Non-Life Insurance Sector Overview

In the 2023/24 reporting cycle, 18 non-life insurance entities submitted reports to the FSTC. While participation levels vary from year to year, the submissions received continue to provide valuable insight into the sector’s transformation progress and performance trends.

The highest submission volume in recent years was recorded in the 2021–2022 reporting period, with 34 submissions. That cycle, however, also saw a higher number of non-B-BBEE compliant submissions, which influenced the sector’s weighted average performance at the time.

Performance Highlights

Encouragingly, the non-life insurance sub-sector has demonstrated recovery across all scorecard elements compared to the lower performance levels observed in the 2021–2022 period.

All priority elements performed comfortably above sub-minimum thresholds. Performance as a percentage of FSC targets was as follows:

• Ownership – 63.2%
• Skills Development – 55%
• Preferential Procurement – 56.8%
• Supplier Development – 63.9%
• Enterprise Development – 62.0%

These results reflect steady progress across key transformation pillars.

The elements with the most room for further improvement, measured as a percentage of target achieved, were:

• Access to Financial Services – 49.5%
• Management Control – 50.3%

These areas present opportunities for continued focus, particularly in expanding financial inclusion and strengthening leadership representation within the sector.

SAIA’s Commitment

SAIA remains committed to advancing meaningful and sustainable transformation in the non-life insurance industry. We thank all member companies that participated in the reporting process and contributed to strengthening accountability and transparency across the sector.

The full 2023/24 State of Transformation Annual Report can be accessed here.