As the continent’s most developed insurance sector, South Africa accounts for some 52% of African non-life premiums. The short-term insurance market is primarily focused on property and auto products, which together make up almost 75% of short-term gross premiums. Speedy growth in the number of independent insurers has created a robust takeover environment for the major insurers. However, the bulk of the sector is concentrated in the hands of the “big four” insurers. Insurers looking for growth opportunities are increasingly targeting low-income groups through micro-agents and retailers.
This chapter contains a roundtable with Bruce Hemphill, CEO, Liberty Group; Nicolaas Kruger, Group CEO, MMI Holdings; Ralph Mupita, CEO, Old Mutual Emerging Markets; and Johan van Zyl, Group CEO, Sanlam.