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.
Competition between direct channels and brokers will undoubtedly continue, according to the "2022/2023 Santam Insurance Barometer Report" released by South Africa's largest short-term insurer.
The tough economic climate and load shedding are the biggest challenges currently affecting South African households and businesses.
The loss after tax of the non-life insurance sector in South Africa stood at ZAR16.4bn ($863m) in 2022, a complete upset of the applecart when compared to the profit after tax (PAT) of ZAR13.1bn recorded in 2021, says the global professional services company KPMG.
The South African insurance market, the largest in Africa, saw total premiums drop by almost $4bn to $45.8bn in 2022. This represents a decline of 7.9% (or -4.5% in inflation-adjusted terms) from the previous year's $49.7bn.
The financial results of reinsurers that participated in the "South African Insurance Industry Survey 2023" are largely characterised by the impact of several Nat CAT events in 2022, and the recovery of mortality levels experienced by the industry following the stabilisation of the life insurance environment that was plagued by the impacts of the COVID-19 pandemic.
The National Health Insurance (NHI) scheme planned by the government will not be sustainable without the collaboration of the private sector, the country's biggest medical aid scheme and wellness and financial services group, Discovery, has said.
An increase in the number of uninsured vehicles on South African roads diminishes the likelihood of recoveries from third parties, says global insurance broker Aon in its "Insurance State of the Market 2023" report.