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(From Reinsurance)
According to official statistics from the Life Offices' Association of South Africa, the South African life-insurance market is ranked highest worldwide for insurance penetration relative to gross domestic product (GDP), showing premiums at 15.2% of GDP in the year 2004. The market is also heavily consolidated with the number-one life company, Old Mutual, with an estimated 30% of life premiums, followed by Sanlam. Other major life insurers are Liberty, Momentum and Discovery Life.
Aggressive market segmentation is another characteristic of the market, with sales channels, product ranges, benefit design and pricing being ...