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South African Short-term Insurance Looks Promising
Sep 15, 2009
The South African short-term insurance industry is still largely untapped and expected to grow at a CAGR of about 11% between 2009 and 2013, says “South African Insurance Industry Forecast to 2013”, a new research report by RNCOS. At present, only close to 2.5 Million South Africans have short-term insurance cover which is less than one-quarter of the country’s population.
With alarming rise in road death toll and high medical expenses, the accident and health insurance is becoming a common need for every resident in South Africa. People are eagerly buying accident and health insurance to avoid their financial loss arising from accidents or falling ill. According to the most recent available estimates, the cost of traffic crashes to individuals, commerce, communities and the country is around ZAR 38 Billion per year. Besides, every day on an average of 36 lives are lost. Of these, 15 are pedestrians and three are killed in taxi-related incidents. Thus, there is a huge scope for growth in this segment of the insurance industry. The accident and health insurance net premium is expected to grow at a CAGR of 25-30% from 2009 to 2013.
Moreover, as all businesses are exposed to the public at large in some way or another, liability cover is essential for any business operating in the country. With growing business risks and massive awareness programs, the liability insurance net premium is expected to grow at a CAGR of about 36% during the forecast period (2009-2013).
“South African Insurance Industry Forecast to 2013 " is a comprehensive research report that comprises quality research and in-depth analysis of the insurance market in South Africa. It studies the emerging market trends, recent developments and their impact on the market. The report will help clients to analyze the leading-edge opportunities, prospective customer base, key players, future outlook 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
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