PRZOOM - /newswire/ -
Delhi, New Delhi, India, 2006/10/19 - Increasing number of hijackings and car thefts in South Africa is amongst the main reasons behind the sudden boom in the insurance sector in the country..
Hijacking has reached at its peak during the last 5 years, with tracking companies and insurance firms citing a rise of 30 percent this year (2006). There was a dramatic rise in the number of hijackings from 12434 in the years 2004-05 to more than 15846 that was recorded in 2005-06, due to the renewed assault on motorists, according to the independent figures obtained by Sunday Times from insurance and car-tracking companies.
As per Vesa (Vehicle Security Association of South Africa), which monitors and tests the security systems for vehicles on SA roads, these hijackings’ cost is crippling. Motorists collectively suffered a loss of about R1.5 Million a day due to these car thefts and hijackings.
“South Africa Insurance Industry Analysis (2006-2009)” a recently published market research report published by RNCOS provides extensive research and objective analysis on the growing insurance industry, its product quality, and services in South Africa.
As per the report, “Orbtech- a tracking company- reported an increase of 28% in hijackings in the first half of 2006, in comparison to the second half of 2005. Hijackings amongst its subscribers rose from 989 to 1270 during 2005. Hollard Insurance reported an increase of 30-40% in hijackings during March to June and an increase of 20-30% during July and August compared with the same months last year (2005). Another insurance company, Santam, recorded an increase of 16% from March to June this year (2006).”
RNCOS report on Insurance Sector in South Africa addresses the following issues and facts:
- Marketing strategies of the players in this industry
- Driving forces behind the growth of the Insurance Sector in South Africa
- Demographic factors like birth and death rates affect the Chinese insurance market
- Opportunity and challenges to sustain in the future Insurance market in South Africa
- Most potential areas for investments in insurance.
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