NewswireToday - /newswire/ -
Delhi, New Delhi, India, 2008/03/21 - The insurance industry of South Africa is emerging as the top most insurance sectors of the world and holds vast opportunities for many other related industries.
In its new report, “South African Insurance Industry Forecast till 2012”, RNCOS, a leading market research firm, highlights that the insurance sector of South Africa has revolutionized the financial sector of the country with its growth in the past, and deserves a recognition.
The report is a detailed study on the insurance market of South Africa and says that it is amongst world’s emerging top ten insurance markets. The report identifies that the South African insurance industry is in outstanding shape as several insurers have earned huge profits through this market. After evaluating life, non-life, and reinsurance market segments of the country, the report expects to see an excellent growth in these segments and also counts reasons for growth.
The report also studies various demographic aspects of South Africa, like birth rate and the death rate, to predict the influence of these factors on the insurance market of the country. It discusses how the increased rate of violence and crime in the country is prompting people to adopt life insurance. It further talks about role of the government to develop country’s insurance sector in recent years.
The report compares growth of short-term insurance market with the long-term insurance market of this largest African economy. It says, by value, the share of short-term insurance market is smaller than the share of long-term insurance market. But short-term insurance is expected to increase at a faster rate in coming years with rise in the motor and homeowner insurance segment as these two are the big spheres of insurance market in South Africa.
The inflating South African insurance industry is opening new avenues of growth for outsourcing industries like BPOs and KPOs also, as per the RNCOS report. However, says the research, there are some challenges, like misrepresentation and material non-disclosure, that can hinder the growth of insurance sector of the country.
“South African Insurance Industry Forecast till 2012” is an extensive research by RNCOS which provides an extensive and rational analysis of the South African insurance sector. The report will help the client to examine opportunities that are vital for the success of the insurance industry of the country.
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.