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Life Insurance in South Africa, Key Trends and Opportunities to 2020

Life Insurance in South Africa, Key Trends and Opportunities to 2020

Synopsis

Timetric’s 'Life Insurance in South Africa, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the South African life insurance segment, and a comparison of the South African insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

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 Timetric’s 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.

Summary

Timetric’s 'Life Insurance in South Africa Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the South African life insurance segment, including:

  • An overview of the South African life insurance segment
  • The South African life insurance segment’s growth prospects by category
  • A comprehensive overview of the South African economy and demographics
  • A comparison of the South African life insurance segment with its regional counterparts
  • The various distribution channels in the South African life insurance segment
  • Details of the competitive landscape in the life insurance segment in South Africa
  • Details of regulatory policy applicable to the South African insurance industry
Scope

This report provides a comprehensive analysis of the life insurance segment in South Africa:
  • It provides historical values for South Africa life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
  • It offers a detailed analysis of the key categories in the South African life insurance segment, and market forecasts to 2020.
  • It provides a comparison of the South African life insurance segment with its regional counterparts
  • It analyzes the various distribution channels for life insurance products in South Africa.
  • It profiles the top life 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 life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the South African life insurance segment.
  • Assess the competitive dynamics in the life 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.
Key Highlights
  • Life insurance accounted for 78.2% of the South African insurance gross written premium in 2015.
  • Life insurance penetration was 11.4% in 2015 and was the highest in southern Africa.
  • The South African life segment is highly concentrated, with the 10 leading insurers collectively accounting for 80.7% of the segment’s direct written premium in 2015.
  • Brokers, agencies and bancassurance are the preferred distribution channels for the life segment in South Africa.
  • The unemployment rate remained significantly high in South Africa during the review period, at 25.4%.


  • Key Facts and Highlights
    • Table South African Life Insurance - Key Facts, 2015
    • Table South African Life Insurance - Segment Shares of the Top Insurers, 2015
  • Executive Summary
  • Economy and Demographics
    • Table South African Government Credit Ratings
  • Segment Outlook
    • Regional Comparison
    • Segment Indicators
      • Gross written premium
        • Table South African Life Insurance - Gross Written Premium (ZAR Billion and US$ Billion), 2011-2015
        • Table South African Life Insurance - Gross Written Premium (ZAR Billion and US$ Billion), 2015-2020
      • Claims
        • Table South African Life Insurance - Paid Claims (ZAR Billion and US$ Billion), 2011-2015
        • Table South African Life Insurance - Paid Claims (ZAR Billion and US$ Billion), 2015-2020
      • Assets and investments
        • Table South African Life Insurance - Total Assets (ZAR Trillion and US$ Billion), 2011-2015
        • Table South African Life Insurance - Total Assets (ZAR Trillion and US$ Billion), 2015-2020
        • Table South African Life Insurance - Total Investment Income (ZAR Billion and US$ Billion), 2011-2015
        • Table South African Life Insurance - Total Investment Income (ZAR Billion and US$ Billion), 2015-2020
        • Table South African Life Insurance - Investment Portfolio (ZAR Billion), 2011-2015
        • Table South African Life Insurance - Investment Portfolio (ZAR Billion), 2015-2020
  • Distribution Channel Outlook
  • Competitive Landscape
    • Table South African Life Insurance - Segment Shares of the Leading Insurers (%), 2014
    • Company Profiles
      • Old Mutual Life Assurance Company (South Africa) Ltd - company overview
        • Table Old Mutual Life Assurance Company (South Africa) Ltd - Key Facts
        • Table Old Mutual Life Assurance Company (South Africa) Ltd - Key Financials (US$ Billion), 2011-2015
      • Momentum Group Ltd - company overview
        • Table Momentum Group Ltd - Key Facts
        • Table Momentum Group Ltd - Key Financials (US$ Billion), 2011-2015
      • Liberty Group Ltd - company overview
        • Table Liberty Group Ltd - Key Facts
        • Table Liberty Group Ltd - Key Financials (US$ Billion), 2011-2015
      • Sanlam Life Insurance Ltd - company overview
        • Table Sanlam Life Insurance Ltd - Key Facts
        • Table Sanlam Life Insurance Ltd - Key Financials (US$ Billion), 2011-2015
      • Investec Assurance Ltd - company overview
        • Table Investec Assurance Ltd - Key Facts
        • Table Investec Assurance Ltd - Key Financials (US$ Million), 2011-2015
  • Governance, Risk and Compliance
    • Table South Africa - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
      • Table South Africa - Commission Rates for Health Insurance Policy
      • Table South Africa - Maximum cost of credit life insurance
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table South Africa - Life Insurance Regulatory Framework
      • Property insurance
        • Table South Africa - Property Insurance Regulatory Framework
        • Table South Africa - SASRIA Annual and Monthly Premium Rates
      • Motor insurance
        • Table South Africa - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table South Africa - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Third-party liability insurance for commercial flight operators
      • Unemployment insurance
      • Compensation for occupational diseases and injuries
      • Professional indemnity insurance
      • Environmental liability insurance
    • Supervision and Control
      • International Association of Insurance Supervisors
      • African Insurance Organization
      • Financial Services Board
      • South African Insurance Association
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table South Africa - Corporate Tax Rates for the Financial Year 2016
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Databook
    • Policies and Premium
      • Table South African Life Insurance - Policies and Premium, 2011-2015
      • Table South African Life Insurance - Policies and Premium, 2015-2020
    • Claims and Expenses
      • Table South African Life Insurance - Claims and Expenses, 2011-2015
      • Table South African Life Insurance - Claims and Expenses, 2015-2020
    • Assets and Investments
      • Table South African Life Insurance - Assets and Investments, 2011-2015
      • Table South African Life Insurance - Assets and Investments, 2015-2020
    • Direct Marketing and E-Commerce
      • Table South African Life Insurance - Direct Marketing and E-Commerce, 2011-2015
      • Table South African Life Insurance - Direct Marketing and E-Commerce, 2015-2020
    • Insurance Brokers and Agencies
      • Table South African Life Insurance - Insurance Brokers and Agencies, 2011-2015
      • Table South African Life Insurance - Insurance Brokers and Agencies, 2015-2020
    • Bancassurance and Other Distribution Channels
      • Table South African Life Insurance - Insurance Brokers and Agencies, 2011-2015
      • Table South African Life Insurance - Insurance Brokers and Agencies, 2015-2020
    • Individual Life Insurance
      • Table South African Life Insurance - Individual Life Insurance, 2011-2015
      • Table South African Life Insurance - Individual Life Insurance, 2015-2020
    • Group Life Insurance
      • Table South African Life Insurance - Group Life Insurance, 2011-2015
      • Table South African Life Insurance - Group Life Insurance, 2015-2020
    • Individual Life - Single vs Non-Single Premium
      • Table South African Life Insurance - Individual Life Insurance by Premium, 2011-2015
      • Table South African Life Insurance - Individual Life Insurance by Premium, 2015-2020
    • Group Life - Single vs Non-Single Premium
      • Table South African Life Insurance - Group Life Insurance by Premium, 2011-2015
      • Table South African Life Insurance - Group Life Insurance by Premium, 2015-2020
    • Linked vs Non-Linked Policies
      • Table South African Life Insurance - Linked vs Non-Linked Policies, 2011-2015
      • Table South African Life Insurance - Linked vs Non-Linked Policies, 2015-2020
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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