2014-01-27 18:53:02 - Reinsurance in South Africa, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
The South African reinsurance segment grew steadily during the review period (2008â2012), despite the adverse impact of the global economic crisis, rising from ZAR11.8 billion (US$1.5 billion) in 2008 to ZAR15.2 billion (US$1.9 billion) in 2012, at a CAGR of 6.5%.
This was due to strong growth in the South African non-life and personal accident and health segments. The South African insurance industry accounted for approximately 80% of total direct premiums generated on the African continent in 2012.
The penetration of low-income micro-insurance is one of the highest in the world, with around 15% of the country´s low-income groups owning a formal policy. When informal cover is added, the penetration among the low-income group extends to 59%. This is mainly due to
the wide adoption of funeral insurance
Funeral products experienced the greatest increase in the number of users, from 5.9 million people, or 19% of the population, in 2008 to 7.8 million people, or 23% of the population, in 2011.
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