Property and Casualty Insurance Market in South Africa Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Report Covers Home Insurance Companies in South Africa and the market is segmented by Product Type (Motor Insurance, Home-Owner Insurance, Home content Insurance, and Other P&C) and Distribution Channel (Agent, Brokers, Banks, and Others).

Property and Casualty Insurance Market in South Africa Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

South Africa Property & Casualty Insurance Market Size

South Africa Property & Casualty Insurance Market Summary
Study Period 2020 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Historical Data Period 2020 - 2023
CAGR 6.00 %
Market Concentration Medium

Major Players

South Africa Property & Casualty Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

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South Africa Property & Casualty Insurance Market Analysis

The South Africa Property & Casualty Insurance Market is expected to register a CAGR of greater than 6% during the forecast period.

Africa's young population, with an increasing number of people of working age, offers a huge potential market for life insurance, health insurance, and other insurance products. As more young people enter the labor market and become financially independent, the need for different types of insurance products will continue to grow. The push towards financial literacy extends to the training of insurance professionals to ensure they are well-equipped to provide the appropriate products and services. With increased awareness and education, a culture of insurance is being created, and this is helping to grow and strengthen the industry in Africa.

The market is also supported by the presence of international companies and foreign investments in various industries in Africa. International companies often bring with them best practices from around the world, such as risk management, insurance coverage, and so on. The local insurance market is also stimulated by the collaboration of the insurance industry with banks or financial institutions, which has led to the development of new distribution channels. In addition, the development of micro-insurance products for low-income people and small businesses is also boosting the market outlook.

The property & casualty insurance market in South Africa is thriving due to the speed of digital transformation across sectors, the high penetration of internet and mobile devices, and the increasing demand for home insurance financing amongst consumers and companies.

Premiums for property insurance increased in 2022 due to (re)insured losses caused by social violence and climate-related nat-cats. The property line has a high protection gap as reinsurers are reluctant to cover nat-cats. The country's coal mining exposure is another area of (re)insurance concern, and insurers are looking for diversification to offset the decrease in premiums that will be caused by changing market conditions for clients in the coal mining industry.

The premium written for property and casualty insurance has been increasing over the years in the South African market. Motor insurance is one of the country's largest segments for P&C insurance, and the premium for the segment is increasing. Similarly, Homeowner insurance and Household content insurance are also showing constant growth over time. The increasing per capita income, along with an increase in GWP per capita for property and casualty insurance, is driving the market in South Africa.

South Africa Property & Casualty Insurance Industry Overview

The Property and Casualty Insurance market in South Africa is highly competitive. A large number of national and international players have their presence in the property and casualty insurance market in South Africa. The number of non-life insurers is decreasing in the country. In 2021, there were 55 primary non-life insurers, which decreased from 67 in 2020. Allianz Insurance SA, Bryte Insurance, and Chubb Insurance South Africa are some of the major players in the market.

South Africa Property & Casualty Insurance Market Leaders

  1. Santam Ltd

  2. Hollard Insurance Company Ltd

  3. Zurich Insurance Company South Africa Ltd.

  4. Old Mutual Insure Ltd.

  5. Bryte Insurance Company Ltd.

  6. *Disclaimer: Major Players sorted in no particular order
South Africa Property & Casualty Insurance Market Concentration
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South Africa Property & Casualty Insurance Market News

  • February 2022: Old Mutual Limited announced that it became the first financial services company in Africa to deploy Tamr Core as part of an initiative to better serve its customers. By adopting a modern approach to master data management using Tamr, Old Mutual was to further embed its 'purpose-led technology' philosophy.
  • December 2022: Zurich Insurance Group (Zurich) announced that its subsidiary Zurich Investments Life S.p.A. completed the sale of its life and pensions back book, composed of both traditional and unit-linked policies, to the Portuguese insurance company GamaLife - Companhia de Seguros de Vida, S.A. (GamaLife). The transaction did not change contractual obligations toward policyholders and distributors. Zurich was expected to continue to offer innovative protection and unit-linked solutions to customers in Italy.

South Africa Property & Casualty Insurance Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS AND DYNAMICS

  • 4.1 Market Overview
  • 4.2 Market Driver
  • 4.3 Market Restraints
  • 4.4 Porter's Five Forces Analysis
    • 4.4.1 Bargaining Power of Buyers/Consumers
    • 4.4.2 Bargaining Power of Suppliers
    • 4.4.3 Threat of New Entrants
    • 4.4.4 Threat of Substitute Products
    • 4.4.5 Intensity of Competitive Rivalry
  • 4.5 Insight on Technologial Adoption in the Market
  • 4.6 Insight on Various Government Regulations in the Market
  • 4.7 Impact of COVID-19 on the Market

5. MARKET SEGMENTATION

  • 5.1 By Product Type
    • 5.1.1 Motor Insurance
    • 5.1.2 Homeowner Insurance
    • 5.1.3 Home-Content Insurance
    • 5.1.4 Other P&C
  • 5.2 By Distribution Channel
    • 5.2.1 Agents
    • 5.2.2 Brokers
    • 5.2.3 Banks
    • 5.2.4 Other Distribution Channels

6. COMPETITIVE LANDSCAPE

  • 6.1 Market Concentration Overview
  • 6.2 Company Profiles
    • 6.2.1 Momentum Insurance
    • 6.2.2 OUTsurance
    • 6.2.3 Old Mutual Insure
    • 6.2.4 Compass Insure
    • 6.2.5 Bryte Insurnace
    • 6.2.6 Allianz
    • 6.2.7 Hollard
    • 6.2.8 Auto and General Insurance Company
    • 6.2.9 Discovery Insure
    • 6.2.10 Chubb Insurance South Africa*
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

8. DISCLAIMER

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South Africa Property & Casualty Insurance Industry Segmentation

Property and Casualty Insurance is the type of coverage that protects the policyholder's things and property, such as home, car, and other belongings. It also includes liability coverage, which protects you if you're found legally responsible for an accident that causes injuries to another person or damages to their property.

This report aims to provide a detailed analysis of the Property and Casualty insurance market in South Africa. It focuses on the market dynamics, emerging trends in the segments, the future of markets, and insights into various product types. Also, it analyses the key players and the competitive landscape in the Property and Casualty insurance market in South Africa.

The Property and Casualty Insurance market in South Africa can be segmented by Product Type (Motor Insurance, Home-Owner Insurance, Home Content Insurance, and Other P&C) and Distribution Channel (Agents, Brokers, Banks, and Other Distribution Channels). The market size and forecasts are provided in terms of value (USD) for all the above segments.

By Product Type Motor Insurance
Homeowner Insurance
Home-Content Insurance
Other P&C
By Distribution Channel Agents
Brokers
Banks
Other Distribution Channels
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South Africa Property & Casualty Insurance Market Research FAQs

What is the current South Africa Property & Casualty Insurance Market size?

The South Africa Property & Casualty Insurance Market is projected to register a CAGR of greater than 6% during the forecast period (2025-2030)

Who are the key players in South Africa Property & Casualty Insurance Market?

Santam Ltd, Hollard Insurance Company Ltd, Zurich Insurance Company South Africa Ltd., Old Mutual Insure Ltd. and Bryte Insurance Company Ltd. are the major companies operating in the South Africa Property & Casualty Insurance Market.

What years does this South Africa Property & Casualty Insurance Market cover?

The report covers the South Africa Property & Casualty Insurance Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the South Africa Property & Casualty Insurance Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Property and Casualty Insurance in South Africa Industry Report

Statistics for the 2025 South Africa Property & Casualty Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Africa Property & Casualty Insurance analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.