Insurance in South Africa
In the South African insurance landscape their are traditional insurers (in life e.g. Old Mutual, Sanlam, Liberty) as well as new niche entrants (Outsurance , Dial Direct) that are taking market share. While the baby boomer generation would use brokers or an intermediary, a new generation of clients prefer using internet and mobile platforms to purchase products and the growth in usage of direct channel has impacted the industry.
South Africa and its National Health Insurance system
In South Africa as at 2012 all its citizen and long term residents are to be provided with essential healthcare through National Health Insurance (NHI). Citizens do not have to participate in the NHI but are required to contribute its financing of its system and if you earn above a certain amount of income you will be required to contribute to its financing by law. Private medical schemes will be available to individuals who wish to keep them. The NHI excludes cosmetic surgery, aesthetic dental procedures, eye care fashion spectacle frames, medicines not on its drug list and non approved diagnotic procedures.
Comparison of South African Insurers
|Santam||South Africa||n/a||n/a||1918||n/a||n/a||650,000 policy holders and 22% market share|
|OUTsurance||South Africa||Life||n/a||1998||n/a||Rand Merchant Insurance Holdings (RMI) Group||6% market share in the non-life|
|Hollard||South Africa||Life||n/a||1980||n/a||n/a||6 million policyholders|
|Etana||South Africa||n/a||uses brokers exclusively across country||1938||n/a||n/a||n/a|
|Old Mutual||South Africa||n/a||n/a||1845||n/a||n/a||n/a|