South African billionaire businessman Douw Steyn has died at the age of 72. Steyn, an influential entrepreneur, built a global business empire spanning insurance, property, and hospitality across seven countries.
As of 2024, his net worth was estimated at R70 billion, according to the UK Sunday Times Rich List. Steyn’s career began in 1975 when he founded Steyn’s Insurance Brokers in Johannesburg, where he introduced a revolutionary policy combining car and home insurance.
He later expanded his operations internationally, initially entering the US market before returning to South Africa in 1985. There, he launched Auto&General Insurance, becoming the first to sell motor insurance over the phone, a move that transformed the global insurance industry. This success led to the creation of several prominent South African financial brands, such as Budget, 1st for Women, Dialdirect, 1Life, and hippo.co.za, all under the TIH umbrella.
Steyn relocated to the UK, where he founded the BGL Group, the parent company of price comparison website Compare the Market. In 2000, the group launched Auto&General in Australia to replicate the success it had achieved in South Africa and the UK.
In 2012, Steyn stepped down as Executive Chairman of his global business interests, which now employ over 10,000 people across more than 50 offices worldwide.
One of Steyn’s final major projects was the creation of Steyn City, a 2000-acre residential estate in northern Johannesburg, reflecting his vision of a “city within a city.”
Steyn was also known for his philanthropy, including a R370 million donation for COVID-19 relief. His contributions included R50 million to the National Solidarity Fund, R250 million for feeding schemes in underserved areas, and a R70 million relief fund for small businesses.
