Personal Accident and Health Insurance in South Africa, Key Trends and Opportunities to 2020

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium

4.2.2 Claims

4.2.3 Profitability

4.2.4 Assets and investments

5 Distribution Channel Outlook

6 Competitive Landscape

6.1 Company Profiles

6.1.1 Rand Mutual Assurance Company Ltd – company overview

6.1.2 Guardrisk Insurance Company Ltd – company overview

6.1.3 Monarch Insurance Company Ltd – company overview

6.1.4 Hollard Insurance Company Ltd – company overview

6.1.5 Constantia Insurance Company Ltd – company overview

7 Governance, Risk and Compliance

7.1 Legislation Overview and Historical Evolution

7.2 Latest Changes in Regulation

7.3 Legislation and Market Practice by Type of Insurance

7.3.1 Life insurance

7.3.2 Property insurance

7.3.3 Motor insurance

7.3.4 Liability insurance

7.3.5 Marine, aviation and transit insurance

7.3.6 Personal accident and health insurance

7.4 Compulsory Insurance

7.4.1 Third-party liability insurance for commercial flight operators

7.4.2 Unemployment insurance

7.4.3 Compensation for occupational diseases and injuries

7.4.4 Professional indemnity insurance

7.4.5 Environmental liability insurance

7.5 Supervision and Control

7.5.1 International Association of Insurance Supervisors

7.5.2 African Insurance Organization

7.5.3 Financial Services Board

7.5.4 South African Insurance Association

7.6 Non-Admitted Insurance Regulations

7.6.1 Overview

7.6.2 Intermediaries

7.6.3 Market practices

7.6.4 Fines and Penalties

7.7 Company Registration and Operations

7.7.1 Type of insurance organization

7.7.2 Establishing a local company

7.7.3 Foreign ownership

7.7.4 Types of license

7.7.5 Capital requirements

7.7.6 Solvency margin

7.7.7 Reserve requirements

7.7.8 Investment regulations

7.7.9 Statutory return requirements

7.7.10 Fee structure

7.8 Taxation

7.8.1 Insurance premium or policy taxation

7.8.2 Withholding taxes on premium paid overseas

7.8.3 Corporate tax

7.8.4 VAT

7.8.5 Captives

7.9 Legal System

7.9.1 Introduction

7.9.2 Access to court

7.9.3 Alternative dispute resolution

8 Databook

8.1 Policies and Premium

8.1.1 Claims and Expenses

8.1.2 Assets and Investments

8.1.3 Health Insurance by Product

9 Definitions and Methodology

9.1 Definitions

9.2 Methodology

10 About GlobalData

10.1 Contact GlobalData

10.2 About GlobalData

10.3 GlobalData’s Services

10.4 Disclaimer

Table 1: South African Personal Accident and Health Insurance – Key Facts, 2015

Table 2: South African Personal Accident and Health Insurance – Segment Shares (%) of the Top Insurers, 2015

Table 3: South African Government Credit Ratings

Table 3: South African Personal Accident and Health Insurance – Gross Written Premium (ZAR Billion and US$ Billion), 2011–2015

Table 4: South African Personal Accident and Health Insurance – Gross Written Premium (ZAR Billion and US$ Billion), 2015–2020

Table 5: South African Personal Accident and Health Insurance – Paid Claims (ZAR Billion and US$ Million), 2011–2015

Table 6: South African Personal Accident and Health Insurance – Paid Claims (ZAR Billion and US$ Million), 2015–2020

Table 7: South African Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2015

Table 8: South African Personal Accident and Health Insurance – Profitability Ratio (%), 2015–2020

Table 9: South African Personal Accident and Health Insurance – Total Assets (ZAR Billion and US$ Billion), 2011–2015

Table 10: South African Personal Accident and Health Insurance – Total Assets (ZAR Billion and US$ Billion), 2015–2020

Table 11: South African Personal Accident and Health Insurance – Total Investment Income (ZAR Billion and US$ Million), 2011–2015

Table 12: South African Personal Accident and Health Insurance – Total Investment Income (ZAR Billion and US$ Million), 2015–2020

