Rising Cases of Hijackings in SA leads to 30 percent Increase in Insurance
Released on = October 19, 2006, 4:46 am
Press Release Author = RNCOS
Industry = Financial
Press Release Summary = 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.
Press Release Body = 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.
About RNCOS:
RNCOS, incorporated in 2002, provides Market Research Reports for your business
needs and aims to put an end to your information pursuit. Our expertise in gathering
global business information for industry research, corporate training, growth
consulting, and business consulting, brings reputed companies and firms to us for
business enhancement solutions. We can be your one-stop-shop for Industry research
information and niche market analysis.
To purchase your copy: http://www.rncos.com/Report/IM075.htm
For more information about the report please visit www.rncos.com
To get the latest news on Insurance Sectors worldwide, please visit our newly
launched blog section at http://www.rncos.com/Blog/banking.html
Web Site = http://www.rncos.com
Contact Details = RNCOS
Shushmul Maheshwari
Head of Business Development
29, 1st Floor, Patparganj Industrial Area, Delhi 92
91-11-4214-1229
info@rncos.com
2009
