Douw Steyn, the celebrated South African entrepreneur, property developer, and insurance pioneer, dies at the age of 72 after a prolonged period of declining health.
Steyn’s legacy of business innovation
Renowned for his entrepreneurial acumen, Steyn built a business empire that spanned seven countries. His success story began with the launch of Auto & General Insurance, a groundbreaking venture that disrupted the traditional insurance market in South Africa.
Steyn’s journey in the insurance industry started in 1975 when he established Steyn’s Insurance Brokers in Johannesburg, promoting innovative policies that combined car and home content coverage. After a stint in the United States, he returned to South Africa in 1985 and obtained an insurance license to sell motor insurance over the phone. This pivotal moment led to the creation of Auto & General Insurance and transformed the insurance landscape.
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Mzansi billionaire Douw Steyn dies-Image SOurce@StartupMagExpansion into Global Markets
After achieving remarkable success in South Africa, Steyn expanded his ventures overseas. He relocated to the UK and founded the BGL Group, the parent company of the popular price comparison website Compare the Market. In 2000, he took his business to Australia, launching Auto & General in the region, further cementing his global presence.
By 2012, Steyn stepped down as executive chairman of his multinational business interests, leaving behind a legacy that employs over 10,000 people in more than 50 offices worldwide.
Remembering a Visionary
Steyn was deeply admired by many, including Mandela, who once described 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 unwavering belief in its future.”
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His sons, TJ and Louis, have followed in his footsteps, becoming involved in real estate and private equity ventures across South Africa, the UK, and the US. They are also active in philanthropy, mainly through the EMS Foundation, which focuses on wildlife protection and honours their late mother, Elizabeth Margaret Steyn.