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World InsuranceThe Evolution of a Global Risk Network$
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Peter Borscheid and Niels Viggo Haueter

Print publication date: 2012

Print ISBN-13: 9780199657964

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780199657964.001.0001

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South Africa: Leading African Insurance

South Africa: Leading African Insurance

Chapter:
(p.325) Chapter 14 South Africa: Leading African Insurance
Source:
World Insurance
Author(s):

Grietjie Verhoef

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199657964.003.0014

This chapter traces the history of the South African insurance industry. The first South African insurance company to be founded in Cape Colony was the Zuid-Afrikaansche Brand en Levensversekering Maatschappij in December 1835. A decade later this was followed by the formation of the South African Mutual Life Assurance Society in 1945, which modelled itself on the Scottish Equitable Mutual Life Assurance Society, which was later called Old Mutual. The general growth in the sector continued until by 1861, more than twenty insurance companies operated in the Cape. After the mineral discoveries in the late 1860s, many UK companies extended their business to Johannesburg, while Australian, American, and New Zealand insurance concerns also sought benefit from the rapidly growing urban population and the high risks associated with the mining industry. By the turn of the century, more than fifty foreign insurance companies were doing business in the Cape alone.

Keywords:   South African insurance industry, insurance companies, insurance history, Zuid-Afrikaansche Brand en Levensversekering Maatschappij, Scottish Equitable Mutual Life Assurance Society

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