Reinsurance in South Africa, Key Trends and Opportunities to 2017


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82pages

Timetric

$ 1950

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Synopsis

The report provides in depth market analysis, information and insights into the South African reinsurance segment, including:

  • The South African reinsurance segment's growth prospects by reinsurance categories
  • Key trends and drivers for the reinsurance segment
  • The South African reinsurance segment’s growth prospects by reinsurance ceded from direct insurance segments
  • The competitive landscape in the South African reinsurance segment

Executive summary

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.

Scope

This report provides a comprehensive analysis of the reinsurance market in South Africa:

  • It provides historical values for South Africa’s reinsurance market for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period
  • It offers a detailed analysis of the key sub-segments in South Africa’s reinsurance market, along with market forecasts until 2017
  • It provides a detailed analysis of the reinsurance ceded from various direct insurance markets in South Africa and its growth prospects

Reasons to buy

  • Make strategic business decisions using historic and forecast market data related to the South African reinsurance market and each sector within it
  • Understand the demand-side dynamics, key market trends and growth opportunities within the South African reinsurance market
  • Identify the growth opportunities and market dynamics within key product categories
  • Gain insights into key regulations governing the South African insurance market and its impact on companies and the market's future

Key highlights

  • 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
Table of contents

1 Executive Summary

2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 South Africa Insurance Industry Attractiveness
3.1 Insurance Industry Market Size, 2008–2017
3.2 Reinsurance Growth Dynamics and Challenges
3.2.1 Reinsurance segment size, 2008–2017
3.2.2 Reinsurance segment size by type of insurance, 2008–2017

4 Key Industry Trends and Drivers
4.1 Fundamental Business Drivers
4.2 Life Insurance Segment Drivers
4.3 Non-Life Insurance Segment Drivers
4.4 Personal Accident and Health Insurance Segment Drivers

5 Competitive Landscape and Strategic Insights
5.1 Overview
5.2 Leading Companies in the South African Reinsurance Segment
5.3 Comparison of Five Leading Insurers
5.3.1 Net earned premium
5.3.2 Paid claims
5.3.3 Loss ratio
5.3.4 Total assets
5.4 Munich Reinsurance Company of Africa Ltd – Company Overview
5.4.1 Munich Reinsurance Company of Africa Ltd – key facts
5.4.2 Munich Reinsurance Company of Africa Ltd – key financials
5.5 Hannover Reinsurance Africa Ltd – Company Overview
5.5.1 Hannover Reinsurance Africa Ltd – key facts
5.5.2 Hannover Reinsurance Africa Ltd – key financials
5.6 General Reinsurance Africa Ltd – Company Overview
5.6.1 General Reinsurance Africa Ltd – key facts
5.6.2 General Reinsurance Africa Ltd – key financials
5.7 Swiss Re Life and Health Africa Ltd – Company Overview
5.7.1 Swiss Re Life and Health Africa Ltd – key facts
5.7.2 Swiss Re Life and Health Africa Ltd – key financials
5.8 African Reinsurance Corporation (SA) Ltd – Company Overview
5.8.1 African Reinsurance Corporation (SA) Ltd – key facts
5.8.2 African Reinsurance Corporation (SA) Ltd – key financials

6 Business Environment and Country Risk
6.1 Business Confidence
6.1.1 Market capitalization trend – Johannesburg Stock Exchange, South Africa
6.2 Economic Performance
6.2.1 GDP at constant prices (US$)
6.2.2 GDP per capita at constant prices (US$)
6.2.3 GDP at current prices (US$)
6.2.4 GDP per capita at current prices (US$)
6.2.5 GDP by key segments
6.2.6 Agriculture, hunting, forestry, fishing net output at current prices (ZAR)
6.2.7 Agriculture, hunting, forestry, fishing net output at current prices (US$)
6.2.8 Agriculture, hunting, forestry, fishing net output at current prices as a percentage of GDP
6.2.9 Manufacturing net output at current prices (ZAR)
6.2.10 Manufacturing net output at current prices (US$)
6.2.11 Manufacturing net output at current prices as a percentage of GDP
6.2.12 Mining, manufacturing and utilities net output at current prices (ZAR)
6.2.13 Mining, manufacturing and utilities at current prices (US$)
6.2.14 Mining, manufacturing and utilities at current prices, as percentage of GDP
6.2.15 Construction net output at current prices (ZAR)
6.2.16 Construction net output at current prices, (US$)
6.2.17 Construction net output at current prices as a percentage of GDP
6.2.18 Inflation rate
6.2.19 Exports as a percentage of GDP
6.2.20 Imports as a percentage of GDP
6.2.21 Exports growth
6.2.22 Imports growth
6.2.23 Annual average exchange rate ZAR–US$
6.3 Infrastructure Quality and Availability
6.3.1 Commercial vehicles exports
6.3.2 Commercial vehicles imports
6.3.3 Automotive exports
6.3.4 Automotive imports
6.3.5 Total internet subscribers
6.4 Labor Force
6.4.1 Labor force
6.4.2 Unemployment rate
6.5 Demographics
6.5.1 Gross national disposable income (US$)
6.5.2 Total population
6.5.3 Urban and rural population
6.5.4 Median age of population
6.5.5 Age distribution of the total population

