Key Market Indicators
South Africa's life insurance sector is projected to see a decline in gross written premiums over the next five years. According to recent data, the industry's gross written premium is expected to drop to approximately $30 billion by 2028, down from around $32 billion in 2023. This marks a yearly decrease of 1.1% in the compound annual growth rate (CAGR). The downward trend is not new. Since 2015, the sector has experienced an average annual decline of 1.3%. This sustained decrease highlights ongoing challenges within the South African life insurance market.
