2 October 2024 – insurance sector showing positive growth and stability 

KPMG South Africa today launched its annual South African Insurance Industry Survey for 2024, its 26 th anniversary edition, which surveyed twenty-seven non-life insurers, seventeen life insurers, and four reinsurers. This year’s results reflect a strong recovery compared to those experienced in 2022, reflecting the stabilisation of the insurance market following muted natural catastrophe events and the positive effects of strategic initiatives implemented by insurers over the last few years to moderate risk exposures, such as premium rate increases and underwriting limitations.

“The constrained macroeconomic environment, uncertainty around the frequency and severity of natural disasters as a result of climate risk, and ongoing geopolitical conflicts have continued to influence the results of the insurance industry. This resulted in changes to the demand for insurance products, costs of insuring risks, and enhanced risk management initiatives being employed in responding to the dynamic risk environment. However, despite these factors, the insurance sector at large reflected positive results for 2023. As the industry looks forward, insurers are expected to continue to apply a cautious approach to risk management. We can also expect to see an increased use of new and emerging technologies including artificial intelligence, and the reassessment of risk management strategies and operating models,” says Mark Danckwerts, Partner and Africa insurance practice leader at KPMG.