South Africa Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028

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South Africa Life Insurance Market Report Overview

The gross written premium of South Africa life insurance market was ZAR614.7 billion ($36.7 billion) in 2023 and is expected to achieve a CAGR of more than 5% during 2024-2028. The South Africa life insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s life insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including gross written premium, penetration, and premium ceded and cession rates for the review and forecast periods.

South Africa Life Insurance Market Outlook, 2022-2027 (ZAR Billion)

South Africa Life Insurance Market Outlook, 2022-2027 (ZAR Billion)

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The South Africa life insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the South African economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2022) ZAR614.7 billion ($36.7 billion)
CAGR (2024-2028) >5%
Forecast Period 2023-2028
Historical Period 2019-2022
Key Distribution Channels ·        Direct from Insurers

·        Insurance Brokers

·        Financial Advisors

·        Banks

·        Online Aggregators

Leading Companies ·        Sanlam Life

·        Old Mutual Life

·        Liberty Group

·        Discovery Life

·        Discovery Invest

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South Africa Life Insurance Market Trends

Digitalization in distribution, ESG, mental health claims, insurer-insurtech partnerships, and insurtech fundings are the recurring trends in the South African life insurance market.

  • Direct insurers are leveraging technology to expand their propositions. Sales through cell phone apps and insurers’ websites have gained popularity and policyholders can access a wide variety of services through these channels.
  • Insurers are also using WhatsApp and USSD to sell policies and services directly to consumers. They have also created seamless online services to enable brokers to digitalize their services.
  • Traditional insurers and insurtechs are forming partnerships, leveraging each other’s experience and skills, benefiting from insurtechs’ technology and innovation, and traditional insurers’ expertise. For instance, in October 2023, the Hollard Insurance Group invested in insurtech Simply Financial Services (Simply). Simply markets distributes, and services long-term insurance products and offers life, disability, and funeral insurance solutions for families and small businesses.

South Africa Life Insurance Market Segmentation by Distribution Channels

In 2023, customers preferred to purchase life insurance directly from insurers

A few of the key distribution channels in the South African life insurance industry are banks, direct from insurers, financial advisors, online aggregators, and insurance brokers. In 2023, the brokers channel held the highest share in life insurance distribution, accounting for over 51%, followed by agencies. Brokers play a vital role in insurance sales and insurers are focusing on improving their digital access.

South Africa Life Insurance Market Analysis by Distribution Channels, 2023 (%)

South Africa Life Insurance Market Analysis by Distribution Channels, 2023 (%)

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South Africa Life Insurance Market - Competitive Landscape

Sanlam Life was the largest life insurer in 2022

A few of the leading life insurance companies in South Africa are:

  • Sanlam Life
  • Old Mutual Life
  • Liberty Group
  • Discovery Life
  • Discovery Invest

South Africa Life Insurance Market Analysis by Companies, 2022 (%)

South Africa Life Insurance Market Analysis by Companies, 2022 (%)

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South Africa Life Insurance Market - Latest Developments

  • In March 2023, the Sanlam Group introduced the Sanlam ESG Barometer, which will focus on ESG additionality and initiatives made by South African companies to improve their ESG performance. The Sanlam Group also set a natural resource use reduction target of 10%, against 2019 values, to be achieved by 2025.
  • In September 2023, South African startup Root Platform, which provides a low-code, API-first, end-to-end insurance technology platform, raised $1.5 million in funding to accelerate its expansion.

Segments Covered in the Report

South Africa Life Insurance Distribution Channel Outlook (Value, ZAR Billion, 2019-2028)

  • Direct from Insurers
  • Insurance Brokers
  • Financial Advisors
  • Banks
  • Online Aggregators

Scope

This report provides:

  • A comprehensive analysis of the life insurance segment in South Africa.
  • Historical values for South Africa life’s insurance segment for the report’s 2019–23 review period, and projected figures for the 2024–28 forecast period.
  • Profiles the top life insurance companies in South Africa and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of South Africa’s life insurance segment.
  • A comprehensive overview of South Africa’s economy, government initiatives and investment opportunities.
  • South Africa’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
  • South Africa’s life insurance segment’s market structure gives details of lines of business.
  • South Africa’s life reinsurance business’ market structure gives details of premium ceded along with cession rates.
  • Distribution channels deployed by South Africa’s life insurers.
  • Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to South Africa’s life insurance segment.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in South Africa’s life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

Sanlam Life
Old Mutual Life
Liberty Group
Discovery Life
Discovery Invest
Guardrisk Life
The Hollard Life
Absa Group

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Line of Business

Distribution Channel

Competitive Landscape

Deals and Jobs

Company Profiles

Reinsurance

Appendix

Frequently asked questions

South Africa Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028 standard reports
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