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

DUBLIN–(BUSINESS WIRE)–The “Short-Term Insurance Including Direct and Travel Insurance in South Africa 2020” report has been added to’s offering.

This report focuses on short-term insurance including direct and travel insurance in South Africa, and includes information on the size and state of the sector, key performance ratios, developments and corporate actions.

There are profiles of 56 companies, including the 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:

South Africa’s insurance industry is struggling to grow revenue and maintain profitability due to the poor economy, the coronavirus pandemic, declining employment, reduced disposable income and increasing climate-related risks.

The coronavirus pandemic has resulted in significant losses to companies, particularly in the accommodation, travel and tourism industries.

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

Big Players:

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

Motor insurance is the largest short-term insurance class, 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 a market share twice the size of its closest competitor.

Industry Trends:

Climate change-related catastrophes 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 are demanding flexible and personalised insurance products tailored to their risk profiles. Stricter capital and compliance measures are making it difficult for some small players to remain viable.

Key Topics Covered:

1. Introduction

2. Description of the Industry

2.1. Industry 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 and Social Economic Development

4.2. Continental

4.3. International

5. Influencing Factors

5.1. CoronavirUS

5.2. Economic Environment

5.3. Crime

5.4. Investment Performance

5.5. Financial Inclusion

5.6. Rising Operating Costs

5.7. In-Vehicle and Home Technology

5.8. Cyber Risk

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

5.10. Cyclicality

5.11. Environmental Concerns

5.12. Labour

6. Competition

6.1. Barriers to Entry

7. SWOT Analysis

8. Outlook

9. Industry Associations

10. References

10.1. Publications

10.2. Websites


  • Classes and Sub-Classes 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
  • Auto and General Insurance Company (Rf) Ltd
  • Bidvest Insurance Ltd
  • Bryte Insurance Company Ltd
  • Budget Insurance Company (Rf) Ltd
  • Centriq Insurance Company Ltd
  • Cfao Motors Insurance Ltd
  • Chubb Insurance South Africa Ltd
  • Click2Sure Intermediaries (Pty) Ltd
  • Clientele General Insurance Ltd
  • Coface South Africa Insurance Company Ltd
  • Compass Insurance Company Ltd
  • Constantia Insurance Company Ltd
  • Corporate Guarantee (South Africa) (Rf) Ltd
  • Dial Direct Insurance (Rf) Ltd
  • Discovery Insure Ltd
  • Escap Soc Ltd
  • Export Credit Insurance Corporation of South Africa Soc Ltd
  • Federated Employers Mutual Assurance Company (Rf) (Pty) Ltd (The)
  • First for Women Insurance Company (Rf) Ltd
  • Firstrand Bank Ltd
  • General Reinsurance Africa Ltd
  • Gic Re South Africa Ltd
  • Granadilla (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
  • Lion of Africa Insurance Company Ltd
  • Lombard Insurance Company Ltd
  • Miway Insurance Ltd
  • Momentum Metropolitan Holdings Ltd
  • Munich Reinsurance Company of Africa Ltd
  • Mutual and Federal Risk Financing Ltd
  • Naked Financial Technology (Pty) Ltd
  • Nedgroup Insurance Company Ltd
  • Nobuntu Group (Pty) Ltd
  • Old Mutual Insure Ltd
  • Outsurance Insurance Company Ltd
  • Pineapple Tech (Pty) Ltd
  • Professional Provident Society Short-Term Insurance Company (Pty) Ltd
  • Psg Konsult Ltd
  • 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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