Douw Steyn, the South African billionaire and celebrated entrepreneur, has passed away at the age of 72, leaving behind a remarkable legacy as the founder of major insurance and property ventures. According to his companies' statements, Steyn, who had been struggling with health issues for several years, died peacefully.
Best known for launching the Auto & General insurance business and developing the expansive Steyn City estate, Steyn built his wealth, estimated at R70 billion on the 2024 UK Sunday Times Rich List, through relentless innovation and vision. He was not just known as a business tycoon; he had deep-rooted connections within South African society, particularly with his close friend Nelson Mandela.
According to reports, Mandela found refuge at Steyn's home for six months after his release from prison, marking the beginning of a friendship rooted in mutual respect and admiration. Steyn’s hospitality extended to prominent public figures and enjoyed by celebrities at his luxurious properties, including his own private game reserve, Shambala.
“Mr. Mandela counted Steyn as one of his most valued friends, and Steyn referred to ‘Madiba’ as a father figure,” read the heartfelt tribute from his businesses, emphasizing the close personal bond they shared. This relationship underscored not just Steyn’s entrepreneurial success but also his commitment to the social fabric of South Africa.
Born on April 18, 1951, Douw Steyn laid the foundation for his business career by founding Steyn’s Insurance Brokers in Johannesburg back in 1975. His idea of selling insurance policies by door-to-door leaflet distribution was innovative for its time. He later ventured to the US to explore opportunities but returned to South Africa when he recognized the potential of telephone-based insurance sales, leading to the establishment of Auto & General Insurance, which radically transformed the insurance industry.
Steyn’s efforts did not go unnoticed, as he went on to establish Telesure Investment Holdings and the BGL Group, the latter of which includes the well-known price comparison website, Compare the Market. Steyn's vision allowed hundreds of thousands of South Africans to access affordable insurance, shaping the financial services industry across multiple regions.
The pinnacle of his property development work is the Steyn City estate, which spans over 2,000 acres and is seen as one of the top luxury residential zones on the African continent. Alongside high-end homes and commercial property, Steyn City features amenities such as schools and parks, creating jobs and contributing to the local economy. His developers estimated the estate has created around 28,000 jobs, providing opportunities for residents from underprivileged communities like Diepsloot and Cosmo City.
Steyn's philanthropic pursuits were notable, especially during the COVID-19 pandemic, where he contributed R370 million to relief efforts, demonstrating his commitment to improving the lives of those around him. His legacy is reflected not only through his business accomplishments but also through the substantial support he offered to social causes.
Tributes are pouring in from various sectors recognizing his contributions. Business partners and former associates described Steyn as “an exceptional entrepreneur who built a global business of immense scale across seven countries.” His approach to business was not just about profit; it involved creating community value and fostering growth where it was most needed.
Following the announcement of his passing, many took to social media to share stories of not only his business acumen but his friendly demeanor and dedication to mentorship. Zelda la Grange, Mandela’s former secretary, shared memories of Steyn’s character and contributions. She highlighted his intense love for nature, seen through his efforts at Shambala, showing the multifaceted personality behind his business success.
Backed by his passion for wildlife conservation and community development, Steyn was consistently involved with charitable ventures, making notable contributions through the Douw Steyn Family Trust. His philanthropic impact extends to local schools and environmental preservation, emphasizing his belief in leaving the world a bit brighter than he found it.
He was survived by his wife, Carolyn, known for her own commendable philanthropic works, and three children, who are expected to carry on his legacy. A groundbreaking figure who disrupted industries, Douw Steyn’s life stands as a powerful reminder of the potential to effect change through entrepreneurship and social responsibility.
His passing draws attention from many sectors of society, as those who knew him and benefited from his endeavors now reflect on the strong footprint he left behind. His companies and those who worked with him herald his entrepreneurial spirit, vision, and dedication to transforming not only the insurance business but the broader societal and ecological landscapes around him.