Two sides to the story.

The South African insurance industry is small. Players have to fight hard for market share, while the economy and wealth of the people grow slowly. The local and foreign insurers plan to grow and maintain pricing discipline amidst various pressures in this compact, competitive environment. The stark contrast between rich and poor is an everyday sight in South Africa. The Central Intelligence Agency estimates that at least 50 percent of the country's total population of 43 million earn less than $1 a day. And the South African Ministry of Labour estimates that in 2002, only 16 million South Africans were economically active—in other words, earning and spending money. INSETS: Close to the market;Spreading their wings.