© 2010 - 2021 PwC. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. The African Insurance Organisation (AIO), established in 1972, is a non-governmental organisation recognised by many African governments. Low insurance uptake in Africa can be attributed to the low income levels. When you combine those services with our experience, market knowledge and the strength of our global industry programme, we become a strong partner; helping insurance clients to succeed, from strategy to execution. Following the headquarters agreement the government of Cameroon signed with the organisation, the Permanent Secretariat of the AIO was set up in that country. h�bbd```b``�"�HF?��,�"�4�"B`�$�"-�*��@�pX�2���9$�=�f`bd`����H�����+@� � - We have the largest specialist insurance practice in Africa, focusing on assurance, tax and advisory services. "Governance, Risk and Compliance - The South African Insurance Industry", provides detailed analysis of the insurance regulations for life, property, motor, … South Africa’s life insurance industry has well-established distribution channels and is supported by strong expertise and technological innovation. F尊����ז7e*�fUL``��h`��h`R�(�fP�(����b>�q@;�60�b`dc�����0��\�i�AKή������c��8�D�@Z��O+H�!+� ��E %���U&` ��,� {{contentList.dataService.numberHits}} {{contentList.dataService.numberHits == 1 ? The fintechs included inour … How well ESG risks are managed: Weather and natural catastrophe events make this an urgent industry concern, from managing the undermining of insurance pricing models, to product innovation. Recent Laws and Reforms in East Africa Insurance Industry 40 End Notes 42 Content. India’s insurance market is led by the health insurance segment, according to research from RNCOS. The next step in the evolution is that technology and use of data will impact the business model and entire customer dialogue. Every business has different aspirations and is at different stages of the journey, so whatever you want from IFRS 17 and wherever you are now, we can help you face IFRS 17 with confidence. Skills Supply and Demand in South Africa. Department of Higher Education and Training. Conclusion 41 References 42 Some fintechs operate across more than one segment, in which case, they have been included under both segments, increasing the total number of fintechs to 224. In 2015, South Africa dominated the non-life insurance industry in Africa, while Morocco was … 'result' : 'results'}}, Sustainable Development - Redefining business success, Bringing an agile mind-set to the mainstream. 470 0 obj <>stream SAIA has 58 members, comprising all categories of non-life insurers, including reinsurers. Over the last 40 years many significant business, financial or economic crises were not foreseen and prevented. Listen to PwC Partners Alsue du Preez and Steven O'Hearn discuss the main risks insurers face in 2019. Today, the insurance industry is faced with working in an environment that’s rapidly changing and increasing in its complexity. South Africa Namibia Mauritius Country More developed Total Penetration rate Life Penetration rate Non-life Penetration rate Mauritius, Namibia and South Africa have a higher life insurance penetration rate relative to non-life. Factors like increased customer expectations, new regulatory demands, aggressive fintech competition and decreasing interest rates have put pressure on the insurance industry, and led to unsustainable cost-income ratios. Our Insurance Tax team’s global footprint and focus on digital innovation, helps insurers stay ahead of the curve. w w w Still a balancing act. While the end of 2018 will hurt underwriting and operating income for insurers as more claims are made due to theft etc, insurers do look on track for a bumper year in 2018. Department of Higher Education and Training. IFRS 17, effective from 1 January 2023, will be a major challenge for the insurance industry, fundamentally impacting businesses well beyond the finance, actuarial and systems development areas. The performance of the short-term insurance industry is closely linked to the performance of the economy. We’re ideally placed to meet your changing demands and  bring significant business advantage to our clients, through global multidisciplinary teams, integrated across-industry sectors, geographies and functional skills. The South African Insurance Association (SAIA) is the representative body of the non-life insurance industry. We … Unlocking the doors of opportunity - Organisations operating in the insurance industry are faced with working in an environment that is rapidly changing and increasing in its complexity. We’re able to have one tax conversation incorporating all angles, helping you solve important problems. 2019. Embedding an approach to optimise value: Related to the Sustainable Development Goals, internal monitoring and external communications need to record the story of contribution. Sustainability risks are top of the World Economic Forum’s identified global risks. The 2019 African Economic Outlook high-lights that macroeconomic stabilization and employment outcomes are better when industry leads growth, suggesting that industrialization is a robust path to rapid job creation. ISBN: 978-1-77018-850-1 This report is available on the Department of Higher Education and Training’s website: www.dhet.gov.za Enquiries: The Director: System Monitoring and Economic Analysis 442 0 obj <> endobj 4 5 Where do insurers stand in 2019? o c . 