South Africa

South Africa Insurance Market Highlights

Market Regulation:

Operates under a "Twin Peaks" model (PA and FSCA). Axco’s regulatory monitoring tracks the 2026 implementation of the National Health Insurance (NHI) bill and its impact on medical aids.

Non-Life Market Trends:

There is a surge in Renewable Energy insurance; Axco’s research identifies a 2026 trend toward "Alternative Power" coverages due to local energy infrastructure challenges.

Distribution Channels:

The market features a sophisticated mix of brokers and bancassurance; Axco analysis identifies South African direct-to-consumer models as being among the most advanced globally.

Key Risks & Outlook:

"Load shedding" continues to impact claims; Axco’s risk profiling warns of limited availability for civil unrest cover in certain commercial sectors.

Insurance Companies:

South Africa has a developed insurance sector, and the market includes several major financial conglomerates comprising short-term and long-term insurers, as well as banks and other financial institutions. Axco Navigator details there are 45 insurance companies are authorised to write business in South Africa, of which 29 operate in non-life classes and 16 in life-classes.

Insurance Statistics:

Axco reports written premiums in 2023 increased by 13.6% to ZAR 200,918 Mn with motor the largest class of business, accounting for 39% of premiums. Insurance penetration stands at 2.85%.

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s South Africa Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for South Africa includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

Key Benefits

• Superior market insights
• Crucial compliance information
• Risk assessment and profitability

What is the Non-Life Insurance market in South Africa?

At the end of December 2024, there were 56 active primary non-life insurance companies, five captive insurers, six cell captive insurers, three composite microinsurers and six reinsurers that transact non-life business (of which five were composites). In addition, there were a number of insurers in run-off whose data is not included in the official statistics. The market leaders in 2023 were Santam, Hollard Insurance and Guardrisk Insurance.

In the Non-Life (P&C) market, Santam Limited was the market leader, recording ZAR 35,469.00 million in written premiums and 22.99% market share in 2024. It was followed by The Hollard Insurance Company Limited (ZAR 16,155.40 million; 10.47% market share) and Old Mutual Insure Limited (ZAR 13,473.00 million; 8.73% market share).

Among the leading non-life insurers, Escap SOC Limited reported the strongest growth, with premiums increasing 24.2% year-on-year. 56 companies are licensed for non-life business. 

Who are the top non-life insurers in South Africa?

Source: Axco Navigator, South Africa Insurance Market Rankings.

What is the Life Insurance market in South Africa?

As of 30 September 2024, there were 59 active primary life insurance companies, four life cell captives, 11 life microinsurers and six reinsurers that transact life business. In addition, there is a small friendly society market.

In the Life insurance market, Sanlam Life Insurance Limited was the largest insurer in 2024, generating ZAR 94,462.00 million in written premiums and holding 13.12% market share. It was followed by Old Mutual Life Assurance Company (South Africa) Limited (ZAR 38,595.00 million; 5.36% market share) and Liberty Group Limited (ZAR 35,864.00 million; 4.98% market share).

The fastest-growing major life insurer was Centriq Life Insurance, with premium growth of 21.8% year-on-year. 59 companies are licensed for life business.

Who are the top life insurers in South Africa?

Source: Axco Navigator, South Africa Insurance Market Rankings.

Country Information

South Africa is the largest insurance market in sub-Saharan Africa, and with an almost 200-year history, also the oldest. It has been dynamic in terms of product development, the concept of cell captives for example was developed here and the non-life insurance penetration is higher than in France, Australia or Germany.

Non-life gross written premiums in 2017 amounted to ZAR 119.21bn, personal accident and healthcare written by non-life insurers was ZAR 5.22bn (USD 391.28mn).

In 2018 there were 89 registered short-term insurance companies in South Africa. Amongst the companies registered, 32 were classified as typical (offering a wide range of non-life insurance products), five as cell captive companies registered for short-term direct business, eight were captive insurers and 31 were niche insurance companies. In addition, there were 13 insurers in run-off.

The South African insurance market is unusual in its fragmentation. Large parts of the insurance administrative process, such as underwriting, distribution, claims management and premium collection, have been outsourced to underwriting management agencies (UMAs), brokers and insurance administrators.