South Africa Short-Term Insurance Market Report 2022: Influencing Factors, Competitive Analysis, Outlook, Industry Associations, Local & International Factors – Yahoo Finance

South Africa Short-Term Insurance Market Report 2022: Influencing Factors, Competitive Analysis, Outlook, Industry Associations, Local & International Factors - Yahoo Finance

DUBLIN, April 6, 2022 /PRNewswire/ — The “The Short-Term Insurance Industry in South Africa 2022″ report has been added to ResearchAndMarkets.com’s offering.

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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.

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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.

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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

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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/ankaue

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