The financial results of the South African reinsurance industry for the 2019 financial year.
The results of the reinsurance industry need to be reflected on against the backdrop of the underlying South African non-life insurance and life insurance industry results as set out in this publication. In summary, the South African economy reflected the lowest economic growth in more than ten years during 2019. For life insurers, 2019 was a year of recovery where the industry experienced increased growth in new business and new business margins. Many life insurers used this as an opportunity to reflect on and re-evaluate their risk management processes and strategies and to re-assess the operational efficiency of internal processes in the interest of achieving future cost savings.
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