South Africa Short-Term Insurance Market Report 2022: Influencing Factors, Competitive Analysis, Outlook, Industry Associations, Local & International Factors

DUBLIN, April 6, 2022 /PRNewswire/ -- The "The Short-Term Insurance Industry in South Africa 2022" report has been added to ResearchAndMarkets.com's offering.

This report is on the short term, or non-life insurance industry in South Africa which provides insurance (including reinsurance) of non-life business such as accident, fire, property, motor vehicle, marine, aviation, transport, travel, trade credit and liability insurance.

The report includes information on the state and size of the industry, financial indicators such as gross premiums and claims incurred, market shares, developments and corporate actions.

There are profiles of 55 companies including well-known insurers such as Santam, Old Mutual, Hollard, OUTsurance and MiWay, reinsurers such as Hannover Reinsurance and Munich Reinsurance and state-owned companies including Escap (which insures Eskom), Sasria (which insured against the July 2021 unrest) and the Road Accident Fund.

The Short Term Industry in South Africa

South Africa's non-life insurance industry has been affected by pandemic-related claims, the weak economy and high crime levels. While there was an increase in business interruption claims and reinsurance costs, the claims ratios of some classes of business, such as motor, improved due to the lockdown and fewer weather-related catastrophes. Claims ratios in other classes, such as trade credit and consumer credit, increased due to defaults on credit caused by the lockdown.

Vehicle Insurance

South Africa's high vehicle accident rate is one of the factors responsible for the high premiums charged for personal and commercial vehicle insurance. During the pandemic, the number of motor vehicle claims decreased due to alcohol bans, curfews and the fact that many people are working from home.

With 60% to 70% of vehicles in South Africa uninsured and more than 800,000 accidents occurring annually, most vehicles involved in accidents are not insured. Vehicles are generally not insured due to affordability, people believing they will never be involved in an accident or believing they only drive short distances or do not drive often, or because vehicle owners do not realise how high vehicle repair costs are.

Key Topics Covered:

1. INTRODUCTION

2. DESCRIPTION OF THE INDUSTRY

2.1. Industry Value Chain

2.2. Geographic Position

2.3. Size of the Industry

2.4. Key Success Factors and Pain Points

3. LOCAL

3.1. Key Trends

3.2. Notable Players

3.3. Corporate Actions

3.4. Regulations

3.5. Enterprise Development and Social Economic Development

4. AFRICA

5. INTERNATIONAL

6. INFLUENCING FACTORS

6.1. COVID -19

6.2. Economic Environment

6.3. Technology, Research and Development (R&D) and Innovation

6.4. Crime

6.5. Environmental Issues

6.6. Investment Performance

6.7. Financial Inclusion

6.8. Input Costs

6.9. Infrastructure

6.10. Labour

7. COMPETITIVE ENVIRONMENT

7.1. Competition

7.2. Ownership Structure of the Industry

7.3. Barriers to Entry

8. SWOT ANALYSIS

9. OUTLOOK

10. INDUSTRY ASSOCIATIONS

11. REFERENCES

11.1. Publications

11.2. Websites

APPENDICES

Appendix 1 - Classes and Sub-Classes of Insurance Business for Non-Life Insurance under Schedule 2 of the Insurance Act, 2017
Appendix 2 - SARB List of Insurers, November 2021
Appendix 3 - Summary of Notable Players

Company Profiles