5.1 Analysis of key supporting policies for distributed PV 34 5.2 Overview of tenders for utility-scale solar in Africa 35 5.4 Focus on local manufacturing policies: examples of Morocco and South Africa 36 5.5 International organizations implication 36 6. operational fintech companies in South Africa at the time of analysis (May 2019). h�b```�I,��D@(�Ąo``��7b�� �㌌,� The purpose of the SAHR has always been to analyse and assess progress and challenges in key areas of the health system, and to propose recommendations for improvement. South Africa is struggling to emerge from a … Digital is key to customer connection. It represents the industry to all relevant stakeholders to ensure a sustainable and dynamic industry. Access the latest politics analysis and economic growth summary through 2011 for South Africa from The Economist Intelligence Unit The survey was developed by PwC South Africa in conjunction with the PwC Market Research Centre in Luxembourg. Outlook on electric vehicles and storage deployment 39 7. In this edition, we were determined to match the spirit of innovation, which has been embraced by the local insurance industry during the year. Customers are becoming accustomed to digital solutions in the purchase or claims processes, but how they interact with their insurance company hasn’t really changed. Africa Gap Analysis - 2019 Priority Evaluation Items for Airline • Survey Section C asked States to provide information on aircraft fleet and equipage • Seventeen States responded to Survey Section C: – Benin, Botswana, Cameroon, Cote d'Ivoire, Democratic Republic of Congo, Equatorial Guinea, Ethiopia, Egypt, Gabon, Gambia, Mali, Mauritius, Namibia, Niger, Senegal, Sierra Leone, Togo • This 22nd edition of the South African Health Review (SAHR) is offered in memory of Health Systems Trust board member, and health activist extraordinaire, Professor David Sanders. c w p . The second largest regional economy, Angola, is expected to grow by 1.2 percent in 2019 and 3.2percent in 2020, while Mozambique will grow at 4.5 percent in 2019 and 5.0 percent in 2020. Improving productivity is key to unlocking value for insurers, and we can help, particularly in these six areas: Insurance tax is highly complex and requires a deep understanding of the industry and a wealth of experience and technical expertise. How-ever, African economies have deindustrialized. It represents the industry to all relevant stakeholders to ensure a sustainable and dynamic industry. Changes to the insurance regulatory and tax landscape place tax on the board agenda of leading insurers. Pretoria. This is apparent in the high average expense ratio and low ROE within the industry, which has virtually exhausted its arsenal of conventional cost-reduction tools such as reducing expenses, personnel automation, outsourcing/offshoring and introducing new technology. This requires refinement of strategy and quality performance information beyond traditional metrics. %%EOF Insurance Industry Analysis April 2016 About this publication We are pleased to present the fifth edition of PwC’s analysis of major insurers’ results, covering the year ended 31 December 2015. While building trust through better communications is one approach, the future value of an insurance business will be strongly tied to: Africa Insurance Leader, PwC South Africa. The general macroeconomic environment Foreword Insurers in the region have experienced better times than their financial performance in the recent years. The South African Insurance Industry Survey 2019 | 3 Governance and individual accountability Hiding behind the accountability veil Conduct regulation was recently introduced into South Africa. Industry Analysis South Africa’s life and disability insurance gap widens to R34.7 trillion in 2018. The South African Insurance Association (SAIA) is the representative body of the non-life insurance industry. There are 30 foreign banks with approved representative offices in South Africa. Structure of the AIO. Dynamic Risk Assessment. In less developed African emerging markets the non-life insurance penetration rate exceeds the life insurance rate. endstream endobj 443 0 obj <>/Metadata 27 0 R/Outlines 44 0 R/PageLayout/SinglePage/Pages 440 0 R/StructTreeRoot 57 0 R/Type/Catalog>> endobj 444 0 obj <>/ExtGState<>/Font<>/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 445 0 obj <>stream IFRS 17, effective from 1 January 2023, will be a major challenge for the insurance industry, fundamentally impacting businesses well beyond the finance, actuarial and systems development areas. The results are a reflection of the financial performance of the South African insurance industry in a challenging economic environment. Tax risk is inseparable from business risk and its management needs to be a key priority in  an insurer’s overall risk management policy and indeed its digital transformation strategy.