Interconnected
This year’s survey reflects the financial results of 27 non-life insurers, seventeen life insurers, and four reinsurers in the context of the current economic environment. The 2023 financial results of insurers participating in this year’s survey reflect a welcome reprieve from the challenges faced over the last few years. From COVID-19 in 2020, the Kwa-Zulu Natal and Gauteng riots in 2021, the Kwa-Zulu Natal floods in 2022, and the ongoing local infrastructural challenges being experienced, to name but a few. These were some of the toughest years seen by the South African insurance industry, which tested the resilience and core purpose of the industry beyond limits thought imaginable.
The strict measures insurers put in place to restore profitability and balance sheet strength have started to reap the benefits they set out to achieve. While the industry appears to be in a state of calm, local government actions and the impact of global economic and geopolitical activity require constant vigilance and assessment of the risk landscape.
As we have seen time and time again, no matter what the future might hold, the stability provided by the insurance industry to the wider financial ecosystem cannot be underestimated.
It is in this context that we have analysed the industry’s results for 2023.
