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Synopsis
Timetric’s 'Personal Accident and Health Insurance in South Africa, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers, challenges in the South African personal accident and health insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the South African economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetric’s ' Personal Accident and Health Insurance in South Africa, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the South African personal accident and health insurance segment, including:

- The South African personal accident and health insurance segment’s growth prospects by insurance category

- Key trends, drivers and challenges for the personal accident and health insurance segment

- A comprehensive overview of the South African economy and demographics

- The various distribution channels in the South African personal accident and health insurance segment

- Details of the competitive landscape in the personal accident and health insurance segment in South Africa

- Details of regulatory policy applicable to the South African insurance industry

Scope
This report provides a comprehensive analysis of the personal accident and health insurance segment in South Africa:

- It provides historical values for the South African personal accident and health insurance segment for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.

- It offers a detailed analysis of the key categories in the South African personal accident and health insurance segment, and market forecasts to 2019.

- It profiles the top personal accident and health insurance companies in South Africa, and outlines the key regulations affecting them.

Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the South African personal accident and health insurance segment, and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the South African personal accident and health insurance segment.

- Assess the competitive dynamics in the personal accident and health insurance segment.

- Identify growth opportunities and market dynamics in key product categories.

- Gain insights into key regulations governing the South African insurance industry, and their impact on companies and the industry's future.

Key Highlights
- Personal accident and health was the smallest segment in the South African insurance industry in terms of gross written premium in 2014.

- The segment posted a review-period (2010–2014) compounded annual growth rate (CAGR) of 12.6%.

- The health insurance category was the largest contributor, and accounted for 68.3% of the segment's gross written premium in 2014.

- The most prominent growth driver for personal accident and health cover during the review period was the launch of HIV/AIDS insurance, which appeals to a large proportion of the population.

- The personal accident and health segment is overcrowded and fragmented with the presence of 90 insurers in 2014.

