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South Africa

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South Africa

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

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Information for South Africa can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight Compliance Insight EB Compliance Point Clinical Trials Axco API

Country Information

Capital city
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT +2
58.07 mn
1.92 (2019)
60,995.65 (mn)

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.


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