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NewswireToday - /newswire/ -
Hyderabad, Andhra Pradesh, India, 08/21/2009 - As per the research report "South African Insurance Industry Forecast to 2013”, South Africa account for the bulk of the Africa’s total insurance business, i.e. a lion’s share of around 85%.
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BrandPrinciples.com provides business intelligence market research reports pertaining to various industries, today announced the release of their new market research report on titled "South African Insurance Industry Forecast to 2013".
South Africa is known for its well-developed, highly liberalized financial sector. Particularly, the insurance industry of the country is the most developed in the entire African continent. As per the research report "South African Insurance Industry Forecast to 2013”, South Africa account for the bulk of the Africa’s total insurance business, i.e. a lion’s share of around 85%. In this way, it has left Tanzania and other 51 African countries with a collective share of merely 15%.
South African insurance industry showed a remarkable resilience to the economic turmoil of 2008 that entangled most of the industries across the world. In fact, the long-term insurance sector of the country continued the trend of positive growth during this adverse time and registered about 11.5% growth rate during 2008. In future also, it is anticipated to maintain the healthy growth rate.
Most importantly, the policy holders not only maintained their premiums for life and disability insurance and fund policies in 2008, but they also continued to increase them. The life insurance industry managed to attract new individual recurring as well as single premiums of ZAR 65 Billion during 2008, an increase of 14% over 2007.
The report also highlights that with the increased demand of medical, motor and property insurance, short-term insurance industry is also set to rollout tremendously in the coming years. By net premium, short-term insurance industry is expected to grow at a CAGR of about 11% during 2009-2013. Growing demand for liability and engineering insurance will favor the future growth.
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