The United States Insurance Report considers the prospects for both life and non-life (property & casualty and health) insurers. What both segments have in common is that the major companies have been able to leverage a combination of strengths to remain profitable – and, in many cases – to grow quite rapidly in 2011: this has been face of enormous challenges.
The report identifies the major trends and themes in both the life and the non-life segments. It incorporates BMI’s latest economic forecasts and projections for relevant aspects of the US economy, such as spending on healthcare and registrations of automobiles. Crucially, the report places the US insurance sector in the context of all the other national markets that are surveyed by BMI.
The published results of the major life insurance companies confirm that they are major beneficiaries of the ongoing growth of organised savings in the United States, with growth in premiums written the norm. Some of the leading companies have posted double-digit growth in sales last year. Many have maintained levels of profitability (and, in the case of mutuals, increased dividend payments to policyholders) in spite of the low interest rate environment and periodic volatility in financial markets through H211. Although the level of profitability of the property & casualty companies has fallen to multi-year lows, the latest data, published in mid-April 2012 shows that the segment performed well in a year marked by low interest rates. The non-life insurance companies also had to contend with net losses and loss adjustment expenses (LLAE) in excess of US$35bn last year.
Relative to its peers in other developed countries, the US insurance sector continues to appear prospective in terms of its Risk/Reward Ratings. BMI envisages substantial growth in absolute terms through the forecast period, even if this is driven mainly by a rise in nominal GDP. The high levels of non-life penetration and life density indicate that both segments play a central role in risk management by households and businesses: the overwhelming majority of the organised savings solutions in the country are provided by life insurance companies, affiliates, or commercial partners. We would also emphasise that the overall sector has been strengthened by a regulatory regime that, overall, is very efficient and by the innovation of the insurance companies themselves.
Over the last quarter, BMI has made the following changes:
The detailed assessment of the performance of the entire property & casualty segment through 2011, published by the Property Casualty Insurers Association (PCI), has been incorporated into the discussion of trends and developments in the non-life segment.
The assessment of developments in the life segment now incorporates the extensive comments on conditions and trends published by the major companies (both listed and mutual) in their reports on 2011 and Q411.
Projections include the latest wave of data which points to broad-based growth across much of the US economy.
United States Insurance Report Q3 2012
Table of Contents
Executive Summary . 5 Key Insights On The US Insurance Sector .. 5 SWOT Analysis 7 US Insurance Industry SWOT 7 US Political SWOT 8 US Economic SWOT .. 9 US Business Environment SWOT ... 9 Life Sector .. 10 Developed States Life Sector Overview . 10 US Life Sector Update . 11 (US$mn).. 14 Life Industry Forecast Scenario 15 Growth Drivers And Risk Management Projections . 15 Population ... 15 Non-Life Sector .. 17 Developed States Non-Life Sector Overview . 17 US Non-Life Sector Update .. 19 Non-Life Industry Forecast Scenario ... 22 Growth Drivers And Risk Management Projections . 23 Macroeconomic Outlook .. 23 Political Stability Outlook 27 Healthcare ... 31 Epidemiology ... 33 Motor ... 36
Executive Summary . 5 Key Insights On The US Insurance Sector .. 5 SWOT Analysis 7 US Insurance Industry SWOT 7 US Political SWOT 8 US Economic SWOT .. 9 US Business Environment SWOT ... 9 Life Sector .. 10 Developed States Life Sector Overview . 10 US Life Sector Update . 11 (US$mn).. 14 Life Industry Forecast Scenario 15 Growth Drivers And Risk Management Projections . 15 Population ... 15 Non-Life Sector .. 17 Developed States Non-Life Sector Overview . 17 US Non-Life Sector Update .. 19 Non-Life Industry Forecast Scenario ... 22 Growth Drivers And Risk Management Projections . 23 Macroeconomic Outlook .. 23 Political Stability Outlook 27 Healthcare ... 31 Epidemiology ... 33 Motor ... 36
Wednesday, February 13, 2013
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South Africa Insurance Report Q2 2012
The latest results, in relation to 2011, published by South Africa’s life companies highlight their strengths and competitive advantages in a global context. Most have benefited from at least some of the following factors: rising demand for long-term savings products from ‘retail mass’ customers; development of new products; realization of benefits of long-standing programs to boost the profitability of the products that are sold, and synergies from combinations of businesses. Unlike their counterparts in other countries, they appear to have suffered relatively little from the volatility in global financial markets, which intensified through 2H11. In general, they are upbeat about the prospects of (much) smaller new businesses in other countries throughout Sub-Saharan Africa (SSA). Because of the peculiar history of South Africa, the life companies have enormous tolerance of emerging markets risk and particularly political risk. Compared to their counterparts in broadly comparable countries such as Taiwan (especially) or Israel, they have generally had to work with much smaller pools of organized savings. To a greater extent than their Taiwanese or Israeli peers, they have developed very substantial businesses in developed countries. In short, the combination of absolute size, financial strength, world-class corporate governance and orientation towards emerging and embryonic markets has served South African companies very well. Longer-term trends in the non-life segment are less inspiring. Although we think that it is reasonable to look for growth in gross premiums in 2011 that is (just) into double-digits, there does not appear to be any reason why non-life penetration should stop falling over the medium term. The non-life companies are working assiduously to control claims costs, to boost productivity, to develop new products, to exploit economies of scale and, if possible, to grow by acquisition. Like their counterparts in the life segment, they are looking at opportunities outside South Africa. However, for the medium term, they will likely continue to face downwards pressures on prices.
