Perception towards Insurance Products Changing in South Africa

In South Africa, long-term insurance sector is witnessing positive growth on back of rising consumer awareness and increasing confidence in insurance products and services, says RNCOS.

NOIDA, India (prHWY.com) March 2, 2012 - The insurance industry of South Africa is the most developed one in the entire African continent. Due to high costs and poor treatment of customers in the past, the sector has witnessed increased regulatory intervention. As per the findings of a new research report by RNCOS, perceptions towards insurance products and services are now quite positive in the country as they provide better protection from risk, and are safer and more reliable. On functional level, an insurance product in the country is mainly associated with funeral cover as many South Africans see death in the family, funeral expenses and loss of main income earner as key threat to their livelihoods.

According to "South African Insurance Industry Forecast to 2013", South Africa accounts for the majority share in Africa's total insurance business. Despite global financial crisis, the country's long-term insurance sector has continued to witness a positive growth. It registered a healthy growth rate during 2010. With the rising awareness and increasing consumer confidence in insurance products and services, the long-term insurance sector in South Africa is anticipated to grow at a CAGR of around 8% during 2011-2014.

The report analyzes individual life insurance plans, group schemes and pension funds, and covers various segments of short-term insurance market, namely motor, property, liability, engineering, and accident & health insurance. Additionally, it identifies key players, both domestic and international, in the country's insurance market and presents their detailed business description. Emerging trends, such as reinsurance and micro insurance, which will decide the industry's future growth, have also been included in the comprehensive study. Overall, the report aims at helping clients in evaluating the opportunities critical to the success of the sector.

For FREE SAMPLE of this report visit: http://www.rncos.com/Report/IM206.htm

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Check Related REPORTS on: http://www.rncos.com/Banking&Insurance.htm

About RNCOS

RNCOS specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals analyze the industry and its various components, with a comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the intending consultants in meeting their objectives in a cost-effective and timely manner.

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Tag Words: long term insurance

Categories: Insurance

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