Global non-life insurance premiums expanded 16.4% in FY2023

Growth was pushed further by high demand for health and motor coverage.

In FY2023, non-life insurance went up by 16.4% year-on-year (YoY), an improvement from the 11.1% growth seen in the previous year.

This upward trend in growth is mainly attributed to the surging demand for health insurance, particularly in the group segment, and motor insurance. 

Health Insurance market share expanded by 35.3%. Although the health segment has experienced a growth rate of 23.2%, which is lower than the 25.4% growth observed in 2022.

The other driver of overall growth, motor insurance, climbed to R81,291.7 and has been consistently expanding at a rate approximately 3.8 times higher than what was reported last year.

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In 2023, the industry sustained its double-digit growth, with the exception of a minor decline in September 2022. 

As of the fiscal year ended March 2023, the industry has reported a premium of R24,271.4 up by 11.5% YoY.

For the month of March 2023, General Insurers recorded a growth rate of 9.7%, which is lower than the 13.8% increase reported in March 2022. 

Standalone Private Health Insurers (SAHI) also continued to expand with a value amounting to R3,428.4. Specialised insurancers also jumped 16.2%.

Overall share of private non-life insurers saw an increase of 62% from 59% previously. While for March, private entities reported a 14.8% increase whilst the public sector non-life insurers also grew by 5.8%.