Overall, the strengths of both segments mean that we are optimistic about the medium- to long-term prospects of South Africa’s dynamic insurance sector. The Financial Services Board (FSB)’s solvency assessment and management (SAM) regime may require that some players strengthen their capital bases over the coming years. However, it is very difficult to imagine the problems will be insurmountable. We remain of the view that more high-profile deals, following the merger that produced MMI Holdings, could well occur.
Insurance Report of South Africa
Table of Contents
Executive Summary . 5 Key Insights And Key Risks . 5 SWOT Analysis 7 South Africa Insurance Industry SWOT . 7 South Africa Political SWOT . 8 South Africa Economic SWOT ... 8 South Africa Business Environment SWOT 9 Life Sector .. 10 Africa Life Sector Overview .. 10 South Africa Life Sector 11 Life Insurance Industry Forecast Scenario ... 13
Growth Drivers And Risk Management Projections . 14
Population ... 14
Non-Life Sector .. 16
Africa Non-Life Sector Overview .. 16
South Africa Non-Life Sector 17
Non-Life Insurance Industry Forecast Scenario ... 18
Growth Drivers And Risk Management Projections . 19
Macroeconomic Outlook .. 19
Political Stability Outlook 22
Healthcare ... 24
Health Insurance.. 25
Epidemiology ... 26
Motor ... 29
Islamic Finance 30
Insurance Risk/Reward Ratings ... 32
Competitive Landscape 34
Major Players In South Africa’s Insurance Sector 34
Company Profiles .. 38
Chartis . 38
Global Alliance 40
Guardrisk . 41
HDI-Gerling 42
Hollard 44
Liberty Life .. 45
MMI Holdings .. 46
Munich Re 47
Mutual & Federal 48
Nedgroup Life .. 49
Old Mutual ... 50
OUTsurance . 51
Sanlam . 52
Santam . 53
Zurich SA . 54
BMI Methodology ... 55
Insurance Risk/Reward Ratings 57
Overall, the strengths of both segments mean that we are optimistic about the medium- to long-term prospects of South Africa’s dynamic insurance sector. The Financial Services Board (FSB)’s solvency assessment and management (SAM) regime may require that some players strengthen their capital bases over the coming years. However, it is very difficult to imagine the problems will be insurmountable. We remain of the view that more high-profile deals, following the merger that produced MMI Holdings, could well occur.
Insurance Report of South Africa
Table of Contents
Executive Summary . 5 Key Insights And Key Risks . 5 SWOT Analysis 7 South Africa Insurance Industry SWOT . 7 South Africa Political SWOT . 8 South Africa Economic SWOT ... 8 South Africa Business Environment SWOT 9 Life Sector .. 10 Africa Life Sector Overview .. 10 South Africa Life Sector 11 Life Insurance Industry Forecast Scenario ... 13
Growth Drivers And Risk Management Projections . 14
Population ... 14
Non-Life Sector .. 16
Africa Non-Life Sector Overview .. 16
South Africa Non-Life Sector 17
Non-Life Insurance Industry Forecast Scenario ... 18
Growth Drivers And Risk Management Projections . 19
Macroeconomic Outlook .. 19
Political Stability Outlook 22
Healthcare ... 24
Health Insurance.. 25
Epidemiology ... 26
Motor ... 29
Islamic Finance 30
Insurance Risk/Reward Ratings ... 32
Competitive Landscape 34
Major Players In South Africa’s Insurance Sector 34
Company Profiles .. 38
Chartis . 38
Global Alliance 40
Guardrisk . 41
HDI-Gerling 42
Hollard 44
Liberty Life .. 45
MMI Holdings .. 46
Munich Re 47
Mutual & Federal 48
Nedgroup Life .. 49
Old Mutual ... 50
OUTsurance . 51
Sanlam . 52
Santam . 53
Zurich SA . 54
BMI Methodology ... 55
Insurance Risk/Reward Ratings 57
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