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The South African Insurance Industry Survey 2015 August 2015 FINANCIAL SERVICES The South African Insurance Industry Survey 2015 August 2015 kpmg.co.za To be inspired is great, to inspire is incredible anonymous incredible is inspire to inspired great, is To be The South African Insurance Industry Survey 2015 TORY THE HISTORY of insurance describes the development of the modern business of insurance against risks, especially regarding cargo, property, death, automobile accidents, and medical treatment. The industry helps to eliminate risks, spreads risks from the individual to the larger community, and provides an important source of long-term finance for both the public and private sectors. The South African Insurance Industry Survey 2015 | 1 CCONTENTSONTENTS 3 INTRODUCTION 5 OUTLIERS AND THE ABSURD 9 REAL DESIRE TO REFORM – RDR SHOULD INSPIRE US TO INNOVATE 15 STRATEGIES TO DRIVE DIGITAL CHANNELS 21 ARE WE SERIOUS ABOUT TAX RISK MANAGEMENT? 27 PUTTING NUMBERS TO THE BLOCKS 39 FINANCIAL CONGLOMERATE (GROUP) SUPERVISION IS COMING SOON TO SOUTH AFRICA 45 POLITICAL RISK – IT CAN’T BE AVOIDED AND SHOULD BE MANAGED 51 HOW WILL THE NEW REVENUE STANDARD IMPACT THE INSURANCE INDUSTRY? 55 SHIFTING OF POWERS 63 THE INDUSTRY FACES BEE DOWNGRADES 69 INSURANCE IN AFRICA 69 INSURANCE HAS A BIG ROLE TO PLAY IN AFRICA’S GROWTH, STARTING NOW 81 BUILDING AN AFRICAN INSURANCE GIANT 87 XENOPHOBIA AND ITS IMPACT ON OUR ECONOMY 91 SHORT-TERM INSURANCE INDUSTRY 115 LONG-TERM INSURANCE INDUSTRY 137 REINSURANCE INDUSTRY 2 | The South African Insurance Industry Survey 2015 The Sutherland TelescopeTelescopeThe Southern African Large Telescope (SALT) is the largest single optical telescope in A part of theBIG southern hemisphere and among the WILLPOWERlargest in the is world. SALT is situated at the South African havingAstronomical something Observatory (SAAO) field station near the small town of Sutherland, to inASPIRE the Northern Cape province. TO, SALT is funded by a consortium of international somethingpartners from South Africa, to the United States, Germany, Poland, India, the United LIVE FOR.Kingdom and New Zealand. The South African Insurance Industry Survey 2015 | 3 INTRODUCTION Antoinette Malherbe Gerdus Dixon INTINTRORODUCTDUCTIOION N Director Director Editor National Head of Insurance [email protected] [email protected] It is once again with great pleasure and pride that the These are only a few of the topics featured in this year’s edition. KPMG Insurance Survey is unveiled – and in the 2015 edition, we As always, we have included and analysed the financial results of the year gone by are celebrating the uniqueness of South Africa and its continued for the short-term insurance, long-term insurance and reinsurance industries. ability to inspire. We have made every effort to ensure that the content in this publication is fresh, relevant and thought provoking. We trust that you will find this publication Our connectivity with the market has ensured that the thought leadership that we insightful and we invite you to contact us should you require any additional share in this issue is topical, interesting, inspiring and most importantly, what you information or assistance. want to read. This year’s edition kicks off with a light-hearted look at the slightly more bizarre aspects of insurance – some of these alternative insurance products could be the inspiration for your next growth initiative. Our regulatory topics this year focus on market conduct facets as we take a closer look at the successes and challenges of the Retail Distribution Review implementation in the United Kingdom, as well as the aspects to consider in terms of the supervision of financial conglomerates. If regulation in other African territories is It always something you are considering as part of your expansion plans, we may have some answers for you in our Africa regulatory piece. seems On the accounting side, we explore the impact of IFRS 4 Phase 2 by ways of a impossible detailed example using the building block approach – keep your calculator handy when you read this article! We also raise the question on the applicability of IFRS 15 until (the new revenue standard) on the insurance industry. In our Africa section, we have included a broad-brush review of the insurance IT IS DONE. industry in some of the African regions. We further report on the latest expansion initiatives and aspirations of some of our local players. On a more serious note, we NelsonMandela evaluate the impact that the recent spate of xenophobic attacks has had on our economy as well as how South Africans are protected against political risk. 4 | The South African Insurance Industry Survey 2015 MarkMark SShuttleworthhuttleworth Shuttleworth became the first citizen of an independent African country to travel to space South African born Mark Richard A BIG part of WILLPOWER part isof