Property risk excess of loss pricing has become very competitive in the South African market with quoted prices reducing on average by a risk-adjusted -7%, during the 1 July renewal season, according to broker Gallagher Re.
The South African insurance market is showing encouraging signs of adaptation, innovation, and resilience across the insurance value chain, according to the 2024-2025 Insurance Barometer Report.
South African insurers are increasingly embracing innovative approaches to business generation, says S&P Global Ratings (S&P).
GenAI could unlock around $2.1-3.2bn in economic value for African insurers, with opportunities across the value chain, according to an estimate by the global management consultancy McKinsey & Company.
There are a number of key issues arising from the impending increase in the Value-Added Tax (VAT) rate that will affect the majority of non-life policyholders, said the South African Insurance Association (SAIA) in a statement.
Private sector healthcare funds will have a role to play in the government-backed National Health Insurance (NHI) scheme because the government cannot finance the system on its own, according to the chief director of health and social development at the Treasury, Mr Mark Blecher.
South Africa's long-term insurance industry concluded 2024 with assets under management of ZAR4.5tn ($230bn) and a healthy solvency buffer of almost double the Prudential Authority's solvency capital requirement.
Headquartered in Cape Town, Santam Group has announced a net income attributable to equity holders of ZAR3.68bn ($201.07m) for 2024, 13% higher than in 2023.
Half of the respondents to a survey by the life insurer 1Life acknowledge that life insurance is a tool for wealth generation, which is a crucial step toward financial security.
The Council for Medical Schemes has recommended that Medical Aid schemes in the country limit their price increases in 2025 to 4.4% plus reasonable utilisation estimates, notes WTW, a leading global advisory, broking and solutions company.