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South Africa health insurance market: 10.7% CAGR growth witnessed between 2008-2012

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Personal Accident and Health Insurance in South Africa, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-04-18 12:33:01
South Africa´s healthcare industry is expected to undergo a radical change in structure following the launch of National Healthcare Insurance (NHI), a universal healthcare scheme. The NHI is expected to have a significant impact on the South African personal accident and health segment, both directly and indirectly.

Although personal accident and health insurance is the smallest segment in the overall South African insurance industry in terms of total written premium, NHI could considerably enlarge the segment. Other new South African insurance products, such as those which provide cover for HIV-infected people, as well as medical savings initiatives, will ensure steady growth for the segment over the forecast period.

The South Africa health insurance market grew at a CAGR of 10.7% during the review period (2008–2012). This robust growth was supported by the country´s increasing per capita income levels, GDP growth, favorable insurance reforms, and financial and healthcare service expansions.

The main growth driver for personal accident and health insurance during the review period was the launch of HIV/AIDS insurance by both health and life insurers, which was purchased by a large number of the country´s formerly uninsured population.

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