We are delighted to present and comment on the financial results of the South African reinsurance industry for the 2017 financial year. From a local perspective, the results of the reinsurance industry need to be interpreted in the context of the results of the short-term insurance and long-term insurance industries as set out in this publication.
In summary, the life insurance industry experienced low growth in new business, declining new business margins, an increase in first year policy lapses on recurring premium business. From the perspective of the short-term insurance industry, direct insurers and bancassurers saw muted growth in premium.
Specialist insurers such as Sasria and ECIC did not experience favourable results after a number of claims due to the #FeesMustFall protests and a slowdown in premiums as firms slowed expansion plans into African territories, respectively.
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