South African insurance market: turnover increase in 2024

According to data released by the South African Reserve Bank's Prudential Authority, the South African insurance market recorded a 7.3% increase in turnover in 2024. The figure climbed from 880.614 billion ZAR (47.622 billion USD) at the end of 2023 to 944.908 billion ZAR (51.931 billion USD) a year later.

The life insurance segment, which continues to dominate the market, generated 720.044 billion ZAR (39.571 billion USD) in premiums, marking an increase of 6.9% compared to 673.360 billion ZAR (36.420 billion USD) in 2023.

Meanwhile, non-life premiums grew by 8.5%, rising from 207.254 billion ZAR (11.202 billion USD) in 2023 to 224.864 billion ZAR (12.36 billion USD) in 2024.