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The South African Insurance Industry Survey 2016 | 139
Life
RGA RE
SCOR RE
GENERAL RE
HANNOVER RE
MUNICH RE
500,00 1 000,00 1 500,00 2 000,00 2 500,00 3 000,00
Millions
2014
2015
The South African reinsurance industry (based on South African reinsurers The business lost to foreign markets is mainly in the facultative reinsurance space.
participating in our survey) recorded GWP of ZAR 17.8 billion for the 2015 year Globally the reinsurance market is in a soft cycle, spurred on by the introduction
(2014: ZAR 17.5 billion). The growth of only 2% is far lower than the growth rate of pension fund capital. More business is being written out of the London market.
of the primary insurance industry, indicating that larger parts of local primary There is sufficient capacity on offer, as well as diversification benefits for these
insurance are placed directly with foreign reinsurers or are retained for the net players. Direct writers are optimising their reinsurance and ceding less business.
account. The life reinsurance market experienced a 10% increase in terms of For example, non-proportional cover is outselling proportional cover.
GWP and the non-life reinsurance market, experienced a 5% decrease.
