South Africa is a country with 56.7 million population on the southernmost tip of the African continent. Its national currency is the South African rand.

The South African insurance market is a leader in the region in terms of development. It is also very competitive given a large number of domestic and foreign insurers present on the market. New regulations and InsurTech offerings are expected to have a positive influence on the industry’s future, whereas low average income rates are going to have an unfavorable impact.