South African billionaire and insurance pioneer Douw Steyn (pictured) has passed away at the age of 72. His businesses confirmed the news on Tuesday, although the cause of death was not disclosed. Steyn leaves behind his wife, Carolyn, and his three children, TJ, Louis, and Tanya, and their families.
Steyn was an exceptional entrepreneur, widely recognised for his groundbreaking contributions to the insurance industry and real estate development. His influence spanned seven countries and reshaped the way insurance was bought and sold worldwide.
Giuseppe Plumari from Steyn City Properties, who announced Steyn’s death in a statement said: “Douw leaves behind a legacy of unparalleled excellence, a legacy that will endure.”
Born in Brits, North West, in 1952, Steyn pursued his early education in Johannesburg. In 1975, he founded Steyn’s Insurance Brokers and pioneered the concept of a monthly insurance policy covering both cars and home contents. To promote this idea, he employed an innovative door-to-door leaflet distribution campaign.
After operating in South Africa for several years, Steyn explored the market in the United States. However, he returned to South Africa in 1985, having obtained an insurance licence that allowed him to introduce a global first – selling motor insurance over the telephone. This approach disrupted the traditional insurance model and led to the launch of Auto & General Insurance.
A&G’s success spurred the establishment of several other leading financial service providers in South Africa, including Budget, 1st for Women, Dialdirect, 1Life, and hippo.co.za, all housed under the Telesure Investment Holdings umbrella.
Steyn later expanded his business footprint to the United Kingdom, where he founded the BGL Group, the parent company of the price comparison website Compare the Market. In 2000, A&G was also launched in Australia to replicate its success in South Africa and the UK.
Steyn stepped down as executive chairman of his global business interests in 2012. Collectively, these businesses now employ more than 10 000 people across more than 50 offices worldwide. His success earned him a place on the 2024 UK Sunday Times Rich List, which estimated his net worth at R70 billion (£3bn), making him the 58th wealthiest person residing in the UK.
Visionary behind Steyn City
Beyond insurance, Steyn’s vision extended into real estate development. His dream of creating a “city within a city” became a reality with the launch of Steyn City, a 2 000-acre residential and lifestyle estate in northern Johannesburg. With more than R15bn invested in residential, commercial, and retail developments, Steyn City has become one of Africa’s premier luxury estates.
Steyn was committed to uplifting neighbouring communities such as Diepsloot and Cosmo City. The construction of Steyn City created more than 28 000 jobs for local residents.
Close friendship with Nelson Mandela
Steyn’s impact extended beyond business; he was a close friend of former South African President Nelson Mandela. Following Mandela’s release from prison in 1990, Steyn welcomed him into his Saxonwold home in Johannesburg, where the statesman completed his autobiography, Long Walk to Freedom. This home was later transformed into the prestigious Saxon Hotel, Villas, and Spa, which has frequently been named the World’s Leading Boutique Hotel.
Steyn also shared his passion for wildlife conservation with Mandela. He established the Shambala Private Game Reserve in the Waterberg mountains, where Mandela had a dedicated villa to retreat in peace and solitude.
Steyn described Mandela as a father figure, while Mandela, in turn, regarded Steyn as a valued friend. In a statement issued in 2005, Mandela praised him as “not only a great businessman and visionary, but one of South Africa’s most successful entrepreneurs who enriched the country with his business skills and who always believed in South Africa’s future as a country of opportunity”.
Commitment to philanthropy
Steyn contributed significantly to various philanthropic causes through the Douw Steyn Family Trust and his business ventures.
During the Covid-19 pandemic, he pledged R370 million towards relief efforts. This included R50m for the National Solidarity Fund, R250m for feeding schemes in Diepsloot, Cosmo City, and other communities, and up to R70m to support small businesses.
