Short Term Insurance Set to Boost the South African Insurance Market

Noida, UP India (PressExposure) May 06, 2011 -- As per our research report "South African Insurance Industry Forecast to 2013", South Africa is known for its well-developed, highly liberalized financial sector. Particularly, the insurance industry of the country is the most developed in the entire African continent. South Africa accounts for about three fourths of the Africa's total insurance business. Despite depressed economic conditions, low levels of disposable income among individuals, and earnings pressure on businesses, the country's insurance market has managed to show remarkable growth.

As per our study, the long term insurers form an important part of the South African financial market. They have, over the years, accumulated massive funds and are strong investors in the South African economy. Although short-term insurance market has got small share compared to long-term insurance, it is expected to grow at a comparatively faster rate in near future due to the increasing demand for motor and homeowner insurance. Consequently, we anticipate that, the country's short term insurance market will grow at a CAGR of around 11.4% during 2011-2014.

Further, 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. Moreover, the emerging market trends and developments, such as reinsurance, micro insurance, online insurance, etc are thoroughly studied in the report. Further, the report also elaborates the forecasts for all the segments of the insurance market: long-term as well as short-term insurance along with their entire sub-segments. Additionally, the report talks about the regulatory environment and recent regulatory developments in the domestic insurance market.

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Press Release Submitted On: May 06, 2011 at 3:52 am
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