South Africa (The Republic of) Insurance Information

CIA link to demographic/economic data on the Republic of South Africa

General South Africa Insurance Information

• Compulsory Insurance:
  
  1. Workers’ Compensation;
  2. Third Party Automobile Liability;
  3. Unemployment Insurance.
• Non-Admitted Insurance:
  Prohibited unless coverage and / or capacity is not locally available and then only with permission of the authorities.
• Policy Wordings & Rates / Tariffs Controlled:
  Market agreements exist but wordings and rates are open to negotiation.
• Policy Language:
  Afrikaans and English.
• Policy Currency:
  rand (ZAR)
• Types of Insurance Restricted to Government Institutions:
  
• U.S. Dollar Insurance:
  
• Currency Restrictions / Exchange Controls:
  
• Policy Period:
  
• Cancellation Provisions:
  
• Premium Taxes, Stamp Duties & Other Fees Payable by Insured: There are no premium taxes payable by the insured although insurance premiums are subject to value added tax (VAT) at the rate of 14%. VAT also applies to Lloyd’s premiums.
• Insurance Companies:
  Insurance companies including Lloyd’s are required to pay each year a fixed percentage of their premium income to finance the operations of the Financial Services Board. The percentage, which varies each year, is a on sliding scale basis. The current levy is 0.08% of the first ZAR 60mn (US$8.98mn) of gross premiums plus 0.0185% thereafter or ZAR 8,000 (US$1,198), whichever amount is greater.
• Brokers:
  
• Brokerage Commissions:
  
• Broker of Record Letters:
  
• Reinsurance:
  
• Local Natural Hazards:
  
• Other Information:
  

Property Insurance

• Fire:
  
• All Risk:
  
• Coinsurance:
  
• Blanket Insurance:
  
• Business Interruption:
  
• Replacement Value:
  
• Fire Protection Credit:
  

Boiler & Machinery / Machinery Breakdown / Engineering

• Forms Available:
  

General / Public Liability

• Forms Available:
  
• Occurrence Basis:
  
• Claims Made:
  

Automobile / Motor

• Compulsory Limits BI & PD:
  
• Operators of Vehicles Insured:
  
• Passengers as Third Parties:
  

Workers’ Compensation

• Employee Subject to Act or Law:
  
• Extra-Territorial Benefits:
  
• Medical Expenses:
  
• Occupational Disease:
  

Marine

• Forms Available:
  Crime / Fidelity / Surety
• Forms Available:
  Accident, Health & Life
• Accident Forms Available:
  
• Government Health & Hospital Program: