This report explores global and South African Long-Term Insurance markets, focusing on historical performance, forecasts, policy types, and demographic drivers. It highlights digital transformation, product customisation, and innovations in AI and insurtech.
With insurer profiles, premium structures, and investment performance analysis, the report helps stakeholders align with evolving client expectations, regulatory requirements, and long-term value creation strategies in the life and investment-linked insurance landscape.
Stronger-than-expected global economic growth, combined with high interest rates, has led to a 1.3% increase in the value of the Long-Term Insurance market in South Africa. These conditions have created a favourable operating environment in 2024, with expectations of continued growth into 2025. Insurers, both global and local, are capitalising on this momentum by introducing customised, flexible Long-Term Insurance products and services.
In South Africa, culturally sensitive and family-focused offerings are on the rise. Metropolitan Life’s Shembe partnership, Bidvest Life’s enhanced FMI Individual product, and FNB’s Life & Legacy Plan reflect a shift toward inclusive, flexible coverage. Campaigns like 1Life’s Changes also target younger consumers through relatable digital storytelling.
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