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South African Short-Term Insurance Industry Landscape Report 2021

  • ID: 5511374
  • Report
  • November 2021
  • Region: South Africa
  • 150 Pages
  • Insight Survey
Is Insurtech Insuring the Continued Recovery of South Africa's Short-Term Insurance Industry?"

FEATURED COMPANIES

  • 1st For Women Insurance
  • Better Compare
  • Constantia Insurance
  • Hollard
  • LegalWise
  • Old Mutual Insure
The publisher’s latest South African Short-Term Insurance Industry Landscape Report 2021 (150 pages), provides a dynamic synthesis of industry research and carefully uncovers the South African Short-Term Insurance market, based on the latest intelligence and research. This Industry Landscape Report provides a holistic perspective of the Short-Term Insurance market, including the impact of the global COVID-19 pandemic, as well as the potential future impact it will continue to have on the market. In particular, it provides detailed insights into the current market dynamics and stakeholder positioning - from market size, industry trends, industry innovation and technology, industry drivers & challenges, to competitor and product analysis, to present an objective insight into the South African Short-Term Insurance market environment and its future.





Market Research Methodology


This report is compiled using the latest available data, insights, and information from over 250 secondary and primary sources (including local and global industry associations), prominent news platforms, industry stakeholders and experts, industry websites, and the latest global and local 3rd party reports and publications, amongst others. Please note that all the sources used for the information on each slide are provided in the form of clickable links should you wish to visit the sources themselves.

Key Questions This Report Answers


The South African Short-Term Insurance Industry Landscape Report 2021 provides a holistic overview of the global and South African market and will help answer the following questions:


For the Global Short-Term Insurance Industry Section:

  • What are the current market dynamics (overview, market environment, impact of COVID-19 and key regional markets) of the Global Short-Term Insurance industry?
  • Which are the key global Insurtech firms?
  • What are the Global Short-Term Insurance industry trends, innovation and technology, drivers, and challenges?

For the South African Short-Term Insurance Industry Section:

  • What are the current market dynamics (overview, market environment, and market dynamics) of the South African Short-Term Insurance industry?
  • Which are the key South African Insurtech firms?
  • What impact has the COVID-19 pandemic had on the South African Short-Term Insurance Industry?
  • What are the South African Short-Term Insurance industry trends, innovation and technology, drivers, and challenges?

For the South African Short-Term Insurance Competitor Analysis Section:

  • Which are the key market players (financial institutions, insurance companies, and online insurance quotation providers) in the South African Short-Term Insurance industry?
  • What is the latest company news in terms of South African Short-Term Insurance industry products, services and marketing initiatives?
  • What is the brand positioning, marketing, and advertising overview for each key player?
  • What Short-Term Insurance products are offered by each key player?
  • What is the social media following for each key market player?

Who Is This Report for?


This report is for people who already are actively working on this market, representatives of producers, distributors, importers, exporters, wholesalers, retailers, suppliers:

  • Industry C Level Executives
  • Directors
  • Industry Strategists
  • Marketing Professionals
  • Market Research and Intelligence Managers
  • Business Development Professionals
  • Product Developers
  • Product Marketers and Strategists
  • Product Managers
  • Project Managers
  • Suppliers
  • Traders

Categories/Products Coverage


This report covers the following categories:

  • The Short-Term Insurance market is segmented into Health Insurance, Motor (Personal & Commercial), Property (Personal & Commercial), Other Accident & Health, and Liability.
Frequently Asked Questions about the South African Short-Term Insurance Industry

What is the estimated value of the South African Short-Term Insurance Industry?

The South African Short-Term Insurance Industry was estimated to be valued at R128.0 Billion in 2020.

What is the growth rate of the South African Short-Term Insurance Industry?

The growth rate of the South African Short-Term Insurance Industry is 5.0%, with an estimated value of R163.4 Billion by 2025.

