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Short-term Insurance Industry: This report focuses on South Africa’s rapidly evolving short-term Insurance industry, which encompasses a broad spectrum of personal and commercial lines, including travel insurance. As at 31 December 2014, 90 insurers and seven reinsurance companies were registered with the Financial Services Board (FSB). With gross premium income of R102.83bn in 2014, the non-life insurance sub-sector plays a key role in the financial sector and is an important contributor to economic growth.


Market Penetration: Although there are approximately 12.5 million short-term policyholders in South Africa, this figure does not represent market penetration. Results of the 2015 FinScope South Africa Consumer Survey indicate that only 6.6 million South African residents aged 16 years and older have non-funeral insurance cover. Only 4% of respondents had household contents insurance, down from 6% in 2014, while 8% of respondents had motor vehicle insurance, down from 9% in 2014.


A sector Under Pressure: The sector has been under growing pressure in recent years, as it grapples with a barrage of regulatory and technological challenges. With the “Twin-Peaks” and Solvency Assessment and Management (SAM) regulatory frameworks implemented in January 2016, some analysts caution that the sector currently finds itself “on the cusp of major disruption”. Added to these changes is the pressure caused by the weak economy, the sharp depreciation of the South African rand and rising inflation which are expected to result in further interest rate hikes. Analysts also warn that this erosion of disposable income is likely to drive up the policy lapse rate.



Report Coverage:

The report on the highly competitive short-term insurance sector describes the current market, the latest regulatory developments and discusses factors influencing the success of the sector. The report profiles 49 short-term insurance companies, ranging from industry leader Santam which has almost 20% of the market, to direct insurance company, 1Life Insurance (RF) Ltd. Also profiled are six of the country’s seven reinsurance companies, including Hannover Re and Munich Re which have a combined market share of 65%.

Table Of Contents

Short Term Insurance incl. Direct and Travel Insurance in South Africa 2016
1. INTRODUCTION 1
2. DESCRIPTION OF THE INDUSTRY 1
2.1. Value Chain 2
2.2. Geographic Position 3
3. SIZE OF THE INDUSTRY 4
4. STATE OF THE INDUSTRY 11
4.1. Local 11
4.1.1. Corporate Actions 15
4.1.2. Regulations 18
4.1.3. Enterprise Development (ED) and Socio-Economic Development (SED) Initiatives 23
4.2. Continental 25
4.3. International 26
5. INFLUENCING FACTORS 28
5.1. Economic Environment 28
5.2. Government Intervention 29
5.3. Regulatory Changes 29
5.4. Input Costs 30
5.5. Crime 30
5.6. Technology, Research and Development (RandD) and Innovation 32
5.7. Labour Resources 34
5.8. Cyclicality 36
5.9. Environmental Concerns 36
6. COMPETITION 38
6.1. Barriers to Entry 38
7. SWOT ANALYSIS 39
8. OUTLOOK 40
9. INDUSTRY ASSOCIATIONS 41
10. REFERENCES 41
10.1. Publications 41
10.2. Websites 43
COMPANY PROFILES 44
1LIFE INSURANCE (RF) LTD 44
ABSA INSURANCE AND FINANCIAL ADVISERS (PTY) LTD 46
ABSA INSURANCE COMPANY LTD 48
AFRICAN REINSURANCE CORPORATION (SOUTH AFRICA) LTD 50
AIG South Africa Ltd 52
Alexander Forbes Insurance Company Ltd 54
Allianz Global Corporate and Specialty South Africa Ltd 56
Aon South Africa (Pty) Ltd 58
Auto and General Insurance Company (RF) Ltd 62
Bidvest Insurance Ltd 65
Braveheart Financial Services (Pty) Ltd 67
Centriq Insurance Company Ltd 69
CIB Insurance Administrators (Pty) Ltd 71
Coface South Africa Insurance Company Ltd 73
Compass Insurance Company Ltd 75
Constantia Insurance Company Ltd 77
Dial Direct Insurance (RF) Ltd 79
Econorisk (Pty) Ltd 81
Export Credit Insurance Corporation of South Africa SOC Ltd 84
Federated Employers Mutual Assurance Company (RF) (Pty) Ltd (The) 87
FirstRand Bank Ltd 90
Fussell and Associates (Pty) Ltd 94
General Reinsurance Africa Ltd 96
Genesis Insurance Brokers (Pty) Ltd 98
GIB Insurance Brokers (Pty) Ltd 100
GIC Re South Africa Ltd 103
Guardrisk Insurance Company Ltd 105
Hannover Reinsurance Group Africa (Pty) Ltd 107
Hollard Insurance Company Ltd (The) 109
Indequity Group Ltd 113
Insure Group Managers Holdings Ltd 116
Ithala Development Finance Corporation Ltd 118
King Price Insurance Company Ltd 123
Lion of Africa Insurance Company Ltd 125
Lombard Insurance Company Ltd 128
Marsh (Pty) Ltd 130
MiWay Insurance Ltd 133
Mont Blanc Financial Services (Pty) Ltd 136
Multi Risk Brokers (Pty) Ltd 138
Munich Reinsurance Company of Africa Ltd 140
Mutual and Federal Insurance Company Ltd 142
Mutual and Federal Risk Financing Ltd 146
Nedbank Ltd 148
OUTsurance Insurance Company Ltd 156
PSG Konsult Ltd 158
Regent Insurance Company Ltd 161
Risk Benefit Solutions (Pty) Ltd 164
Santam Ltd 166
SCOR Africa Ltd 171
Standard Bank Insurance Brokers (Pty) Ltd 173
Standard Insurance Ltd 175
Telesure Investment Holdings (Pty) Ltd 177
Trustco Group Holdings Ltd 181
Vision Direct 155 (Pty) Ltd 185
Zurich Insurance Company South Africa Ltd 186

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