Dublin-based Research and Markets announced the addition of “South African Insurance Industry Forecast till 2012” to their offering. The report “provides extensive research and in-depth analysis of the insurance sector in South Africa,” said the bulletin. “Detailed analysis supplemented with data will help in examining the evolving South African insurance market.
“The forecast given in this report is not based on a complex economic model, but is intended as a rough guide to the direction in which the market is likely to move. This forecast is based on a correlation between past market growth and growth of base drivers.”
R&M noted the following “key findings” in the report:
– By net premium, the South African long-term and short-term insurance market is expected to grow at the CAGR [consolidated annual growth rate] of nearly 12 percent and 17 percent respectively for the period 2007-2012.
– South African reinsurance market is expected to grow at a CAGR of 12 percent during 2007-2012 attributed to increasing natural disasters like earthquakes, floods etc.
– Motor and property insurance accounted for over three-fourth of the total short-term insurance market by net premium.
– Homeowner and motor insurance is anticipated to emerge as big opportunity areas for the South African insurance market.
– Material non-disclosure and misrepresentation to continue to be responsible for the highest number of fraud cases.
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