Trevor Manuel

South African life assurance industry’s Hiroshima

Trevor Manuel

December 14, 2005

Her face was one big snarl. Although dutifully recording my responses her whole look shouted out: who do you think you are, you upstart know-nothing? Actuaries, doctors, other people infinitely smarter that you have calculated our commission structures. Who are you to criticize them?

This was 1984, the year of Orwell’s Big Brother. The power of life offices was at its zenith. A time before Robin McGregor sold out to the Evil Empire, when he still railed about four groups controlling 80% of corporate South Africa. And how three of them were assurance companies.

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