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South Africa Insurance Market - By Type (Life Insurance, Non-life Insurance (Automobile Insurance, Fire Insurance, Liability Insurance, Other Insurances); By Distribution Channel (Insurance Brokers, Agencies, Direct Marketing, Bancassurance), Trend Analys

Publisher BlueWeave Consulting
Published May 03, 2023
Length 260 Pages
SKU # BLWC17975476

Description

South Africa Insurance Market - By Type (Life Insurance, Non-life Insurance (Automobile Insurance, Fire Insurance, Liability Insurance, Other Insurances); By Distribution Channel (Insurance Brokers, Agencies, Direct Marketing, Bancassurance), Trend Analysis, Competitive Landscape & Forecast, 2019–2029


South Africa Insurance Market Size More Than Doubles to Cross USD 101 Billion by 2029

South Africa insurance market is flourishing due to the increasing demand for micro-insurance products, particularly in rural regions, and an increasing demand for insurance products to cover losses by cyberattacks.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated South Africa insurance market size at USD 50.57 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects South Africa insurance market size to grow at a significant CAGR of 10.52% reaching a value of USD 101.42 billion by 2029. Many underserved markets are primary factor fueling the expansion of the South Africa insurance market. However, a few industrialized economies, such as South Africa, are particularly competitive due to a large number of well-funded domestic businesses. Major companies in the global market are aiming to capitalize on these untapped regional opportunities as well as ventures in crowded locations.

South Africa Insurance Market – Overview


Insurance is a contract or policy that safeguards the insurer against monetary losses. The three fundamental types of insurance are life insurance, property and casualty insurance, and health and medical insurance. A type of insurance called life insurance provides lifetime coverage for a person's essential benefits. The insurance sector is still steadily expanding across the continent of Africa, which is made up of numerous poor yet developing economies. The insurance industry in South Africa has, nevertheless, constantly experienced development potential due to the country's overall economic growth during the previous decades.

Impact of COVID-19 on South Africa Insurance Market


COVID-19 resulted in job losses, supply chain interruptions, and transit restrictions. The pandemic negatively impacted several manufacturing and service enterprises. Post the pandemic, the imbalance between supply and demand reverts. The need for health insurance has increased rapidly due to the spread of COVID-19. Due to the fear of the disease and the increased cost of medical care, the health insurance sector grew throughout the pandemic. Also, health insurance companies developed strategies and plans to cover the costs of treating COVID-19-infected policyholders' medical expenses.

South Africa Insurance Market - By Distribution Channel

On the basis of distribution channel, the South Africa insurance market is divided into Insurance Brokers, Agencies, Direct Marketing, and Bancassurance segments. The direct market segment dominates the South Africa insurance market. Direct marketing includes telemarketing, internet business solicitation, and traditional media advertising. Customers can easily compare policy features and cost online, especially on the numerous websites that compare insurance costs. The direct response marketing strategy is the most cost effective for the consumer because it is far less expensive than using an agency network to promote insurance products and there is much more competition.

Competitive Landscape

South Africa insurance market is fiercely competitive. Major companies in the market include Old Mutual Limited, Sanlam Limited, Discovery Limited, MMI Holdings Ltd, Liberty Holdings Limited, Hollard Insurance Group, Guardrisk Insurance Company Ltd, Santam Limited, Zurich Insurance Company Ltd, Mutual & Federal Insurance Company Ltd, Momentum Metropolitan Holdings Limited, Alexander Forbes Group Holdings Limited, African Rainbow Life, Bryte Insurance Company Limited, and Genworth Financial Mortgage Insurance Pty Ltd. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the South Africa insurance market.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of South Africa Insurance Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in South Africa Insurance Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Table of Contents