Table Of Contents

Personal Accident and Health Insurance in South Africa, Key Trends and Opportunities to 2019
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 Economy and Demographics
5 Personal Accident and Health Insurance Segment Outlook
5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Personal Accident and Health Insurance Growth Prospects by Category
5.4.1 Personal accident insurance
5.4.2 Health insurance
5.4.3 Life health insurance
6 Analysis by Distribution Channel
7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in the South African Personal Accident and Health Insurance Segment
7.3 Guardrisk Insurance Company Ltd - company overview
7.4 Rand Mutual Assurance Company Ltd - company overview
7.5 Monarch Insurance Company Ltd - company overview
7.6 Constantia Insurance Company Ltd - company overview
7.7 Hollard Insurance Company Ltd - company overview
7.8 Santam Ltd - company overview
7.9 Centriq Insurance Company Ltd - company overview
7.1 Shoprite Insurance Company Ltd - company overview
7.11 AIG South Africa Ltd - company overview
7.12 Standard Bank Insurance Brokers - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulations
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability Insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Aviation third-party liability insurance
8.4.3 Unemployment insurance
8.4.4 Compensation for occupational diseases and injuries
8.4.5 Public liability insurance
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors (IAIS)
8.5.2 African Insurance Organization (AIO)
8.5.3 Financial Services Board
8.5.4 South African Insurance Association (SAIA)
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and penalties
8.7 Company Registration and Operations
8.7.1 Types of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margins
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: South African Personal Accident and Health Insurance - Key Facts, 2014
Table 2: Insurance Industry Definitions
Table 3: South African Government Credit Ratings
Table 4: South African Personal Accident and Health Insurance - Gross Written Premium by Category (ZAR Billion), 2010-2014
Table 5: South African Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Billion), 2010-2014
Table 6: South African Personal Accident and Health Insurance - Gross Written Premium by Category (ZAR Billion), 2014-2019
Table 7: South African Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Billion), 2014-2019
Table 8: South African Personal Accident and Health Insurance - Direct Written Premium by Category (ZAR Billion), 2010-2014
Table 9: South African Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Billion), 2010-2014
Table 10: South African Personal Accident and Health Insurance - Direct Written Premium by Category (ZAR Billion), 2014-2019
Table 11: South African Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Billion), 2014-2019
Table 12: South African Personal Accident and Health Insurance - Net Earned Premium (ZAR Billion), 2010-2014
Table 13: South African Personal Accident and Health Insurance - Net Earned Premium (ZAR Billion), 2014-2019
Table 14: South African Personal Accident and Health Insurance - Paid Claims by Category (ZAR Billion), 2010-2014
Table 15: South African Personal Accident and Health Insurance - Paid Claims by Category (US$ Billion), 2010-2014
Table 16: South African Personal Accident and Health Insurance - Paid Claims by Category (ZAR Billion), 2014-2019
Table 17: South African Personal Accident and Health Insurance - Paid Claims by Category (US$ Billion), 2014-2019
Table 18: South African Personal Accident and Health Insurance - Incurred Loss by Category (ZAR Billion), 2010-2014
Table 19: South African Personal Accident and Health Insurance - Incurred Loss by Category (US$ Billion), 2010-2014
Table 20: South African Personal Accident and Health Insurance - Incurred Loss by Category (ZAR Billion), 2014-2019
Table 21: South African Personal Accident and Health Insurance - Incurred Loss by Category (US$ Billion), 2014-2019
Table 22: South African Personal Accident and Health Insurance - Net Written Premium by Category (ZAR Billion), 2010-2014
Table 23: South African Personal Accident and Health Insurance - Net Written Premium by Category (US$ Billion), 2010-2014
Table 24: South African Personal Accident and Health Insurance - Net Written Premium by Category (ZAR Billion), 2014-2019
Table 25: South African Personal Accident and Health Insurance - Net Written Premium by Category (US$ Billion), 2014-2019
Table 26: South African Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Table 27: South African Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Table 28: South African Personal Accident and Health Insurance - Commission and Expenses (ZAR Billion), 2010-2014
Table 29: South African Personal Accident and Health Insurance - Commission and Expenses (ZAR Billion), 2014-2019
Table 30: South African Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Table 31: South African Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Table 32: South African Personal Accident and Health Insurance - Total Assets (ZAR Billion), 2010-2014
Table 33: South African Personal Accident and Health Insurance - Total Assets (ZAR Billion), 2014-2019
Table 34: South African Personal Accident and Health Insurance - Total Investment Income (ZAR Billion), 2010-2014
Table 35: South African Personal Accident and Health Insurance - Total Investment Income (ZAR Billion), 2014-2019
Table 36: South African Personal Accident and Health Insurance - Net Written Premium (% of GWP), 2010-2014
Table 37: South African Personal Accident and Health Insurance - Net Written Premium (% of GWP), 2014-2019
Table 38: South African Personal Accident Insurance - Direct Written Premium (ZAR Billion), 2010-2014
Table 39: South African Personal Accident Insurance - Direct Written Premium (ZAR Billion), 2014-2019
Table 40: South African Personal Accident Insurance - Loss Ratio (%), 2010-2014
Table 41: South African Personal Accident Insurance - Loss Ratio (%), 2014-2019
Table 42: South African Health Insurance - Gross Written Premium by Sub-Category (ZAR Billion), 2010-2014
Table 43: South African Health Insurance - Gross Written Premium by Sub-Category (US$ Billion), 2010-2014
Table 44: South African Health Insurance - Gross Written Premium by Sub-Category (ZAR Billion), 2014-2019
Table 45: South African Health Insurance - Gross Written Premium by Sub-Category (US$ Billion), 2014-2019
Table 46: South African Life Health Insurance - Direct Written Premium (ZAR Billion), 2010-2014
Table 47: South African Life Health Insurance - Direct Written Premium (ZAR Billion), 2014-2019
Table 48: South African Life Health Insurance - Paid Claims (ZAR Billion), 2010-2014
Table 49: South African Life Health Insurance - Paid Claims (ZAR Billion), 2014-2019
Table 50: South African Life Health Insurance - Loss Ratio (%), 2010-2014
Table 51: South African Life Health Insurance - Loss Ratio (%), 2014-2019
Table 52: South African Life Health Insurance - Net Written Premium (ZAR Billion), 2010-2014
Table 53: South African Life Health Insurance - Net Written Premium (ZAR Billion), 2014-2019
Table 54: South African Personal Accident and Health Insurance Segment - Market Shares (%), 2014
Table 55: Guardrisk Insurance Company Ltd - Key Facts
Table 56: Guardrisk Insurance Company Ltd - Key Financials (ZAR Million)
Table 57: Rand Mutual Assurance Company Ltd - Key Facts
Table 58: Rand Mutual Assurance Company Ltd - Key Financials (ZAR Million)
Table 59: Monarch Insurance Company Ltd - Key Facts
Table 60: Monarch Insurance Company Ltd - Key Financials (ZAR Million)
Table 61: Constantia Insurance Company Ltd - Key Facts
Table 62: Constantia Insurance Company Ltd - Key Financials (ZAR Million)
Table 63: Hollard Insurance Company Ltd - Key Facts
Table 64: Hollard Insurance Company Ltd - Key Financials (ZAR Million)
Table 65: Santam Ltd - Key Facts
Table 66: Santam Ltd - Key Financials (ZAR Million)
Table 67: Centriq Insurance Company Ltd - Key Facts
Table 68: Shoprite Insurance Company Ltd - Key Facts
Table 69: Shoprite Insurance Company Ltd - Key Financials (ZAR Million)
Table 70: AIG South Africa Ltd - Key Facts
Table 71: AIG South Africa Ltd - Key Financials (ZAR Million)
Table 72: Standard Bank Insurance Brokers - Key Facts
Table 73: Standard Bank Insurance Brokers - Key Financials (ZAR Million)
Table 74: South Africa - Insurance Regulatory Framework Key Features
Table 75: South Africa - Life Insurance Regulatory Framework
Table 76: South Africa - Property Insurance Regulatory Framework
Table 77: South Africa - SASRIA Annual and Monthly Premium Rates
Table 78: South Africa - Motor Insurance Regulatory Framework
Table 79: South Africa - Liability Insurance Regulatory Framework
Table 80: South Africa - Corporate Tax Rates in South Africa for the Financial Year 2015

