Global analysis of health insurance in subsaharan africa. In 2015, south africa dominated the nonlife insurance industry in africa, while. Market structure and competition in the south african. Africa are also expected to support overall emerging market growth. South africas financial services sector, backed by a sound regulatory and legal framework, is sophisticated, boasting dozens of domestic and foreign institutions providing a full range of services commercial, retail and merchant banking, mortgage lending, insurance and investment. In 2018, south africa entered its second recession since the early 1990s. The insurance industry in nigeria is still growing and developing. These are the best and worst life insurers in south africa. Insurance penetration in subsaharan africa in 2017, by. Given the dynamics in the global financial sector and the increased integration of financial markets of african countries, it is likely that the levels of competition in these countries has changed over time. Sustained economic growth, rising interest rates, and higher investment income.
Promoting the capacity building of african training institutes. Analysis of major south african insurers results for the. What are the key trends in the shortterm insurance industry. The mining industry sector was negatively impacted by falling commodity prices. The south african insurance industry survey 2018 kpmg. South africas weak economy and its impact on the insurance industry.
In this report the role and contribution of the private health sector to the south african economy is explored in more detail, and it is found that this industry truly is a national asset. We take a look at the goods that were imported into south africa from january 2019 to november 2019. This is very low compared to other markets such as south africa with penetration levels of around 12%. In south africa, with around 55 million population and a shifting demographic profile, the hair care market is positively correlated with a rise in the disposable income, presenting a vast potential for the consumer market. According to statistics south africa statssa, the local clothing, textile, footwear and leather ctfl manufacturing subsector generated income of r55bn in 2016, with the clothing manufacturing segment accounting for r20bn. Timetrics life insurance in south africa, key trends and opportunities to 2019 report provides indepth market analysis, information and insights into the south african life insurance segment. Africa insurance barometer 2018 the pulse reports dr. True south insurance gap 2019 report asisa presentation true south presentation click on the links below for media releases of the 2019 gap study.
Combined with recent regulatory and financial reporting developments, these changes are putting severe strain on traditional business models. What has been the recent performance in terms of financials and ombudsman report. Consolidating and strengthening the insurance industry in order to provide better quality services to africas population. The global economic growth outlook has improved, but is clouded by policy uncertainty as. South africa again participated in the shadowbanking monitoring. Low insurance uptake in africa can be attributed to the low income levels. This is the theme for african statistics day 2017, taking place on 18 november. And the bulk of south africas imports is made up by two categories, namely machinery and equipment and mineral products. Every business faces difficulties at one time or another. Insurance penetration in subsaharan africa in 2017, by country market size for the insurance industry in subsaharan africa 20142018, by country value. In celebration of this prestigious day, stats sa explores the archives to find four facts on the south african economy that you might have missed.
What has been the recent performance in terms of financials and ombudsman report of each key player. Top 10 biggest insurers in south africa businesstech. It gives me a great pleasure to introduce the 2017 edition of the energy price report for south africa. Top insurance industry issues in 2017 ongoing changes in technology, demography and consumer needs and expectations continue to disrupt the insurance industry. It represents the industry to all relevant stakeholders to ensure a sustainable and dynamic industry. These requirements led to changes in national data collection, making analysis of trends in the insurance sector more difficult in some countries during the 2016 transitional period.
What is the core strategy and target market of each key player in the shortterm insurance industry. The interviewees that participated in the survey were from the following companies and. Deloittes 2019 insurance industry outlook explores insurance industry trends and. Botswana market overviewbotswana market overview discusses key economic indicators and trade statistics, which countries are dominant in the market, the u. The motor trade industry in south africa has seen a transition over the past few years, driven by various factors that have contributed to changes in the south african economy. Quantifying the insurance gap by reference to the financial impact on south african households of the death or disability of an active earner in the household. The jse allshare index closed off slightly better at the end of december after significant volatility during the year. Our analysis shows that zambia ranks first in opportunity, while kenya is the.
