While the SA insurance industry rode out the Covid-19 storm, climate change and global market volatility remain potential risks, according to an annual survey conducted by KPMG SA.
However, KPMG SA said on Thursday the results of the survey, which covered 34 non-life insurers, 19 life insurers and four reinsurers, showed the companies navigated 2021 much better than 2020. The industry reported gross written premiums of R131.6bn, an increase of 7% from the prior year. The 10 largest non-life insurers, when measured on GWP, have a market share of 76.5%.While life insurers faced another turbulent year, the industry experienced improvements in the volume and profitability of new business and a positive lapse experience and better equity and bond market performance,” said Danckwerts.