is having something A BIG to ASPIRE TO, something to WILLPOWERLIVE FOR. having something to ASPIRE TO, something to LIVE FOR. The South African Insurance Industry Survey 2015 | 5 OUTLIERS Derek Vice Senior Manager Financial Services AND THE ABSURD [email protected] Whether you are in product development or a risk officer After the big day, life carries on. Kids come along and then nappies and school fees. considering the completeness of your risk universe, one place Many responsible parents, who want to provide for their children if anything should go wrong, already have life policies. However, the Love UMA could also provide to look for inspiration is to the outliers and the absurd. We cover against other parental surprises. I have one little boy. He is fantastic and I love have done some research on the stranger side of insurance him. So naturally, I would not mind having a second child. But what if two turns into and we can confidently say people insure against some very three or four… or five? Insurance against such surprises is a logical next step and already sold by Lloyds of London2. strange things. Many are just good for a laugh, but a few might We have all heard about the increasing rate of twins. You have probably wondered be worth considering especially in the current tough trading about what the chances of having twins actually are. Recent UK statistics suggest conditions and market saturation. Expect to see appearances that approximately 1.5% of British pregnancies result in multiples3. In the United from the Love UMA, asteroids, aliens, Hollywood superstars States, this number is higher at around 3.3%4. Both sources agree that the probability has increased by over 50% in the last few generations. The increase is is and the supernatural. part of mainly attributable to both age (with 35 being the magic number) and fertilisation treatment. There is a positive correlation for various other factors: family history; The Love UMA a history of twin births; number of pregnancies; and size. Yes, you read that right As Hugh Grant says in Love Actually “if you look for it, I’ve got a sneaky feeling – taller and bigger women tend to have more twins. Good things to be aware of you’ll find that love actually is all around.” However as the movie goes on to show, when doing your underwriting. Interestingly the probability of having identical Cupid’s arrows are random. So why not insure against losing the love of your life? twins has remained constant at about 1 in 285. Whatever the case, these are high We already have death benefits and life policies. Not surprisingly, there are a host probabilities. The probabilities cited above are probably higher than vehicle accident of other “lost lover” potions. Wedding Insurance is one. Most of these policies statistics. However, the policyholder would only be “on risk” for a shorter period. BIG cover the fixed costs of a wedding. Imagine that perfect rose garden was destroyed by hail. Alternatively, they can cover the cost of trauma therapy due to a run-away For six years, Britishinsurance.com insured a group of women against the Immaculate A 5 bride. Furthermore, there is more than one instance of a wedding dress catching Conception . These responsible ladies were concerned that they would not be able fire1. Perhaps what the market needs is a Love UMA. to provide for their new families should such a miracle occur. They planned and took out insurance against such an eventuality. Something the Love UMA would need to consider in the twins, triplets and quintuplets insurance policy wording. 1 www.listverse.com 2 www.toptenz.net 3 www.twinsuk.co.uk 4 www.babycentre.com WILLPOWER 5 www.toptenz.net having something to ASPIRE TO, something to LIVE FOR. 6 | The South African Insurance Industry Survey 2015 Asteroids estimated that there might be as many as one million intelligent civilisations in our Turning our gaze on the heavens, you might also have wondered about whether you galaxy. More recently and with better information, these estimates have decreased should take out insurance against an asteroid impact. Hollywood has made enough dramatically. Michael Shermer of Skeptic magazine recently put the number for our money from the idea that some people have decided there might just be a real need galaxy below one. Still ours is not the only galaxy that exists so chances remain that for asteroid impact insurance! It sounds crazy, but on 15 February 2013 an asteroid intelligent life might exist beyond our blue planet. Whether intelligent life would impact over Chelyabinsk in Russia left more than 1,000 people injured6. “Asteroids abduct Americans to experiment on them is another question. as small as 131 feet – less than half the size of a (rugby) field – have the potential Clearly, there is a possibility. Putting it on your risk register might not go down 7 to level a city.
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