KPMG surveyed 27 non-life insurers, 17 life insurers and four reinsurers. 2023 was considered stable regarding weather-related catastrophes.A survey for 2023 shows positive growth and stability for the insurance industry after a few years when insurers were affected by increasing claims for natural disasters and deaths due to Covid-19.
The non-life insurance industry grew by 16.6% in IFRS 4 gross written premium and 7.9% in IFRS 17, but this sector was significantly affected by rising claims costs during 2023, largely driven by systemic load shedding, an increasing number of motor vehicle accident claims and rising motor vehicle repair costs, compounded by disposable income pressures on consumers and high crime levels.
for 2023 highlight the underlying resilience of the global and local economies. This year’s results indicate double-digit growth improvements in profitability and a higher-than-expected return for shareholders than predicted, he says. “We noted mixed performance results across all reinsurers surveyed, reflecting the complexity and nuances of market dynamics on each reinsurer’s business operations. Munich Re and Hannover Re continue to lead the reinsurance market with a combined market share of 80% measured by insurance revenue.”