What is the forecasted size of the South African Short-Term Insurance Industry?

The South African Short-Term Insurance Industry is estimated to be worth R163.4 Billion by 2025.

Who are the key companies in the South African Short-Term Insurance Industry?

Key companies in the South African Short-Term Insurance Industry include Absa idirect, Bidvest Insurance, FNB, Holistic Risk Services (HRS) Administors (Pty) Ltd., Nedbank, Standard Insurance Limited, 1st For Women Insurance, AIG and Bryte Insurance Company Limited.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • 1st For Women Insurance
  • Better Compare
  • Constantia Insurance
  • Hollard
  • LegalWise
  • Old Mutual Insure
EXECUTIVE SUMMARY
  • Global Industry Snapshot
  • South African Industry Snapshot
  • South African Industry Drivers and Challenges

1. GLOBAL SHORT-TERM INSURANCE INDUSTRY
1.1 Global Industry Overview: SHORT-TERM INSURANCE PREMIUMS BY LINES OF BUSINESS: 2020 (IN US$ BILLION) (Graph)
1.2 Global Market Environment
1.3 Global Insurance Association
1.4 Global Key Markets: Advanced Markets Overview: REGIONAL ADVANCED SHORT-TERM INSURANCE MARKET SIZES: 2020 (IN US$ BILLION) (Graph)
1.5 Global Key Markets: Emerging Markets Overview: REGIONAL EMERGING SHORT-TERM INSURANCE PREMIUM VOLUMES: 2020 (IN US$ BILLION) (Graph)
1.6 Global Insurtech Industry: VALUE OF THE GLOBAL INSURTECH MARKET: 2020 VS 2027* (IN US$ BILLION) (Graph)
1.7 Global Insurtech Firms
1.8 Global Industry Trends
1.9 Global Industry Innovation and Technology
1.10 Global Industry Drivers
1.11 Global Industry Challenges

2. SOUTH AFRICAN SHORT-TERM INSURANCE INDUSTRY
2.1 South African Industry Overview: Short-Term Insurance Industry: SOUTH AFRICAN NON-LIFE INSURER GROSS WRITTEN PREMIUM: 2019 vs 2020 (In ZAR BILLION) (Graph)
2.2 South African Industry Overview: Short-Term Insurance Complaints Overview: FORMAL COMPLAINTS RECEIVED SEGMENTED BY TYPE: 2020 (IN PERCENTAGE) (Graph)
2.3 South African Industry Overview: Short-Term Insurance Industry and COVID-19
2.4 South African Insurance Association
2.5 South African Market Environment
2.6 South African Market Dynamics: TOP 10 SOUTH AFRICAN SHORT-TERM INSURANCE COMPANIES BY GROSS WRITTEN PREMIUMS: 2020 (IN PERCENTAGE); SA SHORT-TERM INSURANCE CUSTOMER SATISFACTION INDEX: 2020 (IN INDEX POINTS) (Graphs)
2.7 South African Ombudsman Report: INSURER STATISTICS (Table)
2.8 South African Insurtech Firms
2.9 South African Industry Trends
2.10 South African Industry Innovation and Technology
2.11 South African Industry Drivers
2.12 South African Industry Challenges

