Douw Steyn, the South African billionaire businessman and visionary behind several key businesses, has passed away at the age of 72. His death was confirmed on February 4, 2024, through Steyn City Properties, the company he helped establish.
Steyn was best known for revolutionizing the insurance industry with the launch of Auto & General Insurance, whose innovative approach included selling motor insurance over the telephone, allowing him to disrupt traditional sales methods. His life’s work spanned across seven countries and included ventures in property, hotels, and various financial services.
Born in Brits, North West province, South Africa, Steyn founded Steyn’s Insurance Brokers in Johannesburg back in 1975. Initially focused on door-to-door sales, he saw the potential of offering comprehensive monthly insurance policies for homes and cars. After some time spent exploring the opportunities available in the US, he returned to South Africa and set up Auto & General, which changed how insurance was bought and sold across the globe.
Not only did Steyn’s success pave the way for Auto & General, but it also gave rise to many other South African leading financial service brands, such as Budget, 1st for Women, Dialdirect, and hippo.co.za, which all operate under Telesure Investment Holdings (TIH). His group of companies now employs over 10,000 individuals globally, reflecting his immense success as both an entrepreneur and employer.
Further solidifying his legacy, Steyn's investment efforts led to the launch of the 2,000-acre luxury estate, Steyn City, situated north of Johannesburg. This initiative is considered his dream of building 'a city within a city' and has created thousands of jobs for local communities like Diepsloot and Cosmo City.
Giuseppe Plumari from Steyn City Properties expressed the impact of Steyn's initiatives by stating, "Douw will always be remembered as an exceptional entrepreneur who built a global business of immense scale and had a deep-seated commitment to South Africa and its people." Following his passing, tributes from across the nation highlighted his significant contributions to the economy and society.
The influential businessman had also committed himself to giving back through various philanthropic initiatives. Through the Douw Steyn Family Trust, he pledged R370 million to support COVID-19 relief efforts, which included R50 million for the National Solidarity Fund and R250 million for feeding programs throughout Johannesburg's underserved areas.
Steyn's philanthropic spirit can be traced back to his strong relationships within the community and with influential leaders, most famously Nelson Mandela. After Mandela’s release from prison, he famously lent his luxurious home to the former president, allowing him the space to write his autobiography, "Long Walk to Freedom." This home later transitioned to become the renowned Saxon Hotel, Villas & Spa, celebrated for its luxury.
Mandela himself once described Steyn 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 who believed in its future as a country of opportunity.” This quote encapsulated the respect and admiration held by many for Steyn as he combined success with commitment to nation-building.
Steyn is survived by his wife Carolyn and three children—TJ, Louis, and Tanya. Carolyn is widely recognized for her role as both a media personality and founder of the nonprofit organization, 67 Blankets for Mandela, which aims to support the needy.
The family has requested privacy during this challenging time, but plans for memorial services are still forthcoming.
Looking back at Steyn’s life, his passing marks not just the loss of a successful businessman but of a committed individual deeply embedded within the South African community. His contributions to the insurance industry, urban development, and philanthropy serve as enduring legacies.