DUBLIN, February 1, 2023 /PRNewswire/ — The “The Life Insurance Industry in South Africa 2022″ report has been added ResearchAndMarkets.com’s sacrifice.
This report on the life insurance industry in South Africa includes information on the size and state of the sector, performance indicators, market shares, corporate actions, notable players and developments.
The life insurance industry remained profitable and well capitalized despite record high claims payouts in 2021. The industry’s total revenue and profit increased in 2021 compared to 2019 and 2020. COVID-19 has made people more aware of risks, causing greater demand for life insurance products has.
Africa is widely regarded as an important long-term growth market for insurance, providing opportunities for local life insurance companies. The industry’s growth is affected by the weak economy and rising unemployment and inflation which lowers consumers’ disposable income.
There are profiles of 28 companies, including notable players such as Sanlam, Old Mutual, Liberty, Discovery, AVBOB, reinsurance companies including RGA and Munich Reinsurance and self-insurers such as Centriq.
Increases in policies and claims
South Africa’s life insurance penetration, measured in premiums as a percentage of GDP, was significantly higher than the world average. As a result of COVID-19, many people have realized the importance of adequate life insurance and income protection coverage, reflected in a significant increase in new policies.
Of April 2020 on end of March 2022, nearly 2 million death claims were paid out, likely reflecting people who have multiple policies. Life insurers reported in June 2022 that death-related insurance claims were back to pre-COVID-19 levels.
Trends
There is a shift to digital systems, particularly in distribution and claims management, and traditional life insurers are working with insurtech companies to develop innovative and personalized products.
In terms of distribution channels, agents and brokers remain the most important, but direct sales and bancassurance have grown. There has been an increase in savings policies being surrendered for access to funds when policyholders experience financial difficulties.
Key topics covered:
1. INTRODUCTION
2. DESCRIPTION OF THE BUSINESS
2.1. Business value chain
2.2. Geographical position
2.3. Size of the industry
2.4. Key success factors and pain points
3. LOCAL
3.1. State of the industry
3.2. Key trends
3.3. Famous players
3.4. Corporate actions
3.5. Regulations
3.6. Enterprise Development and Socio Economic Development
4. AFRICA
5. INTERNATIONAL
6. INFLUENCING FACTORS
6.1. COVID-19 and other health conditions
6.2. Economic environment
6.3. Technology, Research and Development (R&D) and Innovation
6.4. Crime and Road Accidents
6.5. Environmental issues
6.6. Investment performance
6.7. Financial Inclusion
6.8. Work
7. COMPETITIVE ENVIRONMENT
7.1. Competition
7.2. Ownership structure of the industry
7.3. Barriers to entry
8. SWOT ANALYSIS
9. PROSPECTS
10. BUSINESS ASSOCIATIONS
11. REFERENCES
11.1. Publications
11.2. Websites
APPENDIX
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Schedule 1 – Classes and Sub-Classes of Insurance Business for Life Insurance under Schedule 2 of the Insurance Act, 2017
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Appendix 2 – List of life insurers, August 2022
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Appendix 3 – Summary of notable players
COMPANY PROFILE
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1 Life Insurance (RF) Ltd
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3Sixty Life Ltd
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Absa Life Ltd
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AIG Life South Africa Ltd
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Assupol Life Ltd
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AVBOB Mutual Assurance Society
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Bidvest Life Ltd
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Centriq Life Insurance Company Ltd
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Clients Life Insurance Company Ltd
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Constantia Life and Health Insurance Company Ltd
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Discovery Life Ltd
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General Reinsurance Africa Ltd
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Guardrisk Life Ltd
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Hannover Re South Africa Ltd
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Hollard Life Insurance Company Ltd
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King Price Life Insurance Ltd
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Liberty Group Ltd
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Momentum Metropolitan Life Ltd
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Munich Reinsurance Company of Africa Ltd
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Nedgroup Life Insurance Company Ltd
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Nedgroup Structured Life Ltd
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Old Mutual Life Insurance Company (South Africa) Ltd
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OUTsurance Life Insurance Company Ltd
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Professional Provident Society Insurance Company Ltd
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RGA Reinsurance Company of South Africa Ltd
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Sanlam Life Insurance Ltd
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SCOR Africa Ltd
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Swiss Re Africa Ltd
For more information on this report visit https://www.researchandmarkets.com/r/2kprcw-life?w=5
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