CAPE TOWN – KPMG has said that the country’s insurance industry was financially healthy last year and had shown resilience in weathering Covid-19 this year.
The auditing firm said in its South African Insurance Industry Survey that the pandemic had, however, forced the industry to reassess the risks it faces, adopt new ways of operating and accelerate its shift to digitisation.
KPMG said the industry reported gross written premiums (GWP) of R110.6 billion in 2019 – a 7.6 percent increase from the recorded performance in 2018. It said the top five companies that realised the growth were Santam, Hollard, Old Mutual Insure, Guardrisk and Renasa. The overall claims (loss) ratio was 58.9 percent from 55.3 percent in 2018.
KPMG partner for financial services Pierre Fourie said: “A further feature was the focus on reducing the