South Africa Short-Term Insurance Industry Report 2022: Focus on Accident, Fire, Property, Motor Vehicle, Marine, Aviation, Transport, Travel, Trade Credit and Liability Insurance –

DUBLIN – () – The “The Short-Term Insurance Industry in South Africa 2022” report has been added to’s offering.

This report is on the short term, or non-life insurance industry in South Africa which provides insurance (including reinsurance) of non-life business such as accident, fire, property, motor vehicle, marine, aviation, transport, travel, trade credit and liability insurance.

The report includes information on the state and size of the industry, financial indicators such as gross premiums and claims incurred, market shares, developments and corporate actions.

There are profiles of 55 companies including well-known insurers such as Santam, Old Mutual, Hollard, OUTsurance and MiWay, reinsurers such as Hannover Reinsurance and Munich Reinsurance and state-owned companies including Escap (which insures Eskom), Sasria (which insured against the July 2021 unrest) and the Road Accident Fund.

The Short Term Industry in South Africa

South Africa’s non-life insurance industry has been affected by pandemic-related claims, the weak economy and high crime levels. While there was an increase in business interruption claims and reinsurance costs, the claims ratios of some business classes, such as motor, improved due to the lockdown and fewer weather-related catastrophes. Claims ratios in other classes, such as trade credit and consumer credit, increased due to defaults on credit caused by the lockdown.

Vehicle Insurance

South Africa’s high vehicle accident rate is one of the factors responsible for the high premiums charged for personal and commercial vehicle insurance. During the pandemic, the number of motor vehicle claims decreased due to alcohol bans, curfews and the fact that many people are working from home.

With 60% to 70% of vehicles in South Africa uninsured and more than 800,000 accidents occurring annually, most vehicles involved in accidents are not insured. Vehicles are generally not insured due to affordability, people believing they will never be involved in an accident or believing they only drive short distances or do not drive often, or because vehicle owners do not realize how high vehicle repair costs are.

Key Topics Covered:



2.1. Industry Value Chain

2.2. Geographic Position

2.3. Size of the Industry

2.4. Key Success Factors and Pain Points


3.1. Key Trends

3.2. Notable Players

3.3. Corporate Actions

3.4. Regulations

3.5. Enterprise Development and Social Economic Development




6.1. COVID -19

6.2. Economic Environment

6.3. Technology, Research and Development (R&D) and Innovation

6.4. Crime

6.5. Environmental Issues

6.6. Investment Performance

6.7. Financial Inclusion

6.8. Input Costs

6.9. Infrastructure

6.10. Labor


7.1. Competition

7.2. Ownership Structure of the Industry

7.3. Barriers to Entry





11.1. Publications

11.2. Websites


  • Appendix 1 – Classes and Sub-Classes of Insurance Business for Non-Life Insurance under Schedule 2 of the Insurance Act, 2017

  • Appendix 2 – SARB List of Insurers, November 2021

  • Appendix 3 – Summary of Notable Players

Company Profiles

  • Absa Insurance Company Ltd.

  • African Reinsurance Corporation (South Africa) Ltd

  • AIG South Africa Ltd

  • Allianz Global Corporate and Specialty South Africa Ltd

  • Auto and General Insurance Company (RF) Ltd

  • Bidvest Insurance Ltd

  • Bryte Insurance Company Ltd.

  • Budget Insurance Company (RF) Ltd

  • Centriq Insurance Company Ltd.

  • CFAO Motors Insurance Ltd

  • Chubb Insurance South Africa Ltd

  • Clients of General Insurance Ltd

  • Coface South Africa Insurance Company Ltd

  • Compass Insurance Company Ltd.

  • Constantia Insurance Company Ltd.

  • Corporate Guarantee (South Africa) (RF) Ltd

  • Credit Guarantee Insurance Corporation of Africa Ltd

  • Dial Direct Insurance (RF) Ltd

  • Discovery Insure Ltd

  • Escap SOC Ltd

  • Export Credit Insurance Corporation of South Africa SOC Ltd

  • Federated Employers Mutual Assurance Company (RF) (Pty) Ltd (The)

  • First For Women Insurance Company (RF) Ltd

  • FirstRand Bank Ltd

  • General Reinsurance Africa Ltd

  • GIC Re South Africa Ltd

  • Guardrisk Insurance Company Ltd.

  • Hannover Reinsurance Group Africa (Pty) Ltd

  • Hollard Insurance Company Ltd (The)

  • Indequity Group Ltd.

  • King Price Insurance Company Ltd

  • Land and Agricultural Development Bank of South Africa

  • Liberty Group Ltd

  • Lion of Africa Insurance Company Ltd

  • Lombard Insurance Company Ltd.

  • MiWay Insurance Ltd

  • Momentum Metropolitan Holdings Ltd

  • Munich Reinsurance Company of Africa Ltd

  • Mutual and Federal Risk Financing Ltd

  • Naked Financial Technology (Pty) Ltd

  • Nedgroup Insurance Company Ltd.

  • Old Mutual Insure Ltd

  • OUTsurance Insurance Company Ltd.

  • Pineapple Tech (Pty) Ltd

  • Professional Provident Society Short-Term Insurance Company (Pty) Ltd

  • PSG Consult Ltd

  • Renasa Insurance Company Ltd

  • Road Accident Fund

  • Safire Insurance Company Ltd.

  • Santam Ltd

  • Sasria Ltd

  • SCOR Africa Ltd

  • Standard Insurance Ltd

  • Swiss Re Corporate Solutions Africa (Pty) Ltd

  • Trustco Group Holdings Ltd.

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