Executive Summary
- South Africa accounts for 70% of Sub-Saharan Africa’s gross written premiums (GWP), with the industry valued at R840.84 billion ($45.2 billion) in 2023. This is 20 times the combined GWP of Nigeria and Kenya, highlighting its significant lead in the region. South Africa’s life insurance penetration, estimated at 9.4% of GDP, is the third-highest globally (after Hong Kong and South Korea). Life insurance represents 77.9% of GWPs, with premiums reaching R654.8 billion ($35.2 billion) in 2023. The non-life insurance segment is projected to grow at a 5.4% CAGR between 2024 and 2028, with gross premiums rising from R196.56 billion ($11.4 billion) to R242.51 billion ($13.0 billion). Growth will be driven by increasing demand for motor and property insurance, alongside greater digital adoption and product innovation by non-life insurers. The non-life segment, particularly motor and property insurance, offers significant potential for private equity investors. However, challenges like income inequality and affordability
