As few as 19% of South Africans have an insurance product of any kind. The only insurance category with a relatively high take-up rate is funeral cover, with estimations of around 40% of South Africans having some form of funeral cover in place, says Mr Kobus Botha, executive head of Commercial and Operations of technology solutions provider, Ignition Financial Services.
Sanlam, Africa's biggest insurer, has reported record 2023 earnings despite a series of adverse events that impacted the global economy between 2020 and 2022, beginning with the COVID-19 pandemic.
Climate change poses the most significant threat for South African insurance companies and risks raising premiums and the cost of reinsurance, reported Bloomberg, quoting a top official at its biggest insurer by assets.
Africa's biggest insurer Sanlam, through its wholly-owned subsidiary Sanlam Life Insurance, has offered to buy 100% of Assupol Holdings for ZAR6.5bn ($343m).
UK-based flood science specialist JBA Risk Management has secured a new partnership with South African non-life insurer Old Mutual Insure for the use of its detailed flood maps in the country.
The Central Bank of Ireland has granted OUTsurance, a South African insurance company that is new to the Irish market, a licence to operate in the country.
South African life insurers and investment companies detected 8,931 cases of fraud and dishonesty in 2022. While losses worth ZAR1.1bn ($58m) were prevented, the industry lost ZAR77m to fraud in 2022.
The impact of crime in South Africa is estimated to be at least 10% of GDP per year, comprising transfer, protection, and opportunity costs, says the World Bank.
South Africa has experienced an increasing number of hijackings. According to the latest crime statistics, the annual total for hijackings in South Africa has reached its highest point ever.
South Africa's Hollard International has signed an agreement to buy a 20% stake in Kenya's Apollo Investments, the holding company of Kenya-headquartered insurer APA Insurance.