Boston, MA -- (SBWIRE) -- 09/06/2013 -- The South African reinsurance segment grew steadily during the review period (2008-2012), despite the adverse impact of the global economic crisis, rising from ZAR11.8 billion (US$1.5 billion) in 2008 to ZAR15.2 billion (US$1.9 billion) in 2012, at a CAGR of 6.5%. This was due to strong growth in the South African non-life and personal accident and health segments. The South African insurance industry accounted for approximately 80% of total direct premiums generated on the African continent in 2012.

Key Highlights

- The penetration of low-income micro-insurance is one of the highest in the world, with around 15% of the country's low-income groups owning a formal policy
- When informal cover is added, the penetration among the low-income group extends to 59%
- This is mainly due to the wide adoption of funeral insurance
- Funeral products experienced the greatest increase in the number of users, from 5.9 million people, or 19% of the population, in 2008 to 7.8 million people, or 23% of the population, in 2011

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Scope

This report provides a comprehensive analysis of the reinsurance market in South Africa:

- It provides historical values for South Africa's reinsurance market for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key sub-segments in South Africa's reinsurance market, along with market forecasts until 2017
- It provides a detailed analysis of the reinsurance ceded from various direct insurance markets in South Africa and its growth prospects

Reasons to Get This Report

- Make strategic business decisions using historic and forecast market data related to the South African reinsurance market and each sector within it
- Understand the demand-side dynamics, key market trends and growth opportunities within the South African reinsurance market
- Identify the growth opportunities and market dynamics within key product categories
- Gain insights into key regulations governing the South African insurance market and its impact on companies and the market's future

Companies Mentioned in this Report: Munich Reinsurance Company of Africa Ltd, Hannover Reinsurance Africa Ltd, General Reinsurance Africa Ltd, Swiss Re Life and Health Africa Ltd, African Reinsurance Corporation (SA) Ltd

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