Finweek English Edition - - MONEY -

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.

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