by insufficiently maintained infrastructure.
Market 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.
Market 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.
Despite the challenges, the industry has managed to grow gross premiums received and recover profitability.
Increasing pressure on household budgets may increase the need for customised solutions.
The sector is expected to continue to make use of technological advancements to diversify revenues, lower costs and remain competitive.
The increased use of technology could expose companies to cyberattacks and ransomware.
Companies Profiled
Absa Insurance Company Ltd
African Reinsurance Corporation (South Africa) Ltd
AIG South Africa Ltd
Allianz Global Corporate And Specialty South Africa Ltd
Auto And General Insurance Company (Rf) Ltd
Bidvest Insurance Ltd
Bryte Insurance Company Ltd
Budget Insurance Company (Rf) Ltd
Centriq Insurance Company Ltd
Chubb Insurance South Africa Ltd
Clientele General Insurance Ltd
Coface South Africa Insurance Company Ltd
Compass Insurance Company Ltd
Corporate Guarantee (South Africa) (Rf) Ltd
Credit Guarantee Insurance Corporation Of Africa Ltd
Dial Direct Insurance (Rf) Ltd
Discovery Insure Ltd
Escap Soc Ltd
Export Credit Insurance Corporation Of South Africa Soc Ltd
Federated Employers Mutual Assurance Company (Rf) (Pty) Ltd (The)
First For Women Insurance Company (Rf) Ltd
Firstrand Bank Ltd
General Reinsurance Africa Ltd
GIC Re South Africa Ltd
Guardrisk Insurance Company Ltd
Hannover Re South Africa Ltd
Hollard Insurance Company Ltd (The)
Indequity Group Ltd
King Price Insurance Company Ltd
Land And Agricultural Development Bank Of South Africa
Liberty Group Ltd
Lombard Insurance Company Ltd
Miway Insurance Ltd
Momentum Metropolitan Holdings Ltd
Munich Reinsurance Company Of Africa Ltd
Naked Financial Technology (Pty) Ltd
Nedgroup Insurance Company Ltd
Old Mutual Alternative Risk Transfer Insure Limited
Old Mutual Insure Ltd
Outsurance Insurance Company Ltd
Pineapple Tech (Pty) Ltd
Professional Provident Society Short-Term Insurance Company Ltd
PSG Financial Services Ltd
Renasap Insurance Company Ltd
Road Accident Fund
Safire Insurance Company Ltd
Santam Ltd
Sasria Soc Ltd
Scor Africa Ltd
Standard Insurance Ltd
Swiss Re Corporate Solutions Africa Ltd
Trustco Group Holdings Limited (Incorporated In Namibia)
Key Topics Covered:
1. INTRODUCTION
2. DESCRIPTION OF THE INDUSTRY
2.1. Industry Value Chain
2.2. Geographic Position
2.3. Size of the Industry
3. LOCAL
3.1. State of the Industry
3.2. Key Trends
3.3. Key Issues
3.4. Notable Players
3.5. Corporate Actions
3.6. Regulations
3.7. Enterprise Development and Social Development
4. AFRICA
5. INTERNATIONAL
6. INFLUENCING FACTORS
6.1. Unforeseen Events
6.2. Economic Environment
6.3. Labour
6.4. Environmental Issues
6.5. Technology, R&D, Innovation
6.6. Government Support
6.7. Input Costs
7. COMPETITIVE ENVIRONMENT
7.1. Competition
7.2. Ownership Structure of the Industry
7.3. Barriers to Entry
8. INDUSTRY SUMMARY
9. OUTLOOK
10. INDUSTRY ASSOCIATIONS
For more information about this report visit https://www.researchandmarkets.com/r/jw91o0
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