3. SOUTH AFRICAN SHORT-TERM INSURANCE COMPETITOR ANALYSIS
3.1 SOUTH AFRICAN SHORT-TERM INSURANCE COMPETITOR ANALYSIS: SOCIAL MEDIA FOLLOWING
3.1.1 Social Media Followers: Competitor Comparison: INSURANCE PROVIDER SOCIAL MEDIA FOLLOWING (Table)
3.2 SOUTH AFRICAN SHORT-TERM INSURANCE COMPETITOR ANALYSIS: FINANCIAL INSTITUTIONS
3.2.1 Absa idirect: Overview
3.2.2 Bidvest Insurance: Overview
3.2.3 FNB: Overview
3.2.4 Holistic Risk Services (Pty) Ltd: Overview
3.2.5 Nedbank: Overview
3.2.6 Standard Insurance Limited: Overview
3.3 SOUTH AFRICAN SHORT-TERM INSURANCE COMPETITOR ANALYSIS: INSURANCE COMPANIES
3.3.1 1st for Women Insurance: Overview
3.3.2 1st for Women Insurance: Marketing and Advertising Overview
3.3.3 AIG: Overview
3.3.4 Auto & General: Overview
3.3.5 Auto & General: Marketing and Advertising Overview
3.3.6 Bryte Insurance Company Limited: Overview
3.3.7 Budget Insurance: Overview
3.3.8 Budget Insurance: Marketing and Advertising Overview
3.3.9 Clientèle Limited Group: Overview
3.3.10 Clientèle Limited Group: Financial Performance: CLIENTЀLE LIMITED GROUP’S FINANCIAL RESULTS (IN ZAR THOUSAND); CLIENTÈLE LIMITED GROUP’S HEADLINE EARNINGS FOR THE YEAR ENDED 30 JUNE 2021: 2020 VS 2021 (IN ZAR MILLION) (Table and Graph)
3.3.11 Clientèle Limited Group: Marketing and Advertising Overview
3.3.12 Constantia Insurance: Overview
3.3.13 Constantia Insurance: Financial Performance: CONSTANTIA INSURANCE’S FINANCIAL RESULTS (IN ZAR THOUSAND); CONSTANTIA INSURANCE’S TOTAL CASH AT END OF THE YEAR FOR THE YEAR ENDED 30 JUNE 2020: 2019 VS 2020 (IN ZAR MILLION) (Table and Graph)
3.3.14 Constantia Insurance: Marketing and Advertising Overview
3.3.15 Dialdirect Insurance Limited: Overview
3.3.16 Dialdirect Insurance Limited: Marketing and Advertising Overview
3.3.17 Discovery Insure: Overview
3.3.18 Discovery Insure: Financial Performance: DISCOVERY LIMITED’S FINANCIAL RESULTS (IN ZAR MILLION); DISCOVERY NORMALISED PROFIT FROM OPERATIONS FOR THE YEAR ENDED 30 JUNE 2021: BY SA BUSINESS SEGMENT (IN ZAR MILLION) (Table and Graph)
3.3.19 Discovery Insure: Marketing and Advertising Overview
3.3.20 Hollard: Overview
3.3.21 Hollard: Financial Performance: HOLLARD GROUP’S FINANCIAL RESULTS (IN ZAR THOUSAND); THE HOLLARD GROUP'S NET INSURANCE CLAIMS: 2019 VS 2020 (IN ZAR BILLION) (Table and Graph)
3.3.22 Hollard: Marketing and Advertising Overview
3.3.23 King Price Insurance: Overview
3.3.24 King Price Insurance: Marketing and Advertising Overview
3.3.25 MiWay Insurance Limited: Overview
3.3.26 MiWay Insurance Limited: Marketing and Advertising Overview
3.3.27 Momentum Insure: Overview
3.3.28 Momentum Insure: Financial Performance: MM HOLDINGS’ FINANCIAL RESULTS (IN ZAR MILLION); MOMENTUM METROPOLITAN HOLDINGS’S NORMALISED HEADLINE EARNINGS FOR THE YEAR ENDED 30 JUNE 2021 (IN ZAR MILLION) (Table and Graph)
3.3.29 Momentum Insure: Marketing and Advertising Overview
3.3.30 Naked Insurance: Overview
3.3.31 Naked Insurance: Marketing and Advertising Overview
3.3.32 Old Mutual Insure and iWYZE: Overview
3.3.33 Old Mutual Insure and iWYZE: Financial Performance: OLD MUTUAL INSURE’S FINANCIAL RESULTS (IN ZAR MILLION); OLD MUTUAL INSURE NET UNDERWRITING RESULT FOR THE SIX MONTHS ENDED 30 JUNE 2021 (IN ZAR MILLION) (Table and Graph)
3.3.34 Old Mutual Insure and iWYZE: Marketing and Advertising Overview
3.3.35 OUTsurance: Overview
3.3.36 OUTsurance: Financial Performance: OUTSURANCE’S FINANCIAL RESULTS (IN ZAR MILLION); OUTSURANCE’S NORMALISED EARNINGS BY REGION FOR THE YEAR ENDED 30 JUNE 2021 (IN PERCENTAGE) (Table and Graph)
3.3.37 OUTsurance: Marketing and Advertising Overview
3.3.38 Santam: Overview
3.3.39 Santam: Financial Performance: SANTAM’S FINANCIAL RESULTS (IN ZAR MILLION); SANTAM’S NET INSURANCE BENEFITS AND CLAIMS FOR THE SIX MONTHS ENDED 30 JUNE 2021 (IN ZAR BILLION) (Table and Graph)
3.3.40 Santam: Marketing and Advertising Overview
3.3.41 Short-Term Insurance Companies: Others
3.4 SOUTH AFRICAN SHORT-TERM INSURANCE COMPETITOR ANALYSIS: ONLINE INSURANCE QUOTATION PROVIDERS
3.4.1 AutoInsurance.co.za: Overview
