South African general insurance market to top $13bn

Written by Michael Griffiths

17/12/2025

South Africa’s general insurance industry is estimated to be worth $13.2bn by 2030, according to figures published by GlobalData.

The data and analytics company said the South African insurance market will grow at a compound annual growth rate (CAGR) of 7.4%, increasing from $10.8bn in 2026, in terms of gross written premiums (GWP).

GlobalData’s insurance database indicated that the general insurance market in South Africa is estimated to register an annual growth of 7.7% in 2025. The firm said this has been driven by the growth in motor and property insurance, which together are expected to contribute 83.7% of the country’s general insurance GWPs.

Factors such as robust premium price across lines, product innovation, technology-driven underwriting, rising sales of electric vehicles (EVs) and climate change-led catastrophic events will also support the growth of the South African market over the next five years.

“General insurers in South Africa benefited from disciplined underwriting, fewer major catastrophe events, and stronger investment income, which collectively lifted profitability,” commented senior insurance analyst at GlobalData, Swarup Kumar Sahoo.

“South Africa’s general insurance industry enters the next cycle with strengthened capital, accelerating product innovation, and clearer public private alignment on climate and infrastructure risks.

“As stakeholders collaborate to close the protection gap, the sector is better positioned to deliver timely claims, sustainable pricing, and long term market growth.”

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