7 Appendix
7.1 Methodology
7.2 Contact Us
7.3 About Timetric
7.4 Disclaimer

Table 1: Insurance Industry Definitions
Table 2: South African Insurance – Overall Written Premium by Segment (ZAR Billion), 2008–2012
Table 3: South African Insurance – Overall Written Premium by Segment (US$ Billion), 2008–2012
Table 4: South African Insurance – Overall Written Premium by Segment (ZAR Billion), 2012–2017
Table 5: South African Insurance – Overall Written Premium by Segment (US$ Billion), 2012–2017
Table 6: South African Insurance – Segmentation (% Share), 2008–2017
Table 7: Reinsurance in South Africa by Category (ZAR Billion), 2008–2012
Table 8: Reinsurance in South Africa by Category (US$ Billion), 2008–2012
Table 9: Reinsurance in South Africa by Category (ZAR Billion), 2012–2017
Table 10: Reinsurance in South Africa by Category (US$ Billion), 2012–2017
Table 11: South African Premium Ceded to Reinsurance by Type of Insurance (ZAR Billion), 2008–2012
Table 12: South African Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2008–2012
Table 13: South African Premium Ceded to Reinsurance by Type of Insurance (ZAR Billion), 2012–2017
Table 14: South African Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2012–2017
Table 15: South African Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 16: South African Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 17: South African Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 18: South African Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 19: South African Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 20: South African Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 21: Shares of Key Insurers in the South African Reinsurance Segment (%), 2011
Table 22: Munich Reinsurer of Africa Ltd, Key Facts
Table 23: Munich Reinsurer of Africa Ltd, Key Financials (ZAR Million), 2007–2011
Table 24: Hannover Reinsurance Africa Ltd, Key Facts
Table 25: Hannover Reinsurance Africa Ltd, Key Financials (ZAR Million), 2007–2011
Table 26: General Reinsurance Africa Ltd, Key Facts
Table 27: General Reinsurance Africa Ltd, Key Financials (ZAR Million), 2007–2011
Table 28: Swiss Re Life and Health Africa Ltd, Key Facts
Table 29: Swiss Re Life and Health Africa Ltd, Key Financials (ZAR Million), 2007–2011
Table 30: African Reinsurance Corporation (SA) Ltd, Key Facts
Table 31: African Reinsurance Corporation (SA) Ltd, Key Financials (ZAR Million), 2007–2011

Figure 1: South African Insurance – Overall Written Premium by Segment (ZAR Billion), 2008–2017
Figure 2: South African Insurance – Dynamics by Segment (%), 2008–2017
Figure 3: South African Premium Ceded to Reinsurance by Category (ZAR Billion), 2008–2017
Figure 4: South African Reinsurance – Dynamics by Category (%), 2008–2017
Figure 5: South African Premium Ceded to Reinsurance by Type of Insurance (ZAR Billion), 2008–2017
Figure 6: South African Reinsurance – Dynamics by Type of Insurance (%), 2008–2017
Figure 7: South African Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 8: South African Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 9: South African Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 10: South African Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 11: South African Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 12: South African Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 13: Shares of Key Insurers in the South African Reinsurance Segment (%), 2011
Figure 14: Net Earned Premium – Top Five South African Reinsurers (ZAR Billion), 2011
Figure 15: Paid Claims – Top Five South African Reinsurers (ZAR Billion), 2011
Figure 16: Loss Ratio – Top Five South African Reinsurers (%), 2011
Figure 17: Total Assets – Top Five South African Reinsurers (ZAR Billion), 2011
Figure 18: Johannesburg Stock Exchange Market Capitalization (US$ Billion), 2007–2011
Figure 19: South African GDP at Constant Prices (US$ Billion), 2007–2011
Figure 20: South African GDP Per Capita at Constant Prices (US$), 2007–2011
Figure 21: South African GDP at Current Prices (US$ Billion), 2007–2011
Figure 22: South African GDP Per Capita at Current Prices (US$), 2007–2011
Figure 23: South African GDP by Key Segments (%) 2009 and 2011
Figure 24: South African Agriculture, Hunting, Forestry, Fishing Net Output at Current Prices (ZAR Billion), 2007–2011
Figure 25: South African Agriculture, Hunting, Forestry, Fishing Net Output at Current Prices (US$ Billion), 2007–2011
Figure 26: South African Agriculture, Hunting, Forestry, Fishing Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 27: South African Manufacturing Net Output at Current Prices (ZAR Billion), 2007–2011
Figure 28: South African Manufacturing Net Output at Current Prices (US$ Billion), 2007–2011
Figure 29: South African Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 30: South African Mining, Manufacturing and Utilities Net Output at Current Prices (ZAR Billion), 2007–2011
Figure 31: South African Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2007–2011
Figure 32: South African Mining, Manufacturing and Utilities Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 33: South African Construction Net Output at Current Prices (ZAR Billion), 2007–2011
Figure 34: South African Construction Net Output at Current Prices (US$ Billion), 2007–2011
Figure 35: South African Construction Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 36: South African Inflation Rate (%), 2007–2011
Figure 37: South African Exports as a Percentage of GDP (%), 2007–2011
Figure 38: South African Imports as a Percentage of GDP (%), 2007–2011
Figure 39: South African Exports Growth (%), 2007–2011
Figure 40: South African Imports Growth (%), 2007–2011
Figure 41: South African Annual Average Exchange Rate US$–ZAR, 2007–2011
Figure 42: South African Commercial Vehicles Exports (US$ Million), 2007–2011
Figure 43: South African Commercial Vehicles Imports (US$ Million), 2007–2011
Figure 44: South African Automotive Exports (US$ Million), 2007–2011
Figure 45: South African Automotive Imports (US$ Million), 2007–2011
Figure 46: South African Internet Subscriptions (Millions), 2007–2011
Figure 47: South Africa’s Labor Force in the 15–59 Age Group (Million), 2007–2010
Figure 48: South African Unemployment Rate (%), 2007–2012
Figure 49: South African Gross National Disposable Income (US$ Billion), 2007–2011
Figure 50: South African Total Population (Million), 2007–2011
Figure 51: South African Urban and Rural Population (%), 2007–2011
Figure 52: South African Median Age of Population (Year), 2007–2011
Figure 53: South African Population Distribution by Age (%), 2007–2011