260 Pages
1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Executive Summary
3. GCC Retail Banking Market Insights
3.1. Industry Value Chain Analysis
3.2. DROC Analysis
3.2.1. Growth Drivers
3.2.1.1. Expansion of the middle class and rising incomes
3.2.1.2. Increasing use of digital banking services and technology
3.2.1.3. Growing awareness and demand for Islamic banking products, which adhere to Shariah principles
3.2.2. Restraints
3.2.2.1. Competition from non-banking financial institutions, such as fintech companies and digital payment providers
3.2.2.2. Regulatory challenges, particularly related to anti-money laundering and terrorist financing regulations
3.2.3. Opportunities
3.2.3.1. Increasing focus on sustainable and socially responsible banking,
3.2.3.2. Favorable government policies and regulations, supporting growth and investment in the banking sector
3.2.4. Challenges
3.2.4.1. Growing cybersecurity risks can lead to data breaches and financial losses
3.3. Technology Advancements/Recent Developments
3.4. Regulatory Framework
3.5. Porter’s Five Forces Analysis
3.5.1. Bargaining Power of Suppliers
3.5.2. Bargaining Power of Buyers
3.5.3. Threat of New Entrants
3.5.4. Threat of Substitutes
3.5.5. Intensity of Rivalry
4. GCC Retail Banking Market Overview
4.1. Market Size & Forecast, 2019–2029
4.1.1. By Value (USD Million)
4.2. Market Share & Forecast
4.2.1. By Solution Type
4.2.1.1. Hardware
4.2.1.2. Software
4.2.2. By Type
4.2.2.1. Community Development Bank
4.2.2.2. Private Banks
4.2.2.3. Public Banks
4.2.2.4. NBFC
4.2.3. By Service Type
4.2.3.1. Transactional Accounts
4.2.3.2. Savings Account
4.2.3.3. Debit Cards
4.2.3.4. ATM Cards
4.2.3.5. Credit Cards
4.2.3.6. Mortgage
4.2.3.7. Loans
4.2.3.8. Others
4.2.4. By Country
4.2.4.1. Bahrain
4.2.4.2. Kuwait
4.2.4.3. Oman
4.2.4.4. Qatar
4.2.4.5. Saudi Arabia
4.2.4.6. United Arab Emirates
5. Bahrain Retail Banking Market
5.1.1. Market Size & Forecast, 2019–2029
5.1.2. By Value (USD Million)
5.2. Market Share & Forecast
5.2.1. By Solution Type
5.2.2. By Type
5.2.3. By Service Type
6. Kuwait Retail Banking Market
6.1.1. Market Size & Forecast, 2019–2029
6.1.2. By Value (USD Million)
6.2. Market Share & Forecast
6.2.1. By Solution Type
6.2.2. By Type
6.2.3. By Service Type
7. Oman Retail Banking Market
7.1.1. Market Size & Forecast, 2019–2029
7.1.2. By Value (USD Million)
7.2. Market Share & Forecast
7.2.1. By Solution Type
7.2.2. By Type
7.2.3. By Service Type
8. Qatar Retail Banking Market
8.1.1. Market Size & Forecast, 2019–2029
8.1.2. By Value (USD Million)
8.2. Market Share & Forecast
8.2.1. By Solution Type
8.2.2. By Type
8.2.3. By Service Type
9. Saudi Arabia Retail Banking Market
9.1.1. Market Size & Forecast, 2019–2029
9.1.2. By Value (USD Million)
9.2. Market Share & Forecast
9.2.1. By Solution Type
9.2.2. By Type
9.2.3. By Service Type
10. United Arab Emirates Retail Banking Market
10.1.1. Market Size & Forecast, 2019–2029
10.1.2. By Value (USD Million)
10.2. Market Share & Forecast
10.2.1. By Solution Type
10.2.2. By Type
10.2.3. By Service Type
11. Competitive Landscape
11.1. List of Key Players and Their Offerings
11.2. GCC Retail Banking Company Market Share Analysis, 2022
11.3. Competitive Benchmarking, By Operating Parameters
11.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
12. Impact of Covid-19 on GCC Retail Banking Market
13. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT)
