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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the South African non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in South Africa's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the South Africa non-life (P&C) market as well as trends by line of business. Axco analysts also report on South Africa's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes South Africa's insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in South Africa, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in South Africa, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in South Africa with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
South Africa is the largest non-life insurance market in Africa by a substantial margin. It traces its roots back 200 years and has been dynamic in terms of product development; the concept of cell captives for example was developed here. The South African insurance market has always had strong ties with the British market and has adopted much British law into its legislative framework. The South African judiciary also references British case law periodically when considering insurance issues
This is a brief extract of information; more updated information may be available in the latest published report.