Finaccord’s report titled Bancassurance in South Africa: Current State and Future Perspectives to 2020, plus the PartnerBASE™ and market data file that accompany it, provides comprehensive and detailed insights into the prospects for bancassurance in South Africa.
In addition to offering a review of key macro-economic metrics in South Africa, the research also provides a background to the banking sector through the following information: identification of the ten largest banks by number of retail banking customers; data to illustrate the development of the banking market including number of fully-licensed banks, deposit accounts, branches and ATMs and how each of these have developed since 2005; and review of the value and growth of the consumer mortgage and non-mortgage lending market.
The research then focuses specifically on bancassurance with commentary in several areas: the regulatory environment and general importance of banks as an insurance distribution channel; the insurance product range, operating models and bancassurance partnerships of the ten leading banks; and future outlook for the value of the life and non-life insurance market of South Africa through to 2020.
This research can be used in one or more of the following ways:
understand the degree to which leading banks are involved in bancassurance in South Africa, the policy types that they promote and how they organise these insurance products;
assess the approaches to this activity of Absa, African Bank, FNB, Go Banking, Investec, Mercantile Bank, Nedbank, Standard Bank, uBank and WesBank;
appreciate the regulatory background to bancassurance in South Africa and the extent to which banks can expand their distribution share of life and non-life insurance in future;
evaluate other factors that determine whether bancassurance is a viable long-term insurance distribution option including trends in life expectancy, population age structure, urbanisation, political stability and regulatory quality.
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Finaccord is a market research, publishing and consulting company specialising in insurance and other financial services. Finaccord is part of Aon Global Operations SE Singapore Branch.