13.1. National Commercial Bank (NCB)
13.2. Emirates NBD Bank
13.3. Qatar National Bank (QNB)
13.4. Abu Dhabi Commercial Bank (ADCB)
13.5. Al Rajhi Bank
13.6. Gulf International Bank (GIB)
13.7. Dubai Islamic Bank (DIB)
13.8. Commercial Bank of Dubai (CBD)
13.9. Arab National Bank (ANB)
13.10. Ahli United Bank (AUB)
13.11. Riyad Bank
13.12. Bank AlJazira
13.13. Saudi British Bank (SABB)
13.14. Kuwait Finance House (KFH)
13.15. Oman Arab Bank (OAB)
13.16. Other Prominent Players
14. Key Strategic Recommendations
15. Research Methodology
15.1. Qualitative Research
15.1.1. Primary & Secondary Research
15.2. Quantitative Research
15.3. Market Breakdown & Data Triangulation
15.3.1. Secondary Research
15.3.2. Primary Research
15.4. Breakdown of Primary Research Respondents, By Region
15.5. Assumptions & Limitations
*Financial information of case of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List of Figures
Figure 1 GCC Retail Banking Segmentation
Figure 2 GCC Retail Banking Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2022
Figure 4 GCC Retail Banking Market Size, By Value (USD Million), 2019–2029
Figure 5 GCC Retail Banking Market Share, By Solution Type, By Value, 2019–2029
Figure 6 GCC Retail Banking Market Share, By Type, By Value, 2019–2029
Figure 7 GCC Retail Banking Market Share, By Service Type, By Value, 2019–2029
Figure 8 GCC Retail Banking Market Share, By Country, By Value, 2019–2029
Figure 9 Bahrain Retail Banking Market Size, By Value (USD Million), 2019–2029
Figure 10 Bahrain Retail Banking Market Share, By Solution Type, By Value, 2019–2029
Figure 11 Bahrain Retail Banking Market Share, By Type, By Value, 2019–2029
Figure 12 Bahrain Retail Banking Market Share, By Service Type, By Value, 2019–2029
Figure 13 Kuwait Retail Banking Market Size, By Value (USD Million), 2019–2029
Figure 14 Kuwait Retail Banking Market Share, By Solution Type, By Value, 2019–2029
Figure 15 Kuwait Retail Banking Market Share, By Type, By Value, 2019–2029
Figure 16 Kuwait Retail Banking Market Share, By Service Type, By Value, 2019–2029
Figure 17 Oman Retail Banking Market Size, By Value (USD Million), 2019–2029
Figure 18 Oman Retail Banking Market Share, By Solution Type, By Value, 2019–2029
Figure 19 Oman Retail Banking Market Share, By Type, By Value, 2019–2029
Figure 20 Oman Retail Banking Market Share, By Service Type, By Value, 2019–2029
Figure 21 Qatar Retail Banking Market Size, By Value (USD Million), 2019–2029
Figure 22 Qatar Retail Banking Market Share, By Solution Type, By Value, 2019–2029
Figure 23 Qatar Retail Banking Market Share, By Type, By Value, 2019–2029
Figure 24 Qatar Retail Banking Market Share, By Service Type, By Value, 2019–2029
Figure 25 Saudi Arabia Retail Banking Market Size, By Value (USD Million), 2019–2029
Figure 26 Saudi Arabia Retail Banking Market Share, By Solution Type, By Value, 2019–2029
Figure 27 Saudi Arabia Retail Banking Market Share, By Type, By Value, 2019–2029
Figure 28 Saudi Arabia Retail Banking Market Share, By Service Type, By Value, 2019–2029
Figure 29 United Arab Emirates Retail Banking Market Size, By Value (USD Million), 2019–2029
Figure 30 United Arab Emirates Retail Banking Market Share, By Solution Type, By Value, 2019–2029
Figure 31 United Arab Emirates Retail Banking Market Share, By Type, By Value, 2019–2029
