According to the General Household Survey, 2023, released by Statistics South Africa:
- Average Household Size: The typical South African household consists of approximately 3.2 members.
- Single-Person Households: Over a quarter (26.5%) of households are single-person homes.
- Small Households Dominance: More than three-quarters (87%) of households have four to five members or fewer.
- Larger Households: Only 13% of households contain six members or more.
Tailored Insurance Products:
- Single-Person Policies: With over a quarter of households being single-person, there is a significant market for individual insurance products tailored to single adults. This could include health insurance, personal accident insurance, and income protection.
- Family Policies: Given that the majority of households consist of four to five members, insurance products designed for small to medium-sized families, such as comprehensive family health plans, life insurance with family coverage, and household contents insurance, would be highly relevant.