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South Africa reinsurance market: $1.9 billion industry in 2012
Reinsurance in South Africa, Key Trends and Opportunities to 2017 - a new market research report on 2014-04-18 12:34:01
The South African reinsurance segment grew steadily during the review period (2008–2012), 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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