South Africa Short Term Insurance Market Report 2020 Including Direct Insurance and Travel Insurance

The report “Short Term Insurance including Direct and Travel Insurance in South Africa 2020” has been added to from offer.

This report focuses on short-term insurance, including direct insurance and travel insurance in South Africa, and includes information on the size and status of the industry, key performance ratios, developments and securities transactions.

There are profiles of 56 companies, including traditional players such as Sanlam and Old Mutual, reinsurers such as Hannover Re, GIC Re and Africa-Re, and public entities such as Sasria and Eskom’s Escap.

Short term insurance in South Africa:

Insurance industry in South Africa is struggling to grow revenue and maintain profitability due to weak economy, coronavirus pandemic, declining employment, declining disposable income and increasing climate-related risks.

The coronavirus pandemic has resulted in significant losses for businesses, particularly in the hospitality, travel and tourism sectors.

Some companies have launched business interruption claims and some insurers have refused to pay. Globally, insurance demand is expected to contract in 2020, with trade and travel related insurance businesses such as marine, aviation and credit expected to have been hardest hit.

Great players:

Of the 166 insurance companies registered with the Reserve Bank as of September 2020, 86 are non-life insurers, 75 are life insurers and five are mixed.

Auto insurance is the largest category of short-term insurance, followed by property and liability. The top 10 short-term insurers have dominated the industry for years, accounting for around 77% of gross written premiums in 2018. Santam has twice the market share of its nearest competitor.

Industry trends:

Climate change-related disasters are increasing in frequency and severity and have been identified as one of the top risks for insurers.

Technology is disrupting the industry and making insurance more accessible, while customers demand flexible and personalized insurance products tailored to their risk profiles. Stricter capital and compliance measures are making it difficult for some smaller players to remain viable.

Main topics covered:

1. Introduction

2. Description of the industry

2.1. Industry value chain

2.2. Geographical position

3. Industry size

4. State of the industry

4.1. Local

4.1.1. Company actions

4.1.2. Regulations

4.1.3. Business development and socio-economic development

4.2. Continental

4.3. International

5. Influencing factors

5.1. Coronavirus

5.2. Economic environment

5.3. criminality

5.4. Return on investment

5.5. Financial inclusion

5.6. Rising operating costs

5.7. On-board and home technology

5.8. Cyber ​​risk

5.9. Technology, Research and Development (R&D) and Innovation

5.10. Cyclicity

5.11. Environmental concerns

5.12. Labor

6. Competition

6.1. Entry barriers

7. SWOT Analysis

8. Outlook

9. Industry Associations

10. References

10.1. Works

10.2. Websites


  • Classes and subclasses of insurance business for non-life insurance under Schedule 2 of the Insurance Act 2017

  • Sarb list of insurers, September 2020

  • Summary of notable players

  • Company Profiles

  • Absa Insurance Company Ltd

  • African Reinsurance Corporation (South Africa) Ltd

  • Aig South Africa Ltd

  • Allianz Global Corporate and Specialty South Africa Ltd

  • Motor and General Insurance Company (Rf) Ltd

  • Bidvest Assurance Ltd

  • Bryte Insurance Company Ltd.

  • Budget Insurance Company (Rf) Ltd

  • Centriq Insurance Company Ltd.

  • CFAO Motors Assurances SA

  • Chubb Insurance South Africa Ltd

  • Intermediaries Click2Sure (Pty) Ltd

  • Customers General Insurance Ltd.

  • Coface South Africa Insurance Company Ltd

  • Compass Insurance Company Ltd.

  • Constantia Insurance Company SA

  • Guarantee Companies (South Africa) (Rf) Ltd

  • Dial Direct Insurance (Rf) Ltd

  • Discovery Insurance Ltd.

  • Escap Soc Ltd

  • South Africa Export Credit Insurance Company Soc Ltd

  • Federated Employers Mutual Insurance Company (Rf) (Pty) Ltd (The)

  • First for Women Insurance Company (Rf) Ltd

  • Firstrand Bank Ltd.

  • General Reinsurance Africa Ltd

  • Gic Re South Africa Ltd

  • Granadille (Pty) Ltd

  • Guardrisk Insurance Company Ltd.

  • Hannover Reinsurance Group Africa (Pty) Ltd

  • Hollard Insurance Company Ltd (The)

  • Indequity Group Ltd

  • Investsure Technologies (Pty) Ltd

  • King Price Insurance Company Ltd.

  • Land and Agricultural Development Bank of South Africa

  • Liberty Group Ltd.

  • African Lion Insurance Company Ltd.

  • Lombard Insurance Company SA

  • Miway Insurance Ltd

  • Momentum Metropolitan Holdings Ltd

  • Munich Reinsurance Company of Africa Ltd

  • Mutual and Federal Risk Financing SA

  • Naked Financial Technology (Pty) Ltd

  • Nedgroup Insurance Company Ltd

  • Nobuntu Group (Pty) Ltd

  • Former Mutual Insurance Ltd.

  • Outsurance Insurance Company Ltd

  • Pineapple Tech (Pty) Ltd

  • Professional Provident Society (Pty) Ltd Short Term Insurance Company

  • Psg Konsult AG

  • Renasa Insurance Company Ltd.

  • Safire Insurance Company Ltd

  • Santam Ltd

  • Sasria Ltd

  • Scor Africa Ltd

  • Standard Insurance Ltd.

  • Trustco Group Holdings Ltd

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Laura Wood, Senior Press Officer
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