Personal Accident and Health Insurance in South Africa, Key Trends and Opportunities to 2020

Published: May, 2017 | Pages: 109 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Summary

Timetric’s 'Personal Accident and Health Insurance in South Africa Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the South African personal accident and health insurance segment, including:

• An overview of the South African personal accident and health insurance segment

• The South African personal accident and health insurance segment’s growth prospects by category

• A comprehensive overview of the South African economy and demographics

• A comparison of the South African personal accident and health insurance segment with its regional counterparts

• 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

Synopsis

Timetric’s 'Personal Accident and Health Insurance in South Africa, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the South African personal accident and health insurance segment, and a comparison of the South African insurance industry with its regional counterparts.

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 (2011–2015) and forecast period (2015–2020).

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 Timetric’s 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.

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 report’s 2011–2015 review period, and projected figures for the 2015–2020 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 2020.

• It provides a comparison of the South African personal accident and health insurance segment with its regional counterparts

• It provides an overview of the various distribution channels for personal accident and health insurance products in South Africa.

• 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 South Africa insurance industry, and their impact on companies and the industry's future.

Key Highlights

• The personal accident and health segment accounted for 4.0% of the overall insurance gross written premium in South Africa in 2015.

• Brokers are the leading distribution channel in the South African personal accident and health segment.

• The South African personal accident and health insurance segment is highly consolidated, with the five leading companies accounting for 70.3% of the total gross written premium in 2015. 

• South African personal accident and health insurance penetration was 0.54% in 2015.

 Table of Content

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium
4.2.2 Claims
4.2.3 Profitability
4.2.4 Assets and investments

5 Distribution Channel Outlook

6 Competitive Landscape
6.1 Company Profiles
6.1.1 Rand Mutual Assurance Company Ltd – company overview
6.1.2 Guardrisk Insurance Company Ltd – company overview
6.1.3 Monarch Insurance Company Ltd – company overview
6.1.4 Hollard Insurance Company Ltd – company overview
6.1.5 Constantia Insurance Company Ltd – company overview

7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulation
7.3 Legislation and Market Practice by Type of Insurance
7.3.1 Life insurance
7.3.2 Property insurance
7.3.3 Motor insurance
7.3.4 Liability insurance
7.3.5 Marine, aviation and transit insurance
7.3.6 Personal accident and health insurance
7.4 Compulsory Insurance
7.4.1 Third-party liability insurance for commercial flight operators
7.4.2 Unemployment insurance
7.4.3 Compensation for occupational diseases and injuries
7.4.4 Professional indemnity insurance
7.4.5 Environmental liability insurance
7.5 Supervision and Control
7.5.1 International Association of Insurance Supervisors
7.5.2 African Insurance Organization
7.5.3 Financial Services Board
7.5.4 South African Insurance Association
7.6 Non-Admitted Insurance Regulations
7.6.1 Overview
7.6.2 Intermediaries
7.6.3 Market practices
7.6.4 Fines and Penalties
7.7 Company Registration and Operations
7.7.1 Type of insurance organization
7.7.2 Establishing a local company
7.7.3 Foreign ownership
7.7.4 Types of license
7.7.5 Capital requirements
7.7.6 Solvency margin
7.7.7 Reserve requirements
7.7.8 Investment regulations
7.7.9 Statutory return requirements
7.7.10 Fee structure
7.8 Taxation
7.8.1 Insurance premium or policy taxation
7.8.2 Withholding taxes on premium paid overseas
7.8.3 Corporate tax
7.8.4 VAT
7.8.5 Captives
7.9 Legal System
7.9.1 Introduction
7.9.2 Access to court
7.9.3 Alternative dispute resolution

8 Databook
8.1 Policies and Premium
8.1.1 Claims and Expenses
8.1.2 Assets and Investments
8.1.3 Health Insurance by Product