Figure 32 United Arab Emirates Retail Banking Market Share, By Service Type, By Value, 2019–2029
List of Tables
Table 1 GCC Retail Banking Market Size, By Solution Type, By Value, 2019–2029
Table 2 GCC Retail Banking Market Size, By Type, By Value, 2019–2029
Table 3 GCC Retail Banking Market Size, By Service Type, By Value, 2019–2029
Table 4 GCC Retail Banking Market Size, By Country, By Value, 2019–2029
Table 5 Bahrain Retail Banking Market Size, By Solution Type, By Value, 2019–2029
Table 6 Bahrain Retail Banking Market Size, By Type, By Value, 2019–2029
Table 7 Bahrain Retail Banking Market Size, By Service Type, By Value, 2019–2029
Table 9 Kuwait Retail Banking Market Size, By Solution Type, By Value, 2019–2029
Table 10 Kuwait Retail Banking Market Size, By Type, By Value, 2019–2029
Table 11 Kuwait Retail Banking Market Size, By Service Type, By Value, 2019–2029
Table 13 Oman Retail Banking Market Size, By Solution Type, By Value, 2019–2029
Table 14 Oman Retail Banking Market Size, By Type, By Value, 2019–2029
Table 15 Oman Retail Banking Market Size, By Service Type, By Value, 2019–2029
Table 17 Qatar Retail Banking Market Size, By Solution Type, By Value, 2019–2029
Table 18 Qatar Retail Banking Market Size, By Type, By Value, 2019–2029
Table 19 Qatar Retail Banking Market Size, By Service Type, By Value, 2019–2029
Table 21 Saudi Arabia Retail Banking Market Size, By Solution Type, By Value, 2019–2029
Table 22 Saudi Arabia Retail Banking Market Size, By Type, By Value, 2019–2029
Table 23 Saudi Arabia Retail Banking Market Size, By Service Type, By Value, 2019–2029
Table 25 United Arab Emirates Retail Banking Market Size, By Solution Type, By Value, 2019–2029
Table 26 United Arab Emirates Retail Banking Market Size, By Type, By Value, 2019–2029
Table 27 United Arab Emirates Retail Banking Market Size, By Service Type, By Value, 2019–2029
Table 27 National Commercial Bank (NCB) Company Overview
Table 28 National Commercial Bank (NCB) Financial Overview
Table 29 Emirates NBD Bank Company Overview
Table 30 Emirates NBD Bank Financial Overview
Table 31 Qatar National Bank (QNB) Company Overview
Table 32 Qatar National Bank (QNB) Financial Overview
Table 33 Abu Dhabi Commercial Bank (ADCB) Company Overview
Table 34 Abu Dhabi Commercial Bank (ADCB) Financial Overview
Table 35 Al Rajhi Bank Company Overview
Table 36 Al Rajhi Bank Financial Overview
Table 37 Gulf International Bank (GIB) Company Overview
Table 38 Gulf International Bank (GIB) Financial Overview
Table 39 Dubai Islamic Bank (DIB) Company Overview
Table 40 Dubai Islamic Bank (DIB) Financial Overview
Table 41 Commercial Bank of Dubai (CBD) Company Overview
Table 42 Commercial Bank of Dubai (CBD) Financial Overview
Table 43 Arab National Bank (ANB) Company Overview
Table 44 Arab National Bank (ANB) Financial Overview
Table 45 Ahli United Bank (AUB) Company Overview
Table 46 Ahli United Bank (AUB) Financial Overview
Table 47 Riyad Bank Company Overview
Table 48 Riyad Bank Financial Overview
Table 49 Bank AlJazira Company Overview
Table 50 Bank AlJazira Financial Overview
Table 51 Saudi British Bank (SABB) Company Overview
Table 52 Saudi British Bank (SABB) Financial Overview
Table 53 Kuwait Finance House (KFH) Company Overview
Table 54 Kuwait Finance House (KFH) Financial Overview
Table 55 Oman Arab Bank (OAB) Company Overview
Table 56 Oman Arab Bank (OAB) Financial Overview

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