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South Africa Insurance Report Q1 2016

  • January 2016
  • -
  • Business Monitor International
  • -
  • 64 pages

Includes 3 FREE quarterly updates

BMI View: South Africa is home to a large and well developed insurance industry, with life insurance inparticular boasting high rates of penetration and density. Both life and non-life are expected to recordhealthy growth in premiums over the forecast period through to 2019, barring short term contractionscaused by currency movements. Some significant structural challenges remain: widespread poverty haslead to high rates of underinsurance in the non-life sector and low household income has also hampered thelife sector where most households which can afford to purchase cover already do so. The dominance ofdomestic firms, particularly in the life sector, also reduces scope for new or greater entry by foreignmultinationals.

Key Updates And Forecasts- Large domestic insurers are pursuing overseas growth potential: Sanlam recently announced it wasbuying a nearly one-third share of Saham Finances in Morocco from the World Bank's InternationalFinance Corporation and buyout firm, The Abraaj Group. The acquisition is reported to have costUSD375mn.- A new report assessing the potential for introducing Compulsory Third Party Motor Property Insurance isdue to be released by The South African Insurance Association (SAIA) by the end of 2015. As little as35% of the national fleet is currently insured and the Road Accident Fund covers some costs, meaninginsurers' exposure remains high.- Absa has reportedly agreed to acquire a 75% stake in Instant Life - an online base life insurer. The costhas not been released.

Table Of Contents

South Africa Insurance Report Q1 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (South Africa 2012-2019) 5
Insurance 7
Industry Forecast 10
Life Premiums Forecast 10
Table: Life Premiums (South Africa 2012-2019) 13
Table: Life Insurance Claims (South Africa 2007-2014) 14
Non-Life Premiums Forecast 14
Table: Non-Life Premiums (South Africa 2012-2019) 17
Table: Non-Life Insurance Claims (South Africa 2008-2014) 19
Non-Life Sub-Sector Forecast 19
Table: Non-Life Insurance Premiums by Product Line (South Africa 2012-2019) 27
Insurance Risk/Reward Index 28
Sub-Saharan Africa Risk/Reward Index 28
Table: Sub-Saharan Africa Insurance Risk/Reward Index 29
Market Overview 31
Life Market Overview 31
The Product Offering 31
The Competitive Landscape 31
Table: Life Insurance Market (USDmn) 2007-2013 33
Non-Life Market Overview 35
The Product Offering 35
The Competitive Landscape 36
Table: Non-Life Insurance Market (USDmn) 2007-2013 38
Company Profile 40
Hollard 40
Liberty Holdings 43
MMI Holdings 46
Old Mutual 50
Sanlam Group 53
Zurich South Africa 56
Methodology 58
Industry Forecast Methodology 58
Risk/Reward Index Methodology 61
Table: Indicators 63
Table: Weighting of Indicators 64

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