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.
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:
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
3.1. State of the industry
3.2. Key trends
3.3. Famous players
3.4. Corporate actions
3.6. Enterprise Development and Socio Economic Development
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
7. COMPETITIVE ENVIRONMENT
7.2. Ownership structure of the industry
7.3. Barriers to entry
8. SWOT ANALYSIS
10. BUSINESS ASSOCIATIONS
Schedule 1 – Classes and Sub-Classes of Insurance Business for Life Insurance under Schedule 2 of the Insurance Act, 2017
Appendix 2 – List of life insurers, August 2022
Appendix 3 – Summary of notable players
1 Life Insurance (RF) Ltd
3Sixty Life Ltd
Absa Life Ltd
AIG Life South Africa Ltd
Assupol Life Ltd
AVBOB Mutual Assurance Society
Bidvest Life Ltd
Centriq Life Insurance Company Ltd
Clients Life Insurance Company Ltd
Constantia Life and Health Insurance Company Ltd
Discovery Life Ltd
General Reinsurance Africa Ltd
Guardrisk Life Ltd
Hannover Re South Africa Ltd
Hollard Life Insurance Company Ltd
King Price Life Insurance Ltd
Liberty Group Ltd
Momentum Metropolitan Life Ltd
Munich Reinsurance Company of Africa Ltd
Nedgroup Life Insurance Company Ltd
Nedgroup Structured Life Ltd
Old Mutual Life Insurance Company (South Africa) Ltd
OUTsurance Life Insurance Company Ltd
Professional Provident Society Insurance Company Ltd
RGA Reinsurance Company of South Africa Ltd
Sanlam Life Insurance Ltd
SCOR Africa Ltd
Swiss Re Africa Ltd
For more information on this report visit https://www.researchandmarkets.com/r/2kprcw-life?w=5
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SOURCE Research and Markets