3.4.2 Best Car Insurance: Overview
3.4.3 Better Compare: Overview
3.4.4 Compare Car Insurance: Overview
3.4.5 CompareGuru: Overview
3.4.6 Get-Insured: Overview
3.4.7 Hippo.co.za: Overview
3.4.8 Insurance.co.za: Overview
3.4.9 Insureacar: Overview
3.4.10 Online Insurance: Overview
3.4.11 PriceCheck: Overview
3.5 SOUTH AFRICAN SHORT-TERM INSURANCE COMPETITOR ANALYSIS: PRODUCT MATRIX
3.5.1 FINANCIAL INSTITUTIONS PRODUCT ANALYSIS
3.5.1.1 Short-Term Insurance Product Analysis - Business/Commercial Insurance; Cyber Insurance; Health Insurance; Home Building Insurance; Home Content Insurance; Legal Insurance; Other Personal Insurance (e.g. personal indemnity, income protector); Portable Possessions Insurance; Professional Liability Insurance; Risk/Debt Insurance; Specialised Commercial Insurance; Takaful (Shari’ah Law Compliant Insurance); Travel Insurance; Value-Added Insurance (e.g. scratch & dent, tyre & rims, accident cover); Vehicle Insurance; Watercraft Insurance - Comparative product analysis for Absa idirect, Bidvest Insurance, FNB, Holistic Risk Services (Pty) Ltd., Nedbank, and Standard Insurance Limited
3.5.2 INSURANCE COMPANIES PRODUCT ANALYSIS
3.5.2.1 Short-Term Insurance Product Analysis - Business/Commercial Insurance; Cyber Insurance; Health Insurance; Home Building Insurance; Home Content Insurance; Legal Insurance; Other Movable Assets (e.g. caravans, trailers, golf carts, portable possessions); Other Personal Insurance (e.g. personal indemnity, income protector); Pet Insurance; Professional Indemnity Insurance; Risk/Debt Insurance; Takaful (Shari’ah Law Compliant Insurance); Specialised Commercial Insurance; Travel Insurance; Value-Added Insurance (e.g. scratch & dent, tyre & rims, accident cover); Vehicle Insurance; Watercraft Insurance - Comparative product analysis for 1st for Women Insurance, AIG, Auto & General, Bryte Insurance Company Limited, Budget Insurance, Clientèle Limited Group, Compass Insure Company Limited, Constantia Insurance, Dialdirect Insurance Limited, Discovery Insure, Dotsure.co.za, Hollard, Infiniti Insurance, King Price Insurance, LegalWise, Lombard Insurance Limited, MiWay Insurance Limited, Momentum Insure, Monarch Insurance Company Limited, Naked Insurance, New National Assurance Company, Old Mutual Insure and iWYZE, OUTsurance, Professional Provident Society, Safire Insurance Company Limited, SA Home Loans, Santam, and Workerslife
3.5.3 ONLINE INSURANCE QUOTATION PROVIDERS PRODUCT ANALYSIS
3.5.3.1 Short-Term Insurance Product Analysis - Business/Commercial Insurance; Health Insurance; Home Building Insurance; Home Content Insurance; Legal Insurance; Other Movable Assets (e.g. caravans, trailers, golf carts, portable possessions); Other Personal Insurance (e.g. personal indemnity, income protector); Pet Insurance; Professional Indemnity Insurance; Specialised Commercial Insurance; Travel Insurance; Value-Added Insurance (e.g. scratch & dent, tyre & rims, accident cover); Vehicle Insurance - Comparative product analysis for AutoInsurance.co.za, Best Car Insurance, Better Compare, Compare Car Insurance, CompareGuru, Get-Insured, Hippo.co.za, Insurance.co.za, Insureacar, Online Insurance, and PriceCheck
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • 1st For Women Insurance
  • Better Compare
  • Constantia Insurance
  • Hollard
  • LegalWise
  • Old Mutual Insure
In 2021, the global and local Short-Term Insurance industries have endured the impact of the COVID19 pandemic relatively well, despite declines in both growth and premium volumes. The industry appears to on the road to recovery, driven not only by strongly rebounding economies and consumer spending, but a paradigm shift towards the incorporation of InsurTech and Fourth Industrial Revolution (4IR) technologies. These include the use of Artificial Intelligence (AI), machine learning, Internet of Things (IoT), blockchain, and even drones, to develop innovative Short-Term Insurance products that cater to capricious consumer demands, whilst increasing efficiency and lowering costs.

