THE SIGNS REMAIN POSITIVE
Although the depressed financial health of consumers last year gives an indication of the health of insurers, the industry recorded some great pockets of growth during the period. The industry attracted more than R88bn in new policies sold.
According to ASISA, the industry as a whole brought in R17.4bn in new recurring monthly premium business last year, an 11% increase from the R15.6bn attracted in 2011. This represents a combination of new insurance policies bought by consumers including life, disability, dread disease and income protection cover.
R70.9bn came from single premium
business (lump sum investments), a 7% increase from the R66.5bn written in the 2011.
Overall, the life insurance industry holds assets of nearly R2tr. The R1.7tr held at the end of 2012 was a 20% increase from R1.4tr held the year before during the same period.
Prospects also remain upbeat for this industry. Sanlam, the country’s secondlargest insurer, has already bagged R49bn in new insurance policies sold in the four months of 2013 to April. This represents a 30% increase compared to the same period in 2011.