South Africans Celebrate the Life of the Late Billionaire Douw Steyn: “His Name Will Live On”

• South Africans celebrated the life of Douw Steyn who passed away after battling a long illness
• Steyn was a billionaire who created his wealth in the insurance industry which he dominated
• South Africans saluted Steyn, and noted the impact he left in South Africa, and passed his condolences

Tebogo Mokwena, a Briefly News journalist with nine years of experience, offered valuable insights into South Africa’s business environment during his three years at Vutivi Business News.

JOHANNESBURG — Netizens applauded the achievements of insurance industry giant Douw Steyn, who recently passed away at the age of 71.

What was he known for?

According to Moneyweb, Steyn launched his first insurance business in South Africa in 1975 when he sold car and home insurance. Ten years later he disrupted the global insurance landscape when he launched Auto&General Insurance, the first of its kind to sell insurance over the phone. Auto&General's success led to him establishing Budget Insurance, Dialdirect, 1st for Women and Hippo.co.za.

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Friendship with Madiba?

Steyn was also close associates with Nelson Mandela, South Africa's first democratically-elected president. After his release from prison, he lived in Steyn's house in Johannesburg which is now known as the Saxon Hotel, Villas and Spa. He also gave Madiba a villa at the Shambalala Private Game Reserve in Waterberg, Limpopo which he owned. He also built Steyn City, one of South Africa's affluent estates in Johannesburg north.

Other businessmen who died

Raymond Ackerman, the founder of Pick n Pay, one of South Africa's biggest retail franchises passed away at the age of 92 in 2023. The retail giant boasts more than 2000 stores nationwide.

Steinhoff's former CEO Markus Jooste committed suicide in 2024 after he was fined half a billion for his role in Steinhoff's financial fraud.

South Africans salute him

Netizens on Facebook saluted him and the impact he left in South Africa.

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Bronwyn Mogorosi said:

"He's done well for himself, his family's upcoming generations and for our country."

Sompisi Phinda said:

"He built his legacy. His name will live on."

Siyabonga Nxumalo said:

"He built a beautiful city."

Tilisa Booysen said:

"Thankful to Mr Steyn. Started my working career at his company in 2000. Learned a lot working at his companies."

hlayisani Baloyi said:

"A great entrepreneurial legend he was."

Former Minister Pravin Gordhan dies

In another article, Briefly News reported that the former Miniter of Public Enterprises Jamnadas Pravin Gordhan passed away in 2024. His family initially denied his death but later confirmed it.

Gordhan died shortly after the 2024 general elections in which his party, the African National Congress, lost a majority. Many people had mixed reactions to his death.

Source: Briefly News