Motor Insurance to Dominate South African Short Term Insurance Market

Noida, UP India (PressExposure) June 13, 2011 -- According to our latest report "South African Insurance Industry Forecast to 2013", South African insurance industry has shown substantial growth during the past few years, despite being heavily hit by the financial crisis. Regardless of the depressed economic conditions, low levels of disposable income among individuals, and earnings pressure on businesses, the country's insurance market turned out to be positive. Hence, the country's insurance market is well-shaped and deserves recognition for the pioneering role it played in the country's financial development in the past.

Further, our report reveals that, motor insurance is the largest contributor to short term insurance premium in the country. It accounts for about half the total short term insurance net premium. The significance of motor insurance market in the country can be substantiated from the fact that, it is one of the high crime rate countries in the world. Vehicle hijackings and road crash statistics provide more than enough evidence to prove the importance of vehicle insurance in the country. Consequently, we anticipate that, the country's motor insurance premium will grow at a CAGR of around 10% during 2011-2014.

Our report categorizes the total insurance market into two segments: Long-term insurance and Short-term insurance. These segments are further divided among different sub-segments. Long term insurance is categorized into Individual life and Group schemes & pension funds. While short term insurance is classified into motor insurance, property insurance, accident & health insurance, liability insurance, and engineering insurance.

Our report "South African Insurance Industry Forecast to 2013" provides comprehensive information, statistical data, and rational analysis of the insurance industry in South Africa. The report also identifies the key industry players and presents their detail business description as well as their recent activities, which can prove beneficial for new entrants. The report will help clients in evaluating the leading-edge opportunities critical for the success of the country's insurance industry. It also provides future outlook on key segments of the industry, besides shedding light on the emerging trends of the industry (including online insurance, customized insurance, reinsurance, micro insurance and so on).

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Press Release Submitted On: June 13, 2011 at 12:26 am
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