List of Figures
Figure 1: South African Real GDP (ZAR Trillion), 2010-2019
Figure 2: ZAR-US$ Exchange Rate, 2010-2019
Figure 3: South African Consumer Price Inflation, 2010-2019
Figure 4: South African Current Account Balance as a Percentage of GDP (%), 2010-2019
Figure 5: South African Unemployment Rate, 2010-2019
Figure 6: South African Population by Age Group, 2010-2019
Figure 7: South African Personal Accident and Health Insurance Investments By Type - Investment Funds (ZAR Billion), 2010-2014
Figure 8: South African Personal Accident and Health Insurance - Gross Written Premium by Category (ZAR Billion), 2010-2019
Figure 9: South African Personal Accident and Health Insurance - Gross Written Premium by Category (Percentage Share), 2014 and 2019
Figure 10: South African Personal Accident and Health Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 11: South African Personal Accident and Health Insurance - Direct Written Premium by Category (ZAR Billion), 2010-2019
Figure 12: South African Personal Accident and Health Insurance - Direct Written Premium by Category (Percentage Share), 2014 and 2019
Figure 13: South African Personal Accident and Health Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 14: South African Personal Accident and Health Insurance - Net Earned Premium (ZAR Billion), 2010-2014
Figure 15: South African Personal Accident and Health Insurance - Net Earned Premium (ZAR Billion), 2014-2019
Figure 16: South African Personal Accident and Health Insurance - Paid Claims by Category (ZAR Billion), 2010-2019
Figure 17: South African Personal Accident and Health Insurance - Incurred Loss by Category (ZAR Billion), 2010-2019
Figure 18: South African Personal Accident and Health Insurance - Net Written Premium by Category (ZAR Billion), 2010-2019
Figure 19: South African Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Figure 20: South African Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Figure 21: South African Personal Accident and Health Insurance - Commission and Expenses (ZAR Billion), 2010-2014
Figure 22: South African Personal Accident and Health Insurance - Commission and Expenses (ZAR Billion), 2014-2019
Figure 23: South African Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Figure 24: South African Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Figure 25: South African Personal Accident and Health Insurance - Total Assets (ZAR Billion), 2010-2014
Figure 26: South African Personal Accident and Health Insurance - Total Assets (ZAR Billion), 2014-2019
Figure 27: South African Personal Accident and Health Insurance - Total Investment Income (ZAR Billion), 2010-2014
Figure 28: South African Personal Accident and Health Insurance - Total Investment Income (ZAR Billion), 2014-2019
Figure 29: South African Personal Accident and Health Insurance - Net Written Premium (% of GWP), 2010-2014
Figure 30: South African Personal Accident and Health Insurance - Net Written Premium (% of GWP), 2014-2019
Figure 31: South African Personal Accident and Health Insurance - Investment Portfolio (ZAR Billion), 2010-2014
Figure 32: South African Personal Accident and Health Insurance - Investment Portfolio (% Share), 2010 and 2014
Figure 33: South African Personal Accident and Health Insurance Penetration (Ratio of Direct Premium to GDP), 2010-2014
Figure 34: South African Personal Accident and Health Insurance - Density (Direct Premium per Capita), 2010-2014
Figure 35: South African Personal Accident Insurance - Direct Written Premium (ZAR Billion), 2010-2014
Figure 36: South African Personal Accident Insurance - Direct Written Premium (ZAR Billion), 2014-2019
Figure 37: South African Personal Accident Insurance - Loss Ratio (%), 2010-2014
Figure 38: South African Personal Accident Insurance - Loss Ratio (%), 2014-2019
Figure 39: South African Health Insurance - Gross Written Premium by Sub-Category (ZAR Billion), 2010-2019
Figure 40: South African Health Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 41: South African Life Health Insurance - Direct Written Premium (ZAR Billion), 2010-2014
Figure 42: South African Life Health Insurance - Direct Written Premium (ZAR Billion), 2014-2019
Figure 43: South African Life Health Insurance - Paid Claims (ZAR Billion), 2010-2014
Figure 44: South African Life Health Insurance - Paid Claims (ZAR Billion), 2014-2019
Figure 45: South African Life Health Insurance - Loss Ratio (%), 2010-2014
Figure 46: South African Life Health Insurance - Loss Ratio (%), 2014-2019
Figure 47: South African Life Health Insurance - Net Written Premium (ZAR Billion), 2010-2014
Figure 48: South African Life Health Insurance - Net Written Premium (ZAR Billion), 2014-2019
Figure 49: South African Personal Accident and Health Insurance Segment - Market Shares (%), 2014
Figure 50: South Africa - Insurance Supervision and Control at Various Levels
Figure 51: South Africa - Insurance Regulatory Frameworks for Company Registration and Operation

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