Strategic Market Intelligence: General Insurance in South Africa - Key Trends and Opportunities to 2022

Strategic Market Intelligence: General Insurance in South Africa - Key Trends and Opportunities to 2022


South Africa’s general insurance segment is expected to grow at a CAGR of 5.9% over the forecast period. The segment recorded a GWP of ZAR124.4 billion (US$9.3 billion) as of 2017. Retail insurance accounted for 45.9% of the general segment’s GWP, and is expected to grow at a CAGR of 5.6% over the forecast period, while the commercial segment is expected to grow at a CAGR of 6.2%.

The general insurance segment was dominated by the motor insurance sub-segment, constituting 41.7% of the segment’s GWP in 2017. It is expected to grow at a CAGR of 6.1% over the forecast period. Property and liability were the second and third largest insurance sub-segments, with respective shares of 38.2% and 6.6% in 2017.

In 2018, the legal framework for microinsurance towards fulfilling the objective of expanding consumer access was introduced. Insurers need to convert their current licenses and apply for a separate microinsurance license with the Prudential Authority. Microinsurers are permitted to issue products such as credit life insurance, risk policies and funeral cover. Under the Act, the maximum indemnity limit for life policies issued by microinsurers is ZAR100,000.0 (US$6,798.3).

In South Africa, the corporate income tax applies to domestic companies on their worldwide income, while for foreign companies the tax is charged on the income earned in South Africa. The standard rate of corporate income tax is 28%. Capital gains are taxed at the standard corporate income tax rate on realized capital gains. The standard rate of VAT applicable on general insurance - except for some zero-rated short-term insurances - is 15%.

The Financial Services Board (FSB) supervised and regulated the industry in South Africa before its replacement by the Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA) on April 1, 2018. Composite insurers are not permitted in the South African insurance industry.

The report Strategic Market Intelligence: General Insurance in South Africa - Key Trends and Opportunities to 2022, provides a detailed outlook by product category for the South African general insurance segment. It provides values for key performance indicators such as written premium, claims ratio and general insurance penetration during the review period (2013-2017) and forecast period (2017-2022). The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the South African economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Companies mentioned: Santam Beperk, Hollard Insurance, Old Mutual Insure, Guardrisk Insurance, Outsurance Insurance, Bryte Insurance, Auto And General Insurance, Escap Soc, Centriq Insurance, Mutual & Federal Risk Financing.


  • This report provides a comprehensive analysis of the general insurance segment in South Africa.
  • It provides historical values for the South African general insurance segment for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
  • It offers a detailed analysis of the key categories in the South African general insurance segment, and market forecasts to 2022.
  • It analyzes the various distribution channels for general insurance products in South Africa.
  • It profiles the top general insurance companies in South Africa, and outlines the key regulations affecting them.
Reasons to buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the South African general insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in South Africa's general insurance segment.
  • Assess the competitive dynamics in the general insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the South African insurance industry, and their impact on companies and the industry's future.

Executive Summary
Economy Overview
Summary Trend and KPIs
Penetration and Growth
Premiums and Profitability
Regulatory Risk
Key Facts
Licensing Requirements
Key Trends by Lines of Business - Retail and Commercial
Lines of Business
By Consumer Segment
Key Trends by Lines of Business - KPIs, Market Share and Concentration
Property Insurance
Motor Insurance
Liability Insurance
Financial Lines Insurance
Transit Insurance
Personal Accident and Health Insurance
Miscellaneous Insurance
Distribution Overview
Competitive Landscape
Competitor Profiles

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