Insurance Post

Creative spirit takes South Africa to the top of the table

According to official statistics from the Life Offices' Association of South Africa, the South African life-insurance market is ranked highest worldwide for insurance penetration relative to gross domestic product (GDP), showing premiums at 15.2% of GDP in the year 2004. The market is also heavily consolidated with the number-one life company, Old Mutual, with an estimated 30% of life premiums, followed by Sanlam. Other major life insurers are Liberty, Momentum and Discovery Life.Aggressive