Motor Insurance Set to Drive South African

As per a recent report "South African Insurance Industry Forecast to 2013" by RNCOS, South African insurance market is well-formed and deserves recognition for the pioneering role it played in its economic development in the past. Both life and non-life segments have experienced significant growth over the past few years and has great potential for further growth. But the non-life market is largely under penetrated and contains enormous potential for growth.

As our results is the non-life insurance premium is expected to grow at CAGR of 11% during 2009-2013. Car insurance is the largest class of life insurance and accounts for almost half of total life insurance market premium. Moreover, with increased motor vehicle ownership, is motor vehicle insurance is expected to grow 7-8% between 2009 and 2013.

Apart from car insurance, the report also identified other key areas of growth in insurance sector as medical insurance, property insurance, liability insurance and engineering, among many others. The report contains forecasts for all these segments is based on industry trends, growth drivers, existing opportunities and challenges for the industry is confronting. Besides this, the report also discusses recent legislative and macroeconomic developments and their impact on the South African insurance sector.

"South African Insurance Industry Forecast to 2013" is a comprehensive research report that includes quality research and thorough analysis of the insurance market in South Africa. It examines all the new market trends and recent developments in the market. The report will help clients to identify the leading options potential customer base, main players, their market, their business strategies and any other factors that determine the success of a new player in the South African insurance industry. Therefore the report gives detailed analysis and is aimed at making an impartial guidance to customers.