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Personal Accident and Health Insurance in South Africa, Key Trends and Opportunities to 2019

Personal Accident and Health Insurance in South Africa, Key Trends and Opportunities to 2019


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Executive Summary

Timetrics Personal Accident and Health Insurance in South Africa, Key Trends and Opportunities to 2019 report provides detailed analysis of the market trends, drivers, challenges in the South African personal accident and health insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the South African economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetrics research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetrics Personal Accident and Health Insurance in South Africa, Key Trends and Opportunities to 2019 report provides in-depth market analysis, information and insights into the South African personal accident and health insurance segment, including:

The South African personal accident and health insurance segments growth prospects by insurance category

Key trends, drivers and challenges for the personal accident and health insurance segment

A comprehensive overview of the South African economy and demographics

The various distribution channels in the South African personal accident and health insurance segment

Details of the competitive landscape in the personal accident and health insurance segment in South Africa

Details of regulatory policy applicable to the South African insurance industry

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in South Africa:

It provides historical values for the South African personal accident and health insurance segment for the reports 2010-2014 review period, and projected figures for the 2014-2019 forecast period.

It offers a detailed analysis of the key categories in the South African personal accident and health insurance segment, and market forecasts to 2019.

It profiles the top personal accident and health insurance companies in South Africa, and outlines the key regulations affecting them.

Reasons To Buy

Make strategic business decisions using in-depth historic and forecast market data related to the South African personal accident and health insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the South African personal accident and health insurance segment.

Assess the competitive dynamics in the personal accident and health insurance segment.

Identify growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the South African insurance industry, and their impact on companies and the industrys future.

Key Highlights

Personal accident and health was the smallest segment in the South African insurance industry in terms of gross written premium in 2014.

The segment posted a review-period (2010-2014) compounded annual growth rate (CAGR) of 12.6%.

The health insurance category was the largest contributor, and accounted for 68.3% of the segments gross written premium in 2014.

The most prominent growth driver for personal accident and health cover during the review period was the launch of HIV/AIDS insurance, which appeals to a large proportion of the population.

The personal accident and health segment is overcrowded and fragmented with the presence of 90 insurers in 2014.

1 Key Facts and Highlights

2 Executive Summary

3 Introduction

3.1 What is this Report About?

3.2 Definitions

3.3 Methodology

4 Economy and Demographics

5 Personal Accident and Health Insurance Segment Outlook

5.1 Key Drivers

5.2 Key Trends

5.3 Challenges

5.4 Personal Accident and Health Insurance Growth Prospects by Category

5.4.1 Personal accident insurance

5.4.2 Health insurance

5.4.3 Life health insurance

6 Analysis by Distribution Channel

7 Competitive Landscape and Strategic Insights

7.1 Overview

7.2 Leading Companies in the South African Personal Accident and Health Insurance Segment

7.3 Guardrisk Insurance Company Ltd- company overview

7.4 Rand Mutual Assurance Company Ltd- company overview

7.5 Monarch Insurance Company Ltd- company overview

7.6 Constantia Insurance Company Ltd- company overview

7.7 Hollard Insurance Company Ltd- company overview

7.8 Santam Ltd- company overview

7.9 Centriq Insurance Company Ltd- company overview

7.1 Shoprite Insurance Company Ltd- company overview

7.11 AIG South Africa Ltd- company overview

7.12 Standard Bank Insurance Brokers- company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulations

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability Insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Motor third-party liability insurance

8.4.2 Aviation third-party liability insurance

8.4.3 Unemployment insurance

8.4.4 Compensation for occupational diseases and injuries

8.4.5 Public liability insurance

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors (IAIS)

8.5.2 African Insurance Organization (AIO)

8.5.3 Financial Services Board

8.5.4 South African Insurance Association (SAIA)

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and penalties

8.7 Company Registration and Operations

8.7.1 Types of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margins

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution (ADR)

9 Appendix

9.1 Methodology

9.2 Contact Timetric

9.3 About Timetric

9.4 Timetrics Services

9.5 Disclaimer

Figure 1: South African Real GDP (ZAR Trillion), 2010-2019

Figure 2: ZAR-USD Exchange Rate, 2010-2019

Figure 3: South African Consumer Price Inflation, 2010-2019

Figure 4: South African Current Account Balance as a Percentage of GDP (%), 2010-2019