The south african insurance survey 2019 kpmg south africa. The online survey was supplemented by facetoface interviews with six ceos of south african insurers. Industrial food and beverage filtration systems market by product and. It represents the industry to all relevant stakeholders, to ensure a sustainable and dynamic shortterm insurance industry for the benefit of all south africans. United states energy drink market growth, trends, and forecasts 202 wine coolers market global outlook and forecast 20202025. Insurance through challenging times pwc south africa. The south african insurance industry survey 2018 kpmg south. A recent analysis of the available industry statistics indicates. This discussion document examines structural changes in the south african motor trade industry between 2006 and 2015.
It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy. My fear was that south african insurers would do nothing but many have done much. For the south african shortterm insurance competitor analysis section. Market share of nonlife insurance industry africa 2017, by premium volume total value of life premiums in selected countries in africa 2018 total value of nonlife premiums in selected countries. B2b market research company south africa insight survey. No onesizefitsall approach is likely to succeed across individual markets and countries.
While growth remained slow in japan and south korea, strong growth was seen in. Economic overview in brief the south african economy, which grew by an estimated 0. Research conducted by kpmg through its south african insurance industry survey 2016, shows which firms dominate the shortterm insurance industry. Saia is the representative body of the shortterm insurance industry. The survey was developed by pwc south africa in conjunction with the pwc market research centre in luxembourg.
Guarantee a more resilient african insurance industry through information sharingexchange, trainings, capacitybuilding, new products and networking. Financial services the south african insurance industry survey 2016. Global insurance market trends one of the major changes in 2016 was the implementation of the solvency ii reporting requirements among eueea countries. South africa shortterm insurance industry accenture.
The south african insurance association saia is the representative body of the nonlife insurance industry. Insurance industry analysis april 2016 about this publication we are pleased to present the fifth edition of pwcs analysis of major insurers results, covering the year ended 31 december 2015. Comprehensive market studies on all current hot topics with indepth data and analytics on the industry market. The results are a reflection of the financial performance of the south african insurance industry in a. Download publication insurance industry analysis pwc. Retail sales for the ctfl market were estimated at r170bn in the same year. South africa hair care market growth trends forecasts. The south africa insurance report has been researched at source and features fitch solutions independent assessment and forecasts for the insurance sector. Prudential authority on 19 november 2018 and covers the 2017 financial year. South africa hair care market is projected to grow at a cagr of 5. Insight survey is a south african b2b market research company with almost 10 years of heritage, focusing on businessto business b2b market research to ensure smarter, moreprofitable business decisions are made with reduced investment risk. The following research has been undertaken by the idcs research and information department. The energy price report is based on the information collated from government departments, stateownedentities, oil and gas industries.
Published annually, it has become one of the fixtures of the sigma programme. Saia has 58 members, comprising all categories of nonlife insurers, including reinsurers. Retail trends are continuously changing but here are six shifts taking place that could result in you reassessing your growth strategy for the next five years. The online survey was conducted over the months of july november 2017 and collected the views of insurance ceos, cfos and cros in ghana, kenya, south africa, uganda, zambia, and zimbabwe. This report shares insight into seven countries, each with different growth prospects and potential for investment. Several challenges have plagued the south african mining industry in particular over the past few yearsa key driver of the countrys economy. Nigerian insurance industry and is governed by the insurance commission act 1997 and insurance act 2003. We take a look at the latest banking sector information for october 2019 as published by the south african reserve bank. This research was undertaken for internal use, but interested parties are at liberty to discuss research findings with the respective industry analysts. For the year ended 31 march 2017 south african airways. The life insurance industry has no clear market leader in customer satisfaction, according to consultas latest south african customer. Capital markets in africa during these difficult times, we wish you and your.
The south african insurance industry survey 2018 1. Solid, but mature life markets weigh on growth, sigma no 32018, swiss re institute, july 5, 2018. Given population growth, gross domestic product gdp per capita growth has been close to nil since 2014, leaving little room to reduce poverty. Pestel analysis of south africa presented by grishma rane. Besides declining commodity prices, labor union rivalry escalated labor issues, resulting in one of the more prolonged and. November 2017 and collected the views of insurance ceos, cfos and cros in ghana, kenya, south africa, uganda, zambia, and zimbabwe. Claims related to the severe fires in june 2017 and persistent drought in some regions have also squeezed profits. This publication covers a broad overview and analysis of the south african energy prices and aims to keep.
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