9 Definitions and Methodology
9.1 Definitions
9.2 Methodology

10 About Timetric
10.1 Contact Timetric
10.2 About Timetric
10.3 Timetric’s Services
10.4 Disclaimer

List of Tables

Table 1: South African Personal Accident and Health Insurance – Key Facts, 2015
Table 2: South African Personal Accident and Health Insurance – Segment Shares (%) of the Top Insurers, 2015
Table 3: South African Government Credit Ratings
Table 3: South African Personal Accident and Health Insurance – Gross Written Premium (ZAR Billion and US$ Billion), 2011–2015
Table 4: South African Personal Accident and Health Insurance – Gross Written Premium (ZAR Billion and US$ Billion), 2015–2020
Table 5: South African Personal Accident and Health Insurance – Paid Claims (ZAR Billion and US$ Million), 2011–2015
Table 6: South African Personal Accident and Health Insurance – Paid Claims (ZAR Billion and US$ Million), 2015–2020
Table 7: South African Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2015
Table 8: South African Personal Accident and Health Insurance – Profitability Ratio (%), 2015–2020
Table 9: South African Personal Accident and Health Insurance – Total Assets (ZAR Billion and US$ Billion), 2011–2015
Table 10: South African Personal Accident and Health Insurance – Total Assets (ZAR Billion and US$ Billion), 2015–2020
Table 11: South African Personal Accident and Health Insurance – Total Investment Income (ZAR Billion and US$ Million), 2011–2015
Table 12: South African Personal Accident and Health Insurance – Total Investment Income (ZAR Billion and US$ Million), 2015–2020
Table 13: South African Personal Accident and Health Insurance – Investment Portfolio (ZAR Billion), 2011–2015
Table 14: South African Personal Accident and Health Insurance – Investment Portfolio (ZAR Billion), 2015–2020
Table 15: South African Personal Accident and Health Insurance – Market Shares of Leading Insurers (%), 2015
Table 16: Rand Mutual Assurance Company Ltd – Key Facts
Table 17: Rand Mutual Assurance Company Ltd – Key Financials (US$ Million), 2011–2015
Table 18: Guardrisk Insurance Company Ltd – Key Facts
Table 19: Guardrisk Insurance Company Ltd – Key Financials (US$ Million), 2011–2015
Table 20: Monarch Insurance Company Ltd – Key Facts
Table 21: Monarch Insurance Company Ltd – Key Financials (US$ Million), 2011–2015
Table 22: Hollard Insurance Company Ltd – Key Facts
Table 23: Hollard Insurance Company Ltd – Key Financials (US$ Million), 2011–2015
Table 24: Constantia Insurance Company Ltd – Key Facts
Table 25: Constantia Insurance Company Ltd – Key Financials (US$ Million), 2011–2015
Table 48: South Africa – Insurance Regulatory Framework Key Features
Table 49: South Africa – Commission Rates for Health Insurance Policy
Table 50: South Africa – Maximum cost of credit life insurance
Table 51:South Africa – Life Insurance Regulatory Framework
Table 52:South Africa – Property Insurance Regulatory Framework
Table 53:South Africa – SASRIA Annual and Monthly Premium Rates
Table 54: South Africa – Motor Insurance Regulatory Framework
Table 55:South Africa – Liability Insurance Regulatory Framework
Table 56:South Africa – Corporate Tax Rates for the Financial Year 2016
Table 26: South African Personal Accident and Health Insurance Industry – Policies and Premium, 2011–2015
Table 27: South African Personal Accident and Health Insurance Industry – Policies and Premium, 2015–2020
Table 28: South African Personal Accident and Health Insurance – Claims and Expenses, 2011–2015
Table 29: South African Personal Accident and Health Insurance – Claims and Expenses, 2015–2020
Table 30: South African Personal Accident and Health Insurance – Assets and Investments, 2011–2015
Table 31: South African Personal Accident and Health Insurance – Assets and Investments, 2015–2020
Table 32: South African Personal Accident and Health Insurance – Health by Product, 2011–2015
Table 33: South African Personal Accident and Health Insurance – Health by Product, 2015–2020
Table 34: Insurance Industry Definitions

List of Figures

Figure 1: South African Real GDP (ZAR Billion), 2011–2020
Figure 2: South African ZAR–US$ Exchange Rate, 2011–2020
Figure 3: South African Consumer Price Inflation (%), 2011–2020
Figure 4: South African Current Account Balance as Percentage of GDP (%), 2011–2015
Figure 5: South African Unemployment Rate, 2011–2020
Figure 6: South African Population by Age Group, 1990–2025
Figure 1: South African Motor Insurance – Number of Fatalities per Road User Group, 2014–2015
Figure 2: South African Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015
Figure 3: South African Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015
Figure 4: South African Personal Accident and Health Insurance – Gross Written Premium (ZAR Billion), 2011–2020
Figure 5: South African Personal Accident and Health Insurance – Paid Claims (ZAR Billion), 2011–2020
Figure 6: South African Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2020
Figure 7: South African Personal Accident and Health Insurance – Total Assets (ZAR Billion), 2011–2020
Figure 8: South African Personal Accident and Health Insurance – Total Investment Income (ZAR Billion), 2011–2020
Figure 9: South African Personal Accident and Health Insurance – Investment Portfolio (ZAR Billion), 2011–2020
Figure 10: South African Personal Accident and Health Insurance – Investment Portfolio Dynamics by Category, 2011–2020
Figure 11: South African Personal Accident and Health Insurance Industry – Market Shares of Leading Insurers (%), 2015
Figure 33: South Africa – Insurance Supervision and Control at Various Levels
Figure 34: South Africa – Insurance Regulatory Frameworks for Company Registration and Operation