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Short Term Insurance incl. Direct and Travel Insurance in South Africa 2016

  • ID: 4035729
  • Report
  • January 2016
  • Region: South Africa, Africa
  • 193 pages
  • Who Owns Whom
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FEATURED COMPANIES

  • 1 Life Insurance (RF) Ltd
  • Bidvest Insurance Ltd
  • Econorisk (Pty) Ltd
  • GIC Re South Africa Ltd
  • Marsh (Pty) Ltd
  • Nedbank Ltd
  • MORE
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%.
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • 1 Life Insurance (RF) Ltd
  • Bidvest Insurance Ltd
  • Econorisk (Pty) Ltd
  • GIC Re South Africa Ltd
  • Marsh (Pty) Ltd
  • Nedbank Ltd
  • MORE
1. Introduction

2. Description Of The Industry
2.1. Value Chain
2.2. Geographic Position

3. Size Of The Industry

4. State Of The Industry
4.1. Local
4.1.1. Corporate Actions
4.1.2. Regulations
4.1.3. Enterprise Development (Ed) And Socio-Economic Development (Sed) Initiatives
4.2. Continental
4.3. International

5. Influencing Factors
5.1. Economic Environment
5.2. Government Intervention
5.3. Regulatory Changes
5.4. Input Costs
5.5. Crime
5.6. Technology, Research And Development (R&D) And Innovation
5.7. Labour Resources
5.8. Cyclicality
5.9. Environmental Concerns

6. Competition
6.1. Barriers To Entry

7. Swot Analysis

8. Outlook

9. Industry Associations

10. References
10.1. Publications
10.2. Websites
Company Profiles
1Life Insurance (Rf) Ltd
AbSA Insurance And Financial Advisers (PTY) Ltd
AbSA Insurance Company Ltd
African Reinsurance Corporation (South Africa) Ltd
Aig South Africa Ltd
Alexander Forbes Insurance Company Ltd
Allianz Global Corporate And Specialty South Africa Ltd
Aon South Africa (PTY) Ltd
Auto And General Insurance Company (Rf) Ltd
Bidvest Insurance Ltd
Braveheart Financial Services (PTY) Ltd
Centriq Insurance Company Ltd
Cib Insurance Administrators (PTY) Ltd
Coface South Africa Insurance Company Ltd
Compass Insurance Company Ltd
Constantia Insurance Company Ltd
Dial Direct Insurance (Rf) Ltd
Econorisk (PTY) Ltd
Export Credit Insurance Corporation Of South Africa Soc Ltd
Federated Employers Mutual Assurance Company (Rf) (PTY) Ltd
Firstrand Bank Ltd
Fussell And Associates (PTY) Ltd
General Reinsurance Africa Ltd
Genesis Insurance Brokers (PTY) Ltd
Gib Insurance Brokers (PTY) Ltd
Gic Re South Africa Ltd
Guardrisk Insurance Company Ltd
Hannover Reinsurance Group Africa (PTY) Ltd
Hollard Insurance Company Ltd
Indequity Group Ltd
Insure Group Managers Holdings Ltd
Ithala Development Finance Corporation Ltd
King Price Insurance Company Ltd
Lion Of Africa Insurance Company Ltd
Lombard Insurance Company Ltd
Marsh (PTY) Ltd
Miway Insurance Ltd
Mont Blanc Financial Services (PTY) Ltd
Multi Risk Brokers (PTY) Ltd
Munich Reinsurance Company Of Africa Ltd
Mutual And Federal Insurance Company Ltd
Mutual And Federal Risk Financing Ltd
Nedbank Ltd
Outsurance Insurance Company Ltd
PSG Konsult Ltd
Regent Insurance Company Ltd
Risk Benefit Solutions (PTY) Ltd
Santam Ltd
Scor Africa Ltd
Standard Bank Insurance Brokers (PTY) Ltd
Standard Insurance Ltd
Telesure Investment Holdings (PTY) Ltd
Trustco Group Holdings Ltd
Vision Direct 155 (PTY) Ltd
Zurich Insurance Company South Africa Ltd
Note: Product cover images may vary from those shown
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  • Santam Ltd
  • Indequity Group Ltd
  • Regent Insurance Company Ltd
  • Bryte Insurance Company Ltd
  • Old Mutual Insure Ltd
  • Alexander Forbes Insurance Company Ltd
  • OUTsurance Insurance Company Ltd
  • Lion of Africa Insurance Company Ltd
  • Multi Risk Brokers (Pty) Ltd
  • Bidvest Insurance Ltd
  • Standard Bank Insurance Brokers (Pty) Ltd
  • Standard Insurance Ltd
  • Hollard Insurance Company Ltd (The)
  • Guardrisk Insurance Company Ltd
  • Mutual and Federal Risk Financing Ltd
  • Absa Insurance Company Ltd
  • Absa Insurance and Financial Advisers (Pty) Ltd
  • MiWay Insurance Ltd
  • Centriq Insurance Company Ltd
  • Insure Group Managers Holdings Ltd
  • Auto and General Insurance Company (RF) Ltd
  • Compass Insurance Company Ltd
  • Federated Employers Mutual Assurance Company (RF) (Pty) Ltd (The)
  • Lombard Insurance Company Ltd
  • Allianz Global Corporate and Specialty South Africa Ltd
  • Telesure Investment Holdings (Pty) Ltd
  • Marsh (Pty) Ltd
  • Constantia Insurance Company Ltd
  • AIG South Africa Ltd
  • Dial Direct Insurance (RF) Ltd
  • 1 Life Insurance (RF) Ltd
  • King Price Insurance Company Ltd
  • GIB Insurance Brokers (Pty) Ltd
  • Genesis Insurance Brokers (Pty) Ltd
  • CIB (Pty) Ltd
  • Mont Blanc Financial Services (Pty) Ltd
  • Econorisk (Pty) Ltd
  • Braveheart Financial Services (Pty) Ltd
  • Risk Benefit Solutions (Pty) Ltd
  • Fussell and Associates (Pty) Ltd
  • PSG Konsult Ltd
  • Ithala Development Finance Corporation Ltd
  • Export Credit Insurance Corporation of South Africa SOC Ltd
  • Vision Direct 155 (Pty) Ltd
  • FirstRand Bank Ltd
  • Trustco Group Holdings Ltd
  • Nedbank Ltd
  • Coface South Africa Insurance Company Ltd
  • Aon South Africa (Pty) Ltd
  • African Reinsurance Corporation (South Africa) Ltd
  • GIC Re South Africa Ltd
  • Hannover Reinsurance Group Africa (Pty) Ltd
  • Munich Reinsurance Company of Africa Ltd
  • SCOR Africa Ltd
  • General Reinsurance Africa Ltd
Note: Product cover images may vary from those shown
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