Top 10 Insurance Companies In South Africa

Insurance is not anyone’s favourite topic, but something everyone will most likely need to deal with at least once in their lives. Whether you are needing to insure your precious valuables or your own life, insurance companies are all around you.

Though it’s often deemed as quite expensive, insurance can be a lifesaver in horrible situations, and you never really know how badly you need it until you are stuck without it. Don’t get stuck in that predicament, check out these top insurance companies in South Africa to see which ones suit you the best.

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Types of Insurance in South Africa

Life Insurance

Life insurance is taken out in order for a person to provide for their loved ones when they pass away. Monthly premiums are paid to the insurance company, and in the eventuality that the insured person dies, money is paid to their beneficiary.

This is especially important for those with children, and those who are the bread-winner of any family, as the money paid out will allow those left behind to keep up with financial responsibilities.

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Car and Home Insurance

Insurance should be taken out on all expensive possessions. This ensures that in the event of something being stolen or damaged, the insurance company is there to assist you in replacing the valuable items. Make sure that with your home insurance, you are covered for both the building and its contents.

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Business Insurance

For business owners, insurance is important. When you have a business, you are not only responsible for your own livelihood and goods, but also those of your customers/clients and your staff. Potentially disastrous situations can be prevented with the right insurance cover.

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Medical Insurance

Similar to medical aid, medical insurance covers you against medical emergencies. It covers situations such as accidents or sudden medical problems arising, like broken bones etc. It does not work quite like medical aid, in that it is slightly more limited, but is usually much more affordable.

For those who do not see doctors often and simply want a backup plan for unforeseen emergencies, this is a great option. Some medical insurance companies offer usual day-to-day basics but these, too, are usually limited.

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Funeral Insurance

Funerals can be quite expensive, and they are not something anybody looks forward to having to deal with. Having funeral insurance which will pay out when you die is a good way to lessen the emotional distress that your loved ones are bound to be experiencing.

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List Of Insurance Companies In South Africa

There is a long list of companies in South Africa who are reputable and well-known when it comes to offering insurance.

This list includes:

  1. 1Life
  2. 1st For Women
  3. AA Car INSURANCE
  4. ABSA
  5. Affinity Health
  6. AIG
  7. Alexander Forbes
  8. AllLIFE
  9. Assupol
  10. Auto & General
  11. Avbob
  12. Bidvest
  13. Budget Insurance
  14. Capitec
  15. Clientele
  16. Dialdirect
  17. Discovery
  18. Doves Funeral
  19. FNB
  20. Hollard
  21. IWyze
  22. King Price
  23. Legalwise
  24. Liberty
  25. MiWay
  26. Momentum
  27. Old Mutual
  28. OUTsurance
  29. Santam
  30. Standard Bank Insurance

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Biggest Insurance Companies In South Africa

As you can see, there is ample choice when looking for insurance, but since you are trusting these companies to have your back when things go wrong, it’s important to pick the right one for you.

There are many things to consider when making this decision, like what kind of cover do they offer, the price of their premiums versus the extent of what they will pay for. It is also wise to test out their customer service, as you don’t want to be stuck in a crisis with nobody answering the phone.

We’ve dissected the list above and given you the 10 biggest insurance companies in South Africa, separating them by the type of insurance that they are best known for. Although most of these companies do offer more than just one type of insurance.

 

Car and Home Insurance Companies

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  • 1st For Women

1st for Women Insurance was named the winner of Service Excellence in the Short-term Insurance industry at the 2017 Ask Afrika Orange Index Awards, the largest and most widely referenced service excellence benchmark in South Africa.

They focus on putting women first (hence the name) and offer extra services like Guardian Angel on Call and Handbag Cover, all with South African women in mind.

 

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  • Old Mutual

Old Mutual’s direct short-term insurance product, iWyze, offers comprehensive insurance for both car and home. They have over 160 years worth of knowledge and experience in the insurance industry and use this wealth of wisdom to provide you with the best cover.

 

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  • Outsurance

OUTSurance has always strived to stay above their competition, offering new and innovative ways to give their clients the absolute best insurance cover. They pride themselves on making sure that their clients always get something out. Their famous OUTBonus rewards clients with a cashback, providing they have not claimed for a certain period of time.

 

Business Insurance Companies

 

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  • Budget

Budget offers insurance that covers all aspects of your business. From your work vehicle to your office and all of its contents, as well as money that is on the premises. Budget is designed for any business, from a small cafe shop to a large enterprise.

 

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  • MiWay

MiWay has a range of business insurance packages. From comprehensive cover, to cover for individual aspects of your business like each plant & machinery and goods in transit. This means you are able to insure individual parts of your business or include everything under one plan, depending what works best for you.

 

Medical Insurance Companies

 

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  • Affinity Health

Affinity Health offers simple and effective medical insurance. They provide cover for those who cannot afford medical aid, while still giving their clients the peace of mind that they are covered should they have a medical crisis.

 

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  • Discovery

Discovery’s health insurance is in a league of its own. They have continued to outsmart every one of their competitors and remain one of the top insurers in South Africa. Their packages are designed for all different budgets and needs, and they have gained a trusted name for themselves. Their prices, however, can be quite steep for the average South African.

 

Life Insurance Companies

 

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  • Clientele

Clientele Life cover strives to bring you the best cover with the least effort. You can take out a policy with a simple SMS, and the only thing you need to provide them with is a blood test. There are no long queue or files of paperwork to fill out.

 

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  • Liberty

Liberty Life cover offers you a life cover plan which you can take over the phone, as well as a traditional cover plan. The Life Cover over the Phone allows you to take out cover without any forms or medical tests and will pay out a lump sum to your beneficiaries when you die.

 

Overall Insurance Company

 

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  • Santam

Santam’s yellow umbrella logo represents just how comprehensive their cover is. Overthrowing most of their competition since 1918, they know their stuff when it comes to keeping you and your belongings insured. They offer everything – car, home, life and business insurance, as well as medical insurance.

Their home cover includes benefits such as medical expenses of guests, guests’ personal effects, as well as medical expenses for domestic employees. Should the home become inhabitable as a result of damage, Satnam’s cover will include storage costs for the movable items until the home is repaired.

They pride themselves on paying out 99% of the claims made by their clients and vow to be there for you 24/7. This gives some assurance that you will not be left alone in the event of a disaster.

 

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Whether you are looking for your first insurance, or are looking to change companies, hopefully, this article has helped to make things clearer. We suggest sitting down when you have a few moments to yourself, or with any other affected parties, and do all of your research properly.

Use this guide to help you sift through all the confusing insurance jargon and the exaggerated information that you find all over the internet.

The most important thing to remember is that even though having insurance can be expensive, it can more costly when something happens and you don’t have insurance. Having the right insurance means you can breathe easy, knowing that you are insured no matter what life brings.

 

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