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South Africa 2018: Short-Term Insurance including Direct & Travel Insurance - Dominant Players Are Santam, Hollard, and Mutual & Federal - ResearchAndMarkets.com

September 4, 2018

DUBLIN--(BUSINESS WIRE)--Sep 4, 2018--The “Short Term Insurance including Direct and Travel Insurance in South Africa 2018” report has been added to ResearchAndMarkets.com’s offering.

The report on the sector describes the current market, the latest regulatory developments and factors influencing the success of the sector. The report profiles 43 short-term insurance companies, including dominant players Santam, Hollard and Mutual & Federal (rebranded to Old Mutual Insure).

It also focuses on direct insurance companies like OUTsurance and MiWay which have taken personal lines market share at the expense of traditional players and intermediaries. The report includes new entrants using digital platforms and/or serving the financially excluded low-income market with microinsurance products developed within the regulatory framework of the newly enacted Insurance Act, 2017.

With gross premium income of R116.7bn in 2016, the short-term, or non-life insurance sub-sector, plays a key role in the financial sector and is an important contributor to economic growth. Short-term insurance companies contributed gross premium income of R108.14bn to the South African economy at the end of September 2017.

Contraction and consolidation saw the number of primary insurers that were registered with the FSB decrease by 10.2% to 88 at the end of March 2017. The industry is experiencing tough trading conditions and increased regulatory obligations.

One of the industry’s most pressing challenges is the increase in frequency and severity of extreme weather events and natural disasters which included fires in Knysna, drought in the Western Cape, and storms in Gauteng and Kwazulu-Natal. Catastrophic events, changing demographics, fintech and amended regulations may significantly change the structure of the industry.

Key Topics Covered

1. Introduction

2. Description of the Industry

3. Size of the Industry

4. State of the Industry

5. Influencing Factors

6. Competition

7. SWOT Analysis

8. Outlook

9. Industry Associations

10. References

Companies Featured

Absa Insurance Company Ltd. African Reinsurance Corporation (South Africa) Ltd. AIG South Africa Ltd. Auto and General Insurance Company (RF) Ltd. Bidvest Insurance Ltd. Bryte Insurance Company Ltd. Budget Insurance Company (RF) Ltd. Centriq Insurance Company Ltd. Coface South Africa Insurance Company Ltd. Compass Insurance Company Ltd. Constantia Insurance Company Ltd. Dial Direct Insurance (RF) Ltd. Escap SOC Ltd. First For Women Insurance Company (RF) Ltd. FirstRand Bank Ltd. General Reinsurance Africa Ltd. GIC Re South Africa Ltd. Guardrisk Insurance Company Ltd. Hannover Reinsurance Group Africa (Pty) Ltd. Hollard Insurance Company Ltd. (The) Indequity Group Ltd. King Price Insurance Company Ltd. Lion of Africa Insurance Company Ltd. Lombard Insurance Company Ltd. MiWay Insurance Ltd. MMI Holdings Ltd. Munich Reinsurance Company of Africa Ltd. Mutual and Federal Risk Financing Ltd. PSG Konsult Ltd. Santam Ltd. Sasria Ltd. SCOR Africa Ltd. Standard Insurance Ltd. Trustco Group Holdings Ltd. and more...

For more information about this report visit https://www.researchandmarkets.com/research/65hp77/south_africa?w=4

View source version on businesswire.com:https://www.businesswire.com/news/home/20180904005387/en/

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Related Topics:Travel Insurance

KEYWORD: SOUTH AFRICA AFRICA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE

SOURCE: Research and Markets

Copyright Business Wire 2018.

PUB: 09/04/2018 06:22 AM/DISC: 09/04/2018 06:22 AM

http://www.businesswire.com/news/home/20180904005387/en

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