South African Insurance Premium to Double in Next 5 Years

According to a research report "South African Insurance Industry Forecast to 2013" by RNCOS, the South African insurance sector is well-developed and highly liberalized. In fact, the insurance industry is the most developed in the entire African continent and accounts for a bulk share of around 85% of total insurance premium written in the African continent.

The South African insurance industry has been almost unaffected from the global financial crisis that adversely hit most of the industries across the world. People have continued to buy insurance products and in fact have increased their buying in case of some of the insurance products. Our estimation shows that the net insurance premium of the industry is expected to grow at a CAGR of around 11% during 2009-2013.

Our findings show that long-term insurance accounts for majority (close to 84%) of all premium income, while all short-term policies together brought in the remaining 16%. This shows the fact that short-term (non-life) insurance is quite untapped market in South Africa and thus, indicating that there's ample of scope for further developments.

The report has identified all important growth areas of the insurance sector including medical insurance, motor insurance, property insurance, liability and engineering insurance, among others. The report features forecasts for all of these segments based on valid reasons. In addition to this, the report also discusses recent regulatory and macroeconomic developments and their impact on the South African insurance sector.

"South African Insurance Industry Forecast to 2013" is a comprehensive research report that comprises of quality research and in-depth analysis of the insurance market in South Africa. It studies the emerging market trends and recent market developments. The report will help clients to identify the leading-edge opportunities, prospective customer base, key players, their market share, their business strategies and all other factors which are critical for the success of a new entrant in the South African insurance industry.

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