South African billionaire Douw Steyn, a pioneering entrepreneur in the insurance industry and the visionary behind Steyn City, has passed away at the age of 72. Steyn, widely recognized for revolutionizing insurance and real estate, leaves behind an enduring legacy in business and philanthropy.
In a statement, Giuseppe Plumari, CEO of Steyn City Properties, confirmed his passing.
“It is with profound sadness that we announce the passing of the visionary behind Steyn City, Douw Steyn. Our thoughts are with his wife, Carolyn, his children, TJ, Louis, and Tanya, and their families,” Plumari said.
A Visionary in Insurance and Business
Douw Steyn began his journey in the insurance sector in 1975 with the founding of Steyn’s Insurance Brokers in Johannesburg. His innovative approach to bundling car and home insurance through direct marketing reshaped the industry.
After gaining an insurance license in 1985, Steyn pioneered the sale of motor insurance over the phone, leading to the launch of Auto & General Insurance. This game-changing approach disrupted traditional insurance models and led to the establishment of major financial service providers, including:
- Budget Insurance
- 1st for Women
- Dialdirect
- 1Life
- Hippo.co.za
Under the umbrella of TIA Holdings (TIH), these brands have cemented their place in the South African market. Steyn later expanded his business empire globally, launching the BGL Group in the UK, which became the parent company of the well-known price comparison site, Compare the Market.
In 2000, he took his insurance model to Australia, launching Auto & General Australia. By 2012, Steyn had stepped down as Executive Chairman, leaving behind a business empire employing over 10,000 people across 50 global offices.
Steyn City: A City Within a City
Steyn’s most ambitious vision was Steyn City, a 2,000-acre residential and lifestyle estate in northern Johannesburg. Designed as a “city within a city,” Steyn City represents one of South Africa’s most luxurious and successful developments.
From its inception, Steyn ensured the project would contribute to economic development. During its construction, over 28,000 jobs were created for residents from neighboring communities such as Diepsloot and Cosmo City.
A Deep Connection with Nelson Mandela
Steyn played a significant role in South African history, as his Johannesburg home became the residence of Nelson Mandela following his release from prison. It was there that Mandela completed his autobiography, Long Walk to Freedom. The home later transformed into the Saxon Hotel, Villas & Spa, which has been repeatedly named the World’s Leading Boutique Hotel.
Mandela, who regarded Steyn as a close friend, once described him as “not only a great businessman and visionary, but one of this country’s most successful entrepreneurs who always believed in South Africa’s future.”
A Passion for Philanthropy and Conservation
Beyond business, Steyn was a committed philanthropist. Through the Douw Steyn Family Trust, he donated R370 million to COVID-19 relief efforts, including:
- R50 million to the National Solidarity Fund
- R250 million to feeding schemes in Diepsloot and Cosmo City
- R70 million for small business relief
His passion for wildlife conservation led to the creation of Shambala Private Game Reserve in the Waterberg mountains, a sanctuary where Mandela was given a dedicated villa for quiet reflection.
A Lasting Legacy
Douw Steyn’s life was defined by vision, innovation, and generosity. His impact on the insurance industry, luxury real estate, and philanthropy will continue to shape South Africa for generations to come.
Tributes to the Steyn family can be sent to condolences@palazzosteyn.co.za, while donations can be made to the Diepsloot Food Security Programme in his honor.