South African billionaire Douw Steyn dies

 ·4 Feb 2025

South African billionaire businessman Douw Steyn has passed away at the age of 72.

Steyn was an exceptional entrepreneur who built a global business of immense scale across seven countries, including ventures in insurance, property and hotels.

In 2024, his estimated net worth was R70 billion, according to the UK Sunday Times Rich List.

In 1975, Steyn founded Steyn’s Insurance Brokers in Johannesburg. He saw the potential of a monthly policy that covered both cars as well as home contents.

After operating in South Africa for a number of years, Steyn set his sights on the US market. However he returned to South Africa in 1985 after obtaining an insurance licence that allowed him to pioneer a global first – to sell motor insurance over the telephone.

This disrupted the global insurance landscape, and resulted in the launch of Auto&General Insurance in Johannesburg.

At the time, the concept of telephonic insurance was totally unique but Steyn, through Auto&General, changed the way insurance was bought and sold and shaped the entire insurance industry.

Auto&General’s success resulted in the launch of some of South Africa’s leading financial service providers including Budget, 1st for Women, Dialdirect, 1Life and hippo.co.za. These brands are housed under the TIH umbrella.

Douw Steyn in Steyn City

Steyn later moved to the UK – a move that resulted in the establishment of the BGL Group, the parent company of the well-known price comparison website, Compare the Market.

In 2000, the Group launched Auto & General in Australia to replicate the success of its businesses in South Africa and the UK.

Steyn stepped down as Executive Chairman of his global business interests in 2012. Collectively, these businesses now employ over 10,000 people, who are based in over 50 offices globally.

More recently, Steyn’s dream of building a city within a city materialised with the launch of Steyn City, a 2000 acre residential and lifestyle estate in northern Johannesburg.

Steyn has been involved in various philanthropic pursuits, and recently, through the Douw Steyn Family Trust and the companies he founded, pledged R370 million to assist coronavirus relief efforts.

R50 million went towards the National Solidarity Fund, R250 million went towards supporting feeding schemes in Diepsloot, Cosmo City and beyond, and a relief fund of up to R70 million was put in place to support small-businesses.

Steyn is survived by his wife, Carolyn, his three children and their families.

Douw Steyn’s ‘palace’ in Steyn City
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