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South Africa life insurance market: 78.6% of total gross written premiums in Africa

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

 

PR-Inside.com: 2014-04-18 12:29:03
The South African insurance industry is the largest in Africa, and the country´s life insurance segment accounted for around 78.6% of the continent´s total gross written premium for life insurance in 2012.

The growth in the South African life segment can be attributed to stable GDP growth, the rising disposable incomes of the middle-class population, and the rapid expansion of financial services in rural areas, leading to a rise in awareness levels. High crime rates and levels of HIV, along with the development of microinsurance, also spurred growth of the life insurance segment.

The penetration rate for microinsurance in South Africa is the highest in Africa, and around 60% of the continent´s microinsurance policies are contributed by South Africa. Penetration was further helped by a rapid rise in income among the growing black middle-class population, supported by the South African government´s Black Economic Empowerment (BEE) program.

Growth was further supported by an unprecedented stretch of GDP growth which began in 1998, driven by growing mining exports and increased trade in agricultural commodities. Online is the fastest-growing distribution channel in South Africa. The channel grew at a CAGR of 14.9% during the review period.

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