Figure 5: South African Unemployment Rate, 2010-2019

Figure 6: South African Population by Age Group, 2010-2019

Figure 7: South African Personal Accident and Health Insurance Investments By Type- Investment Funds (ZAR Billion), 2010-2014

Figure 8: South African Personal Accident and Health Insurance- Gross Written Premium by Category (ZAR Billion), 2010-2019

Figure 9: South African Personal Accident and Health Insurance- Gross Written Premium by Category (Percentage Share), 2014 and 2019

Figure 10: South African Personal Accident and Health Insurance- Gross Written Premium Dynamics by Category, 2010-2019

Figure 11: South African Personal Accident and Health Insurance- Direct Written Premium by Category (ZAR Billion), 2010-2019

Figure 12: South African Personal Accident and Health Insurance- Direct Written Premium by Category (Percentage Share), 2014 and 2019

Figure 13: South African Personal Accident and Health Insurance- Gross Written Premium Dynamics by Category, 2010-2019

Figure 14: South African Personal Accident and Health Insurance- Net Earned Premium (ZAR Billion), 2010-2014

Figure 15: South African Personal Accident and Health Insurance- Net Earned Premium (ZAR Billion), 2014-2019

Figure 16: South African Personal Accident and Health Insurance- Paid Claims by Category (ZAR Billion), 2010-2019

Figure 17: South African Personal Accident and Health Insurance- Incurred Loss by Category (ZAR Billion), 2010-2019

Figure 18: South African Personal Accident and Health Insurance- Net Written Premium by Category (ZAR Billion), 2010-2019

Figure 19: South African Personal Accident and Health Insurance- Loss Ratio (%), 2010-2014

Figure 20: South African Personal Accident and Health Insurance- Loss Ratio (%), 2014-2019

Figure 21: South African Personal Accident and Health Insurance- Commission and Expenses (ZAR Billion), 2010-2014

Figure 22: South African Personal Accident and Health Insurance- Commission and Expenses (ZAR Billion), 2014-2019

Figure 23: South African Personal Accident and Health Insurance- Combined Ratio (%), 2010-2014

Figure 24: South African Personal Accident and Health Insurance- Combined Ratio (%), 2014-2019

Figure 25: South African Personal Accident and Health Insurance- Total Assets (ZAR Billion), 2010-2014

Figure 26: South African Personal Accident and Health Insurance- Total Assets (ZAR Billion), 2014-2019

Figure 27: South African Personal Accident and Health Insurance- Total Investment Income (ZAR Billion), 2010-2014

Figure 28: South African Personal Accident and Health Insurance- Total Investment Income (ZAR Billion), 2014-2019

Figure 29: South African Personal Accident and Health Insurance- Net Written Premium (% of GWP), 2010-2014

Figure 30: South African Personal Accident and Health Insurance- Net Written Premium (% of GWP), 2014-2019

Figure 31: South African Personal Accident and Health Insurance- Investment Portfolio (ZAR Billion), 2010-2014

Figure 32: South African Personal Accident and Health Insurance- Investment Portfolio (% Share), 2010 and 2014

Figure 33: South African Personal Accident and Health Insurance Penetration (Ratio of Direct Premium to GDP), 2010-2014

Figure 34: South African Personal Accident and Health Insurance- Density (Direct Premium per Capita), 2010-2014

Figure 35: South African Personal Accident Insurance- Direct Written Premium (ZAR Billion), 2010-2014

Figure 36: South African Personal Accident Insurance- Direct Written Premium (ZAR Billion), 2014-2019

Figure 37: South African Personal Accident Insurance- Loss Ratio (%), 2010-2014

Figure 38: South African Personal Accident Insurance- Loss Ratio (%), 2014-2019

Figure 39: South African Health Insurance- Gross Written Premium by Sub-Category (ZAR Billion), 2010-2019

Figure 40: South African Health Insurance- Gross Written Premium Dynamics by Sub-Category, 2010-2019

Figure 41: South African Life Health Insurance- Direct Written Premium (ZAR Billion), 2010-2014

Figure 42: South African Life Health Insurance- Direct Written Premium (ZAR Billion), 2014-2019

Figure 43: South African Life Health Insurance- Paid Claims (ZAR Billion), 2010-2014

Figure 44: South African Life Health Insurance- Paid Claims (ZAR Billion), 2014-2019

