South Africa Insurance Report Q3 2016

Date: July 27, 2016
Pages: 62
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)

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Includes 3 FREE quarterly updates

BMI View: South Africa's insurance market is easily the most developed in the Sub-Saharan African region, playing host to a number of major conglomerates, many of which boast extensive overseas operations across Africa as well as European markets. Despite the market's maturity, we see potential for substantial long-term growth in both life and non-life premiums as rising income levels and an increasingly varied product mix allow insurers to expand their customer base to lower income groups. However, a sluggish macroeconomic backdrop will serve to dampen the short-term expansion efforts of insurers, with many providers finding stronger growth opportunities in neighbouring Sub-Saharan markets. As a result, premiums growth will be quite muted in USD terms over the forecast period to 2020.

Key Updates And Forecasts
  • Amid an increasingly challenging economic climate, media reports over recent months suggest that a Switzerland-based multinational is considering a withdrawal from the South African market as part of a strategic review of its global operations. The company is also reported to be considering selling its Moroccan assets, though has assured investors that no decision has yet been made.
  • The recent adjustment of our GDP forecasts for South Africa filters through into our insurance premiums outlook this quarter. Our projections for the life segment are slightly weaker than our original forecasts, with premiums expected to grow by 7.0% in rand terms in 2016 to ZAR499.9bn. Non-life premiums will grow by 6.7% to ZAR116.4bn.
BMI Industry View
  Table: Headline Insurance Forecasts (South Africa 2013-2020)
Industry Forecast
Life Premiums Forecast
  Table: Life Premiums (South Africa 2013-2020)
  Table: Life Insurance Claims (South Africa 2008-2015)
Non-Life Premiums Forecast
  Table: Non-Life Premiums (South Africa 2013-2020)
  Table: Non-Life Insurance Claims (South Africa 2009-2015)
Non-Life Sub-Sector Forecast
  Table: Non-Life Insurance Premiums by Product Line (South Africa 2013-2020)
Insurance Risk/Reward Index
Sub-Saharan Africa Risk/Reward Index
  Table: Sub-Saharan Africa Insurance Risk/Reward Index - Q316
Market Overview
Life Market Overview
Product Offering
Competitive Landscape
  Table: Life Insurance Market (USDmn) 2008-2014
Non-Life Market Overview
Product Offering
Competitive Landscape
  Table: Non-Life Insurance Market (USDmn) 2008-2014
Company Profile
Liberty Holdings
MMI Holdings
Old Mutual
Sanlam Group
Zurich South Africa
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Indicators
  Table: Weighting of Indicators
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