Douw Steyn, the billionaire behind Steyn City development has died

Douw Steyn, the insurance mogul responsible for the reimagining and revolutionising the insurance landscape, has died at the age of 72. 

In a statement, Steyn City Properties, the luxurious 2000 acre estate in Johannesburg built in his name, confirmed the death.  

"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.

"Douw will always be remembered as an exceptional entrepreneur who built a global business of immense scale across seven countries, and a visionary with a deep-seated commitment to South Africa and its people."

"As a resident of Steyn City for over a decade, Douw was extremely proud of its evolution, and made sure that its impact extended far beyond its gates. He leaves behind a legacy of unparalleled excellence, a legacy that will endure thanks to Douw’s two sons, TJ and Louis, and their fellow Board members and Shareholders who remain deeply committed to the future of our development," said the group.

Tributes to the Steyn family can be sent to tocondolences@palazzosteyn.co.za, while donations can be made to the Diepsloot Food Security Programme.

In 1975, Steyn founded Steyn’s Insurance Brokers in Johannesburg.

The businessman saw the potential of a monthly policy that covered both cars as well as home contents, and promoted this type of policy via door-to-door leaflet distribution campaigns. 

After operating in South Africa for a number of years, Steyn set his sights on the US market. 

Steyn would later return to South Africa in 1985 after obtaining an insurance licence which allowed him to pioneer a global first and sell motor insurance over the telephone which disrupted the insurance landscape, resulting in the launch of Auto&General Insurance in Johannesburg.  

The success of Auto&General resulted in the launch of other South African financial service providers including: Budget, 1st for Women, Dialdirect, 1Life and hippo.co.za which are housed under the TIH umbrella.

Steyn later moved to the UK and established of BGL Group, the parent company of the price comparison website, Compare the Market. 

In 2000, the Group launched Auto & General in Australia to duplicate the success of its businesses in SA and the UK.

In 2012, Steyn stepped down as Executive Chairman of his global business interests which collectively employ more than 10,000 people over 50 offices across the globe.

When former President Nelson Mandela was released from prison, he lived at Steyn’s Johannesburg home where he completed his autobiography, Long Walk to Freedom. 

Steyn’s home would later become the Saxon Hotel, Villas and Spa, which has often been named the World’s Leading Boutique Hotel.

The insurance billionaire's passion for wildlife conservation inspired him to create Shambala Private Game Reserve in the Waterberg mountains. Mandela was given a dedicated villa at Shambala where he could work uninterrupted in peace and solitude. 

Mandela counted Steyn as one of his most valued friends and Steyn referred to ‘Madiba’ as a father figure.

In 2005, Mandela said that Steyn was "not only a great businessman and visionary, but one of this country’s most successful entrepreneurs who enriched South Africa with his business skills and who always believed in South Africa’s future as a country of opportunity. He created a company that is proudly South African and prominent in the South African business community."

Recently, Steyn’s dream of building a city within a city was realised with the launch of Steyn City, a 2,000 acre residential and lifestyle estate in northern Johannesburg.  

From its inception, Steyn ensured that the impact of Steyn City would contribute to the economic development of SA. 

This commitment was materialised during the construction of Steyn City where over 28,000 jobs were created employing residents from the neighbouring communities such as Diepsloot and Cosmo City.

Steyn City has been acknowledged as an outstanding success, a fitting legacy for its pioneering and remarkable founder. Along with being a businessman, Steyn has been involved in various philanthropic pursuits.

Through the Douw Steyn Family Trust and the companies he founded, he pledged R370 million to assist coronavirus relief efforts, R50 million to the National Solidarity Fund and R250 million for feeding schemes in communities like Diepsloot and Cosmo City.

A relief fund of up to R70 million was also set up place to support small-businesses.

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