Figure 45: South African Life Health Insurance- Loss Ratio (%), 2010-2014

Figure 46: South African Life Health Insurance- Loss Ratio (%), 2014-2019

Figure 47: South African Life Health Insurance- Net Written Premium (ZAR Billion), 2010-2014

Figure 48: South African Life Health Insurance- Net Written Premium (ZAR Billion), 2014-2019

Figure 49: South African Personal Accident and Health Insurance Segment- Market Shares (%), 2014

Figure 50: South Africa- Insurance Supervision and Control at Various Levels

Figure 51: South Africa- Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: South African Personal Accident and Health Insurance- Key Facts, 2014

Table 2: Insurance Industry Definitions

Table 3: South African Government Credit Ratings

Table 4: South African Personal Accident and Health Insurance- Gross Written Premium by Category (ZAR Billion), 2010-2014

Table 5: South African Personal Accident and Health Insurance- Gross Written Premium by Category (USD Billion), 2010-2014

Table 6: South African Personal Accident and Health Insurance- Gross Written Premium by Category (ZAR Billion), 2014-2019

Table 7: South African Personal Accident and Health Insurance- Gross Written Premium by Category (USD Billion), 2014-2019

Table 8: South African Personal Accident and Health Insurance- Direct Written Premium by Category (ZAR Billion), 2010-2014

Table 9: South African Personal Accident and Health Insurance- Direct Written Premium by Category (USD Billion), 2010-2014

Table 10: South African Personal Accident and Health Insurance- Direct Written Premium by Category (ZAR Billion), 2014-2019

Table 11: South African Personal Accident and Health Insurance- Direct Written Premium by Category (USD Billion), 2014-2019

Table 12: South African Personal Accident and Health Insurance- Net Earned Premium (ZAR Billion), 2010-2014

Table 13: South African Personal Accident and Health Insurance- Net Earned Premium (ZAR Billion), 2014-2019

Table 14: South African Personal Accident and Health Insurance- Paid Claims by Category (ZAR Billion), 2010-2014

Table 15: South African Personal Accident and Health Insurance- Paid Claims by Category (USD Billion), 2010-2014

Table 16: South African Personal Accident and Health Insurance- Paid Claims by Category (ZAR Billion), 2014-2019

Table 17: South African Personal Accident and Health Insurance- Paid Claims by Category (USD Billion), 2014-2019

Table 18: South African Personal Accident and Health Insurance- Incurred Loss by Category (ZAR Billion), 2010-2014

Table 19: South African Personal Accident and Health Insurance- Incurred Loss by Category (USD Billion), 2010-2014

Table 20: South African Personal Accident and Health Insurance- Incurred Loss by Category (ZAR Billion), 2014-2019

Table 21: South African Personal Accident and Health Insurance- Incurred Loss by Category (USD Billion), 2014-2019

Table 22: South African Personal Accident and Health Insurance- Net Written Premium by Category (ZAR Billion), 2010-2014

Table 23: South African Personal Accident and Health Insurance- Net Written Premium by Category (USD Billion), 2010-2014

Table 24: South African Personal Accident and Health Insurance- Net Written Premium by Category (ZAR Billion), 2014-2019

Table 25: South African Personal Accident and Health Insurance- Net Written Premium by Category (USD Billion), 2014-2019

Table 26: South African Personal Accident and Health Insurance- Loss Ratio (%), 2010-2014

Table 27: South African Personal Accident and Health Insurance- Loss Ratio (%), 2014-2019

Table 28: South African Personal Accident and Health Insurance- Commission and Expenses (ZAR Billion), 2010-2014

Table 29: South African Personal Accident and Health Insurance- Commission and Expenses (ZAR Billion), 2014-2019

Table 30: South African Personal Accident and Health Insurance- Combined Ratio (%), 2010-2014

Table 31: South African Personal Accident and Health Insurance- Combined Ratio (%), 2014-2019

Table 32: South African Personal Accident and Health Insurance- Total Assets (ZAR Billion), 2010-2014

Table 33: South African Personal Accident and Health Insurance- Total Assets (ZAR Billion), 2014-2019

Table 34: South African Personal Accident and Health Insurance- Total Investment Income (ZAR Billion), 2010-2014

Table 35: South African Personal Accident and Health Insurance- Total Investment Income (ZAR Billion), 2014-2019

Table 36: South African Personal Accident and Health Insurance- Net Written Premium (% of GWP), 2010-2014

