2014-01-27 18:51:04 - Non-Life Insurance in South Africa, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
South Africa´s is the largest insurance industry in Africa, dominating the region by contributing more than half the total direct premiums in the non-life segment. The segment grew from a written premium value of ZAR59.7 billion (US$7.4 billion) in 2008 to ZAR79.8 billion (US$9.8 billion) in 2012, at a review-period (2008â2012) CAGR of 7.5%.
This was backed by GDP growth, progress in the automobile and property sectors and a rise in public awareness with regards to insurance products. New regulations have spurred industry growth and South African non-life insurers are expected to gain exposure to global insurance industries as a result.
The stable economic growth of mining exports, agricultural commodities and the rapid rise of the nation´s services sector are expected to
increase demand for non-life insurance products over the forecast period (2012â2017). Property insurance is the largest category and accounted for a segmental share of 47.7% in 2012. Motor insurance is the second-largest category and accounted for 44.3% of the segment in 2012.
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