South Africa: Insurance industry update - February 2024

In South Africa, the insurance industry as a whole is robust, solvent, and liquid. Fortunately last year, no new curatorships emerged, although some persist, mired in legal battles. In this market update, we take a look at the following topics as we move deeper into 2024: 

• Product, performance, and embedded value under International Financial Reporting Standard 17 
• Levelling the playing field: Increasing microinsurance waiting periods
• Artificial intelligence applications and model failures
• Understanding the consequences of regulatory violations under two key laws
• Risk margin relief for EU and UK insurers
• Prudential Authority update: Government bond curve review