Le Lézard
Classified in: Business, Covid-19 virus
Subject: MRR

South Africa Life Insurance Industry Report 2022: Shift to Digital Systems, Especially in Distribution and Claims Management


DUBLIN, Feb. 1, 2023 /PRNewswire/ -- The "The Life Insurance Industry in South Africa 2022" report has been added to  ResearchAndMarkets.com's offering.

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This report on the life insurance industry in South Africa includes information on the size and state of the sector, performance indicators, market shares, corporate actions notable players and developments.

The life insurance industry remained profitable and well capitalised despite record high claim payouts in 2021. The industry's total income and profit increased in 2021 compared to 2019 and 2020. COVID-19 made people more aware of risks, causing higher demand for life insurance products.

Africa is widely regarded as a key long-term growth market for insurance, providing opportunities for local life insurance companies. The industry's growth is being affected by the weak economy and rising unemployment and inflation that are causing consumers' disposable income to decrease.

There are profiles of 28 companies including notable players such as Sanlam, Old Mutual, Liberty, Discovery, AVBOB, reinsurance companies including RGA and Munich Reinsurance and cell captive insurers such as Centriq.

Increases in Policies and Claims

South Africa's life insurance penetration, measured in premiums as a percentage of GDP, was significantly higher than the global average. Due to COVID-19, many people realised the importance of sufficient life insurance and income protection cover, reflected in a significant increase in new policies.

From April 2020 to end-March 2022, close to 2 million death claims were paid out, likely reflecting people having multiple policies. Life insurers reported in June 2022 that death-related insurance claims were back to pre-COVID-19 levels.

Trends

There is a shift to digital systems, especially in distribution and claims management, and traditional life insurers are partnering with insurtech companies to develop innovative and personalised products.

In terms of distribution channels, agents and brokers remain the most important, but direct sales and bancassurance have grown. There has been an increase in savings policies being surrendered to access funds when policyholders face financial problems.

Key Topics Covered:

1. INTRODUCTION

2. DESCRIPTION OF THE INDUSTRY
2.1. Industry Value Chain
2.2. Geographic Position
2.3. Size of the Industry
2.4. Key Success Factors and Pain Points

3. LOCAL
3.1. State of the Industry
3.2. Key Trends
3.3. Notable Players
3.4. Corporate Actions
3.5. Regulations
3.6. Enterprise Development and Social Economic Development

4. AFRICA

5. INTERNATIONAL

6. INFLUENCING FACTORS
6.1. COVID-19 and other Health Conditions
6.2. Economic Environment
6.3. Technology, Research and Development (R&D) and Innovation
6.4. Crime and Road Accidents
6.5. Environmental Issues
6.6. Investment Performance
6.7. Financial Inclusion
6.8. Labour

7. COMPETITIVE ENVIRONMENT
7.1. Competition
7.2. Ownership Structure of the Industry
7.3. Barriers to Entry

8. SWOT ANALYSIS

9. OUTLOOK

10. INDUSTRY ASSOCIATIONS

11. REFERENCES
11.1. Publications
11.2. Websites

APPENDICES

COMPANY PROFILES

For more information about this report visit https://www.researchandmarkets.com/r/2kprcw-life?w=5

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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SOURCE Research and Markets


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