Douw Steyn, visionary entrepreneur and insurance pioneer, dies at 72
Douw Steyn, the insurance titan who transformed the industry with innovative practices and an unwavering commitment to South Africa, has died at the age of 72. His extraordinary legacy will be remembered not only for the immense scale of the successful businesses he built spanning seven countries but also for his deep-seated dedication to the citizens of his homeland.
In 1975, Steyn established Steyn’s Insurance Brokers in Johannesburg, pioneering a novel approach to insurance with a monthly policy that combined coverage for both vehicles and home contents. He embraced the hustle of door-to-door campaigns to promote this groundbreaking service, foreshadowing his future as a pioneering entrepreneur.
After honing his skills in the South African market, Steyn ventured into the United States but soon returned, driven by the ambition to reshape how insurance was sold. In 1985, he made history by obtaining an insurance licence to sell motor insurance over the telephone – a concept that was revolutionary at the time. This bold move catalysed the birth of Auto & General Insurance in Johannesburg, fundamentally changing the purchasing landscape of insurance and setting a precedent for the industry globally.
The success of Auto & General sparked the inception of several notable South African financial service brands including Budget, 1st for Women, Dialdirect, 1Life, and the well-loved price-comparison platform Hippo.co.za. Under the umbrella of The International Holdings (TIH), these enterprises now stand as pillars of the local economy.
Steyn’s vision extended beyond South Africa. His emigration to the UK culminated in the establishment of BGL Group, the parent company of the renowned price comparison site Compare the Market. This venture laid the foundation for Auto & General’s Australian emergence in 2000, replicating the success he achieved on home soil.
In 2012, Steyn stepped down from his role as Executive Chairman, leaving behind a vast legacy comprising over 10,000 employees in more than 50 offices worldwide.
A close confidant of the late Nelson Mandela, Steyn opened his home to the former president upon his release from prison in 1990, providing him a sanctuary to pen "Long Walk to Freedom." Later transformed into the luxurious Saxon Hotel, Villas and Spa, Steyn’s home has become a global benchmark for boutique hospitality. Steyn’s profound respect for Mandela reflected a friendship that transcended business; he often referred to Mandela, affectionately known as ‘Madiba’, as a father figure. In 2005, Mandela lauded Steyn as “a great businessman and visionary, enriching South Africa with his skills and belief in its future.”
Steyn’s philanthropic endeavours were equally commendable. Through the Douw Steyn Family Trust, he recently pledged R370 million towards Covid-19 relief efforts, with R250 million earmarked for supporting feeding schemes in underprivileged communities. Steyn’s commitment to perseverance and uplifting those around him is evident in all facets of his life.
Steyn's most ambitious project, the creation of Steyn City, a sprawling 2000-acre residential development in northern Johannesburg, transitioned into a thriving community aiming for broad economic impact. The project stimulated over 28,000 job opportunities, prioritising employment for residents in neighbouring Diepsloot and Cosmo City, reflecting Steyn’s faith in South Africa’s future.
Steyn is survived by his wife, Carolyn, his three children and their families.