South African market 1999

South Africas non-life insurance industry saw a 6.5% growth in gross premium income in 1999, according to the latest annual report issued by the Registrar of Short-term Insurance, the regulatory authority for non-life business in South Africa. Based on adjusted figures, gross premiums for direct business in 1999 were R22.5bn (US$2.9mn), compared with R21.1bn in 1998. The report attributed the low growth rate in the industry to continuous pressure on premiums from overcapacity and fierce competition. Increased self-insurance by large companies was also cited as a possible contributory factor.