Individual Life Insurance - Bright Prospect in South Africa’s Insurance Market

South Africa is known for its well-developed and highly liberalized financial sector. Particularly, the insurance industry of the country is the most developed in the entire African continent. South Africa accounts for a lion’s share of around 70% in the total insurance business. These trends are expected to grow in the coming years on the back of huge untapped opportunities in this sector, says our new research report, “South African Insurance Industry Forecast to 2013”.

 

As per our research report, the insurance industry showed a remarkable resilience to the economic turmoil of 2008 that entangled most of the industries across the world. Individual life insurance business generally includes living annuities, retirement annuity funds, endowments, and compulsory annuities, and life, disability, dread disease, and income protection policies. The life insurance industry managed to grow new individual business, despite high inflation during 2010. Resultantly, consumers continued taking out new policies, defying the effect of the global economic crisis.

 

Additionally, South African life insurance policy holders maintained and increased their recurring premiums during 2010. The individual recurring premiums reached ZAR 72.8 Billion in 2010, an increase of around 9% from 2009. This, in fact, represents a quite strong growth rate, pinpointing towards renewed consumer confidence in the life insurance industry. This growth in life insurance business was observed by the large as well as the medium and smaller life insurance firms. We expect the same trend to continue in near future and consequently the country’s individual life insurance premium is expected to grow at a CAGR of around 7.6% during the forecast period (2011-2014).

 

Our report, “South African Insurance Industry Forecast to 2013”, provides extensive research and in-depth analysis of the insurance sector in South Africa. The report will facilitate the intending clients in evaluating the leading-edge opportunities critical for the success of the country’s insurance industry. It also provides future outlook on key segments of the industry, besides shedding light on the key players of the industry (including both domestic as well as foreign players). Overall, it is a comprehensive research report that entails to cover the South African Insurance industry from all the perspectives.

For more information visit: http://www.rncos.com/Report/IM206.htm