Our Market

South Africa is Africa’s largest and most sophisticated short-term insurance market. It has undergone many changes in recent times. Zurich is currently positioned as the third largest short-term insurer in the country.

Short-term insurers operate in an extremely competitive industry, an environment where the issue of corporate governance is highly profiled. The King II report has provided a proactive and comprehensive set of recommendations on a code of corporate practices and conduct. Companies have to commit themselves to ethical and responsible management of their enterprises and, from an industry perspective; the launch of the South African Insurance Association’s (SAIA) Code of Good Business Practice was a significant development.

The industry climate is also being strongly characterised by legislative enactments. Current and upcoming legislation seeks increasingly to empower and protect the customer.

The SAIA Fraudline is another exciting initiative designed to combat an issue that has been plaguing the insurance industry for far too long. The industry hopes to reap significant rewards from this shared exercise. This facility will provide excellent support to the stringent risk management procedures that are already in place.

In order to prosper and grow, insurers will have to remain focused, have a sound financial base and clear business objectives.