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Munich Re and Hannover Re control 60% of the South African reinsurance market
November 24, 2021
According to KPMG, the South African reinsurance market is dominated by Munich Reinsurance Company of Africa and Hannover Re Group (Hannover Reinsurance Africa and Hannover Life Reassurance Africa).
These three companies alone account for 60% of the sector's turnover reported in 2020.
Ranking of South African reinsurers per 2020 market shares
| Reinsurers | Market shares | |
|---|---|---|
| 2020 | 2019 | |
| Munich Reinsurance Company of Africa | 42% | 38% |
| Hannover Reinsurance Africa Hannover Life Reassurance Africa | 18% | 20% |
| Swiss Re Africa | 18% | 19% |
| General Reinsurance Africa | 11% | 11% |
| African Reinsurance Corporation (South Africa) | 6% | 8% |
| Scor Africa | 5% | 4% |
Read also | Reinsurance in Sub-Saharan Africa