Life Insurance Sector to Evolve Soon in South Africa with Ameliorating Economy: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit Life Insurance in South Africa includes written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions. The life insurance operating in the South Africa includes details of insurance regulations, and recent changes in the regulatory structure. Life insurances account for more than a three fourth of the South African insurance gross written premiums. South Africa population are aware about the life insurance programs available. There are ten leading insurance companies offering written premiums in South Africa. The life insurance schemes are available at the preferred distribution channels such as brokers, agencies and bancassurance. With the unemployment rate significantly high in South Africa the trend in the life insurance is declining. The majority of the premiums in South Africa gave up the non-life segment. The personal accident and health segment are the majorly covered premiums in South Africa. An excess reinsurance capacity was observed with the reduced severity of the natural disasters. Reinsurance is an integral component of South Africa risk management plans applicable to the frequent natural disasters. According to the NATIONAL Insurance Commission (NAICOM) in South Africa there are twelve leading insurance companies such as Great Nigeria Insurance Plc’s, Insurance Resourcery Consultancy Services Limited (IRCSL), an Ivoirien insurer, Sunu Assurances Vie Cote d’Ivoire, Equity Assurance, Cornerstone Insurance, UNIC Insurance Plc, Liberty Chief Executive, Thabo Dloti, Standard Alliance Insurance Plc, and others such as Axa, Prudential, Liberty, Swiss RE, Sunu Group, Saham. According to the report, “Life Insurance in South Africa, Key Trends and Opportunities to 2020”, South Africa’s top six insurance companies are Metropolitan, Discovery, Old Mutual, Liberty, Momentum and Sanlam. Metropolitan Life’s products are more satisfying insurance schemes in South Africa. It was observed that there is a consistent development in the service quality of companies such as Metropolitan and Old Mutual. Discovery fell short in both quality and value, thus leading to unsuccessful business. Metropolitan enjoys the highest customer loyalty score equal to the Momentum’s loyalty score. Old Mutual, Sanlam, Liberty and Discovery are on the same page with customer loyalty score. With the current economic situation in South Africa, it is predicted that there has been an increase in policy cancellations. Life and pensions schemes are prominent to lead a peaceful life after retirement. There is an increasing demand for retirement products due increase in the longer living global population and a growing need for wealth protection. The growing population in the country demands for more life insurance schemes and policies. South African Constitution says that every individual in the country has the right to have access to health care services. Majority of the population in South Africa do not have any medical insurance and depend on a public health system with few doctors and dilapidated facilities that result in delay of medical treatment. The government implemented a National Health Insurance plan in the year 2009 that would cover medical facilities for all its citizens and would take almost another decade to get into full swing. The poorest people in South Africa are provided with free services and medicines but with insufficient medical facilities. A survey states that a part of the population is not covered for health insurance, or life insurance or any long-term disability insurance. A recent research states that the short-term insurance schemes in South Africa has been slowed to go digital and the sector is losing out on gross written premiums opportunities. Majority of the life insurance companies suggest that influencing cost efficient distribution channels like bancassurance, internet and or mobile phone distribution will be a key to selling life insurance to the population living in low income countries, including Nigeria. The life insurance industry in South Africa is a challenging market and given sluggish domestic economic growth for the country. South Africa is one of the most advanced life insurance markets in the world, accounting for approximately 86% of Africa’s total life premiums. This market is concentrated around Lagos in the south west and Nigeria’s in the north. African insurance premium volumes have dropped sharply due to the currency depreciation in the country, high poverty rate, lack of capital, expertise within insurance companies, lack of effective and transparent legal, judicial and regulatory systems, combined with immature financial markets which are the major factors affecting the life insurance market in South Africa. Besides all the hurdles, the life insurance industry in the next decade will witness a radical change in customers reducing sharply in favour of digital natives as the omnichannel revolution has begun to shape the future of the industry. The percentage of life insurance policies sold online will be doubled in the next decade along with South Africa’s growing economic conditions. To know more about the research report: https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/life-insurance-south-africa-key-trends/111699-93.html Related reports: Governance, Risk and Compliance-The Lesotho Insurance Industry Governance, Risk and Compliance-The Qatari Insurance Industry Contact Us: Ken Research Ankur Gupta, Head Marketing & Communications ankur [@] kenresearch.com +91-9015378249 www.kenresearch.com Tags: Global Life Insurance market research report, South Africa General Insurance Market Research Report, South Africa Health Insurance Market Regulations, South Africa Individual Life Insurance Industry Developments, South Africa Insurance Statistics, South Africa Life Insurance Industry Insights, South Africa Life Insurance Leading Companies, South Africa Life Insurance Market Share, South Africa Online Life Insurance Market Analysis, South African Insurance Sector Evolving Trends, South African major Life Insurance companies