In terms of the local InsurTech market, the impact of the COVID-19 pandemic on local insurers has accelerated the digital transition of insurance tasks, to meet consumer demands in terms of service and digital offerings, resulting in many local insurers proactively partnering with InsurTech companies. This has included strategic alliances, such as the one between Sanlam Group and MTN Group, as well as the early-stage investment of R1.4 billion into the local tech ecosystem by Naspers Foundry, which included a R120 million investment in local AI-driven InsurTech company, Naked Insurance.
Note: Product cover images may vary from those shown
  • Absa idirect
  • Bidvest Insurance
  • FNB
  • Holistic Risk Services (HRS) Administors (Pty) Ltd.
  • Nedbank
  • Standard Insurance Limited
  • 1st For Women Insurance
  • AIG
  • Auto & General
  • Bryte Insurance Company Limited
  • Budget Insurance
  • Clientèle Limited Group
  • Constantia Insurance
  • Dialdirect Insurance Limited
  • Discovery Insure
  • Hollard
  • King Price Insurance
  • MiWay Insurance Limited
  • Momentum Insure
  • Naked Insurance
  • Old Mutual Insure
  • iWYZE
  • OUTsurance
  • Santam
  • Compass Insure Company Limited
  • dotsure.co.za
  • Infiniti Insurance
  • LegalWise
  • Lombard Insurance Limited
  • Monarch Insurance Company Limited
  • New National Assurance Company
  • Professional Provident Society (PPS)
  • Safire Insurance Company Limited
  • SA Home Loans (SAHL)
  • Western National
  • Workerslife
  • AutoInsurance.co.za
  • Best Car Insurance
  • Better Compare
  • Compare Car Insurance
  • CompareGuru
  • Get-Insured
  • Hippo.co.za
  • Insurance.co.za
  • Insureacar
  • Online Insurance
  • PriceCheck
Note: Product cover images may vary from those shown