FINANCIAL SERVICES BOARD INSURANCE DEPARTMENT
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1 FINANCIAL SERVICES BOARD INSURANCE DEPARTMENT SPECIAL REPORT ON THE RESULTS OF THE LONG-TERM INSURANCE INDUSTRY FOR THE PERIOD ENDED MARCH 6 June
2 1 SPECIAL REPORT ON THE RESULTS OF THE LONG-TERM INSURANCE INDUSTRY Industry results - Typical insurers (typical insurers, for the purpose of this report, are those insurers who offer most of the six classes of business as defined in the act, in the primary market). typical insurers for the year ended and for the three months ended. Net premiums- Recurring R'm Net premiums- Non-recurring R'm Claims (as % of net Commission (as % of net Investment yield %* 16 0 Number of policies increase (yr to yr) 14 8 Individual lapse %** Individual termination %** Individual contractual termination %** Fund & group schemes termination %** CAR cover ratio (median) Car cover ratios - Typical insurers Covered 1-2 times 2 3 Covered 2-5 times Covered 5-10 times 4 4 Covered 10+ times 6 5 Total 30 31
3 2 Industry results - Niche insurers (niche insurers, for the purpose of this report, are those insurers who conduct business in a specific target market). niche insurers for the year ended and for the three months ended. Net premiums- Recurring R'm Net premiums- Non-recurring R'm Claims (as % of net Commission (as % of net Investment yield %* 11 1 Number of policies increase (yr to yr) Individual lapse %** Individual termination %** Individual contractual termination %** 0 0 Fund & group schemes termination %** 7 14 CAR cover ratio (median) Car cover ratios - Niche insurers Covered 0-1 times 1 1 Covered 1-2 times 1 1 Covered 2-5 times 1 1 Covered 5-10 times 0 2 Covered 10+ times 5 3 Total 8 8
4 3 Industry results - Link investment insurers (link investment insurers, for the purpose of this report, are those insurers who underwrite policies whereby the value of the policy is directly linked to the value of the assets invested in, and no guarantees are offered). link investment insurers for the year ended and for the three months ended. Net premiums- Recurring R'm Net premiums- Non-recurring R'm Claims (as % of net Commission (as % of net Investment yield %* 19 0 Number of policies increase (yr to yr) Individual lapse %** 2 1 Individual termination %** Individual contractual termination %** 1 2 Fund & group schemes termination %** CAR cover ratio (median) Car cover ratios - Link investment insurers Covered 1-2 times 0 0 Covered 2-5 times 0 1 Covered 5-10 times 0 1 Covered 10+ times Total 11 12
5 4 Industry results - Cell captive insurers (cell captive insurers, for the purpose of this report, are those insurers who conduct business on a cell captive basis only). cell captive insurers for the year ended and for the three months ended. Net premiums- Recurring R'm Net premiums- Non-recurring R'm Claims (as % of net Commission (as % of net Investment yield %* 4 0 Number of policies increase (yr to yr) - - Individual lapse %** Individual termination %** Individual contractual termination %** Fund & group schemes termination %** 19 0 CAR cover ratio (median) Car cover ratios - Cell captive insurers Covered 1-2 times 1 0 Covered 2-5 times 0 1 Covered 5-10 times 1 0 Covered 10+ times 1 3 Total 3 4
6 5 Industry results Reinsurers (reinsurers, for the purpose of this report, are those insurers who conduct only professional reinsurance and are not involved in marketing to the public). reinsurers for the year ended and for the three months ended. Net premiums- Recurring R'm Net premiums- Non-recurring R'm Claims (as % of net Commission (as % of net Investment yield %* 16 2 Number of policies increase (yr to yr) - - Individual lapse %** 61 - Individual termination %** 0 - Individual contractual termination %** 0 - Fund & group schemes termination %** 0 - CAR cover ratio (median) Car cover ratios - Reinsurers Covered 1-2 times 2 2 Covered 2-5 times 3 2 Covered 5-10 times 1 2 Covered 10+ times 0 0 Total 6 6
7 6 Industry results - Assistance insurers (assistance insurers, for the purpose of this report, are those insurers who offer life policies where the sum assured does not exceed R10 000). assistance insurers for the year ended and for the three months ended. Net premiums- Recurring R'm Net premiums- Non-recurring R'm 2 1 Claims (as % of net Commission (as % of net Investment yield %* 9 0 Number of policies increase (yr to yr) Individual lapse %** Individual termination %** Individual contractual termination %** 7 24 Fund & group schemes termination %** CAR cover ratio (median) Car cover ratios - Assistance insurers Covered 0-1 times 0 1 Covered 1-2 times 1 0 Covered 2-5 times 3 3 Covered 5-10 times 1 1 Covered 10+ times 1 1 Total 6 6
FINANCIAL SERVICES BOARD INSURANCE DIVISION
Page1 FINANCIAL SERVICES BOARD INSURANCE DIVISION THE QUARTERLY REPORT ON THE RESULTS OF THE LONG-TERM INSURANCE INDUSTRY FOR THE PERIOD ENDED 31 Page2 TABLE OF CONTENT SPECIAL REPORT ON THE RESULTS OF
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