Table 13: South African Personal Accident and Health Insurance – Investment Portfolio (ZAR Billion), 2011–2015

Table 14: South African Personal Accident and Health Insurance – Investment Portfolio (ZAR Billion), 2015–2020

Table 15: South African Personal Accident and Health Insurance – Market Shares of Leading Insurers (%), 2015

Table 16: Rand Mutual Assurance Company Ltd – Key Facts

Table 17: Rand Mutual Assurance Company Ltd – Key Financials (US$ Million), 2011–2015

Table 18: Guardrisk Insurance Company Ltd – Key Facts

Table 19: Guardrisk Insurance Company Ltd – Key Financials (US$ Million), 2011–2015

Table 20: Monarch Insurance Company Ltd – Key Facts

Table 21: Monarch Insurance Company Ltd – Key Financials (US$ Million), 2011–2015

Table 22: Hollard Insurance Company Ltd – Key Facts

Table 23: Hollard Insurance Company Ltd – Key Financials (US$ Million), 2011–2015

Table 24: Constantia Insurance Company Ltd – Key Facts

Table 25: Constantia Insurance Company Ltd – Key Financials (US$ Million), 2011–2015

Table 48: South Africa – Insurance Regulatory Framework Key Features

Table 49: South Africa – Commission Rates for Health Insurance Policy

Table 50: South Africa – Maximum cost of credit life insurance

Table 51:South Africa – Life Insurance Regulatory Framework

Table 52:South Africa – Property Insurance Regulatory Framework

Table 53:South Africa – SASRIA Annual and Monthly Premium Rates

Table 54: South Africa – Motor Insurance Regulatory Framework

Table 55:South Africa – Liability Insurance Regulatory Framework

Table 56:South Africa – Corporate Tax Rates for the Financial Year 2016

Table 26: South African Personal Accident and Health Insurance Industry – Policies and Premium, 2011–2015

Table 27: South African Personal Accident and Health Insurance Industry – Policies and Premium, 2015–2020

Table 28: South African Personal Accident and Health Insurance – Claims and Expenses, 2011–2015

Table 29: South African Personal Accident and Health Insurance – Claims and Expenses, 2015–2020

Table 30: South African Personal Accident and Health Insurance – Assets and Investments, 2011–2015

Table 31: South African Personal Accident and Health Insurance – Assets and Investments, 2015–2020

Table 32: South African Personal Accident and Health Insurance – Health by Product, 2011–2015

Table 33: South African Personal Accident and Health Insurance – Health by Product, 2015–2020

Table 34: Insurance Industry Definitions

Figure 1: South African Real GDP (ZAR Billion), 2011–2020

Figure 2: South African ZAR–US$ Exchange Rate, 2011–2020

Figure 3: South African Consumer Price Inflation (%), 2011–2020

Figure 4: South African Current Account Balance as Percentage of GDP (%), 2011–2015

Figure 5: South African Unemployment Rate, 2011–2020

Figure 6: South African Population by Age Group, 1990–2025

Figure 1: South African Motor Insurance – Number of Fatalities per Road User Group, 2014–2015

Figure 2: South African Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015

Figure 3: South African Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 4: South African Personal Accident and Health Insurance – Gross Written Premium (ZAR Billion), 2011–2020

Figure 5: South African Personal Accident and Health Insurance – Paid Claims (ZAR Billion), 2011–2020

Figure 6: South African Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2020

Figure 7: South African Personal Accident and Health Insurance – Total Assets (ZAR Billion), 2011–2020

Figure 8: South African Personal Accident and Health Insurance – Total Investment Income (ZAR Billion), 2011–2020

Figure 9: South African Personal Accident and Health Insurance – Investment Portfolio (ZAR Billion), 2011–2020

Figure 10: South African Personal Accident and Health Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 11: South African Personal Accident and Health Insurance Industry – Market Shares of Leading Insurers (%), 2015

Figure 33: South Africa – Insurance Supervision and Control at Various Levels

Figure 34: South Africa – Insurance Regulatory Frameworks for Company Registration and Operation