South Africa Short-Term Insurance Industry Report 2022: Focus on Accident, Fire, Property, Motor Vehicle, Marine, Aviation, Transport, Travel, Trade Credit and Liability Insurance – ResearchAndMarkets.com – Business Wire
DUBLIN–(BUSINESS WIRE)–The “The Short-Term Insurance Industry in South Africa 2022” report has been added to ResearchAndMarkets.com’s offering.
This report is on the short term, or non-life insurance industry in South Africa which provides insurance (including reinsurance) of non-life business such as accident, fire, property, motor vehicle, marine, aviation, transport, travel, trade credit and liability insurance.
The report includes information on the state and size of the industry, financial indicators such as gross premiums and claims incurred, market shares, developments and corporate actions.
There are profiles of 55 companies including well-known insurers such as Santam, Old Mutual, Hollard, OUTsurance and MiWay, reinsurers such as Hannover Reinsurance and Munich Reinsurance and state-owned companies including Escap (which insures Eskom), Sasria (which insured against the July 2021 unrest) and the Road Accident Fund.
The Short Term Industry in South Africa
South Africa’s non-life insurance industry has been affected by pandemic-related claims, the weak economy and high crime levels. While there was an increase in business interruption claims and reinsurance costs, the claims ratios of some classes of business, such as motor, improved due to the lockdown and fewer weather-related catastrophes. Claims ratios in other classes, such as trade credit and consumer credit, increased due to defaults on credit caused by the lockdown.
Vehicle Insurance
South Africa’s high vehicle accident rate is one of the factors responsible for the high premiums charged for personal and commercial vehicle insurance. During the pandemic, the number of motor vehicle claims decreased due to alcohol bans, curfews and the fact that many people are working from home.
With 60% to 70% of vehicles in South Africa uninsured and more than 800,000 accidents occurring annually, most vehicles involved in accidents are not insured. Vehicles are generally not insured due to affordability, people believing they will never be involved in an accident or believing they only drive short distances or do not drive often, or because vehicle owners do not realise how high vehicle repair costs are.
Key Topics Covered:
1. INTRODUCTION
2. DESCRIPTION OF THE INDUSTRY
2.1. Industry Value Chain
2.2. Geographic Position
2.3. Size of the Industry
2.4. Key Success Factors and Pain Points
3. LOCAL
3.1. Key Trends
3.2. Notable Players
3.3. Corporate Actions
3.4. Regulations
3.5. Enterprise Development and Social Economic Development
4. AFRICA
5. INTERNATIONAL
6. INFLUENCING FACTORS
6.1. COVID -19
6.2. Economic Environment
6.3. Technology, Research and Development (R&D) and Innovation
6.4. Crime
6.5. Environmental Issues
6.6. Investment Performance
6.7. Financial Inclusion
6.8. Input Costs
6.9. Infrastructure
6.10. Labour
7. COMPETITIVE ENVIRONMENT
7.1. Competition
7.2. Ownership Structure of the Industry
7.3. Barriers to Entry
8. SWOT ANALYSIS
9. OUTLOOK
10. INDUSTRY ASSOCIATIONS
11. REFERENCES
11.1. Publications
11.2. Websites
APPENDICES
Appendix 1 – Classes and Sub-Classes of Insurance Business for Non-Life Insurance under Schedule 2 of the Insurance Act, 2017
Appendix 2 – SARB List of Insurers, November 2021
Appendix 3 – 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
Clientele General Insurance Ltd
Coface South Africa Insurance Company Ltd
Compass Insurance Company Ltd
Constantia Insurance Company Ltd
Corporate Guarantee (South Africa) (RF) Ltd
Credit Guarantee Insurance Corporation of Africa 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
Guardrisk Insurance Company Ltd
Hannover Reinsurance Group Africa (Pty) Ltd
Hollard Insurance Company Ltd (The)
Indequity Group 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
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
Road Accident Fund
Safire Insurance Company Ltd
Santam Ltd
Sasria Ltd
SCOR Africa Ltd
Standard Insurance Ltd
Swiss Re Corporate Solutions Africa (Pty) Ltd
Trustco Group Holdings Ltd
For more information about this report visit https://www.researchandmarkets.com/r/927wy7
