Sasria SOC, a state-owned non-life insurance company, is currently participating in engagements with government, regulators and other stakeholders on potential ways to expand its coverage, according to South Africa's Finance Minister Mr Enoch Godongwana.
The insurance industry stabilised in 2023 following muted natural catastrophe events and the positive effects of strategic initiatives implemented by insurers over the last few years to moderate risk exposures, such as premium rate increases and underwriting limitations, according to KPMG South Africa.
Financial services group Discovery, which is South Africa's biggest health insurer, has reported a jump in profits for the financial year ended 30 June 2024 (FY2024).
A number of car owners in South Africa believe that insurance is unnecessary after paying off their car financing, according to the results of a survey by the global information and insights company TransUnion.
A survey by the global information and insights company TransUnion shows a generational divide in life insurance coverage with 83% of millennials having life insurance compared to only 65% of Baby Boomers.
The global slowdown in M&A activity has been felt in South Africa, with the macroeconomic factors of high inflation, high interest rates, and lower economic growth being the key factors, says the global law firm Clyde & Co.
In 2024, the overall Financial Confidence Index (FCI) remains stable, with slight improvements noted in Financial Resilience (FR) and Financial Wellbeing (FW) compared to 2023, says Sanlam, which is South Africa's largest insurer.
Critical infrastructure failures, cyber incidents and business interruption remain the same top risks in South Africa in 2024, according to the Allianz Risk Barometer 2024, the 13th edition to date. Their rankings on the barometers also remain the same as in 2023.
South Africans are diversifying their risk cover to include life insurance that pays out offshore, in US dollars, according to research findings by Discovery Life.
The reinsurance market in South Africa has stabilised and possibly reached its peak, according to Gallagher Re, one of the largest global reinsurance brokers.