Table 37: South African Personal Accident and Health Insurance- Net Written Premium (% of GWP), 2014-2019

Table 38: South African Personal Accident Insurance- Direct Written Premium (ZAR Billion), 2010-2014

Table 39: South African Personal Accident Insurance- Direct Written Premium (ZAR Billion), 2014-2019

Table 40: South African Personal Accident Insurance- Loss Ratio (%), 2010-2014

Table 41: South African Personal Accident Insurance- Loss Ratio (%), 2014-2019

Table 42: South African Health Insurance- Gross Written Premium by Sub-Category (ZAR Billion), 2010-2014

Table 43: South African Health Insurance- Gross Written Premium by Sub-Category (USD Billion), 2010-2014

Table 44: South African Health Insurance- Gross Written Premium by Sub-Category (ZAR Billion), 2014-2019

Table 45: South African Health Insurance- Gross Written Premium by Sub-Category (USD Billion), 2014-2019

Table 46: South African Life Health Insurance- Direct Written Premium (ZAR Billion), 2010-2014

Table 47: South African Life Health Insurance- Direct Written Premium (ZAR Billion), 2014-2019

Table 48: South African Life Health Insurance- Paid Claims (ZAR Billion), 2010-2014

Table 49: South African Life Health Insurance- Paid Claims (ZAR Billion), 2014-2019

Table 50: South African Life Health Insurance- Loss Ratio (%), 2010-2014

Table 51: South African Life Health Insurance- Loss Ratio (%), 2014-2019

Table 52: South African Life Health Insurance- Net Written Premium (ZAR Billion), 2010-2014

Table 53: South African Life Health Insurance- Net Written Premium (ZAR Billion), 2014-2019

Table 54: South African Personal Accident and Health Insurance Segment- Market Shares (%), 2014

Table 55: Guardrisk Insurance Company Ltd- Key Facts

Table 56: Guardrisk Insurance Company Ltd- Key Financials (ZAR Million)

Table 57: Rand Mutual Assurance Company Ltd- Key Facts

Table 58: Rand Mutual Assurance Company Ltd- Key Financials (ZAR Million)

Table 59: Monarch Insurance Company Ltd- Key Facts

Table 60: Monarch Insurance Company Ltd- Key Financials (ZAR Million)

Table 61: Constantia Insurance Company Ltd- Key Facts

Table 62: Constantia Insurance Company Ltd- Key Financials (ZAR Million)

Table 63: Hollard Insurance Company Ltd- Key Facts

Table 64: Hollard Insurance Company Ltd- Key Financials (ZAR Million)

Table 65: Santam Ltd- Key Facts

Table 66: Santam Ltd- Key Financials (ZAR Million)

Table 67: Centriq Insurance Company Ltd- Key Facts

Table 68: Shoprite Insurance Company Ltd- Key Facts

Table 69: Shoprite Insurance Company Ltd- Key Financials (ZAR Million)

Table 70: AIG South Africa Ltd- Key Facts

Table 71: AIG South Africa Ltd- Key Financials (ZAR Million)

Table 72: Standard Bank Insurance Brokers- Key Facts

Table 73: Standard Bank Insurance Brokers- Key Financials (ZAR Million)

Table 74: South Africa- Insurance Regulatory Framework Key Features

Table 75: South Africa- Life Insurance Regulatory Framework

Table 76: South Africa- Property Insurance Regulatory Framework

Table 77: South Africa- SASRIA Annual and Monthly Premium Rates

Table 78: South Africa- Motor Insurance Regulatory Framework

Table 79: South Africa- Liability Insurance Regulatory Framework

Table 80: South Africa- Corporate Tax Rates in South Africa for the Financial Year 2015

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Guardrisk Insurance Company Ltd

Rand Mutual Assurance Company Ltd

Monarch Insurance Company Ltd

Constantia Insurance Company Ltd

Hollard Insurance Company Ltd

Santam Ltd

Centriq Insurance Company Ltd

Shoprite Insurance Company Ltd

AIG South Africa Ltd

Standard Bank Insurance Brokers

Personal Accident And Health Insurance, Personal Accident Insurance, Travel Insurance, Health Insurance, Life Health Insurance, Economy And Demographic, Distribution Channels, Leading Companies, Legislation, Compulsory Insurance, Supervision And Control, Non-admitted Insurance, Types Of Insurance Organization


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