Are you looking for the top insurance companies in South Africa, then stick around and keep reading. We are going to list some of the best insurance companies that you can find in every corner of South Africa either Johannesburg, Pretoria, Cape Town, Durban, Sandton, Port Elizabeth, etc.
Just as a word of mouth works as a recommendation in any sector, on the internet it is possible to find all kinds of opinions and suggestions about insurers.
Because of that, it has become increasingly difficult to find a unified list from which to extract all the information to determine in general terms, which are the best insurance companies in South Africa.
To make a “ranking” of the best insurers and to be as reliable as possible, we have taken our time to review each and every insurance company in South Africa based on the criteria we deemed appropriate.
There are different criteria when ranking insurers or insurance companies but the main ones that we have used as relevant are the insurers with the highest satisfaction rates, market share and service quality are the most prominent.
It’s time to see which insurance company in SA is the best in 2021.
Read also: Standard Bank Branches In South Africa.
List Of Insurance Companies In South Africa In 2021
The following are the list of the top insurers in South Africa:
1. Sanlam Insurance
Sanlam is one of the top insurance companies in South Africa and was established in 1918. It has its headquarters in Bellville, Western Cape. Salam insurance is listed on both the Johannesburg Stock Exchange and the Namibian Stock Exchange.
Products Offered By Sanlam Insurance In South Africa
The following are some of the insurance products you can get from Sanlam Insurance in SA:
- Life Insurance
- General Insurance
- Risk Management
- Trusts
- Asset Management
- Retirement Annuities
- Short-Term Insurance
- Financial Planning
- Wills
Countries Where Sanlam Insurance Operates.
Being one of the best insurance companies in South Africa, Sanlam also operates in Botswana, Swaziland, Zimbabwe, Namibia, Mauritius, Malawi, Nigeria, Mozambique, India, Malaysia, Zambia, Tanzania, Rwanda, Uganda, Kenya, Ghana, and the UK.
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2. Hollard Insurance
This is one of the top private insurance companies in South Africa. Hollard Insurance was founded in 1980 and has its headquarters in Johannesburg, South Africa.
This insurance company is owned by a South African businessman called Richard Enthoven. It has over 2300 employees as of January 2019.
Here are some of the products offered by Hollard Insurance company limited:
- Life Insurance
- Home Insurance
- Travel Insurance
- Investments
- Pet Insurance
- Car Insurance
- Funeral Policy
- Liability Insurance
- Risk Management
- Commercial Insurance
Here are other countries where Hollard Insurance operates: Ghana, Botswana, Namibia, China, Australia, Mozambique, Zambia, and India.
Recommended reading: Profitable Small Business Ideas In South Africa.
3. Discovery Insurance Limited – South Africa
Discovery Insurance is based in Sandton, South Africa and is listed on the Johannesburg Stock Exchange (JSE).
Discovery Insurance was founded by Adrian Gore in 1992 with its main purpose to operate in the Financial Services and Insurance sector.
It engages in asset management, investment, short and long term insurance, as well as employee benefits.
With its subsidiaries in South Africa, Australia, United Kingdom, Singapore, and China, Discovery insurance offers one of the best insurance services in the world.
Discovery Limited has a net income of ZAR 3.3 billion and total revenue of ZAR 34.2 billion as of 2014.
Check out this: Top 20 Richest Countries In Africa.
4. Old Mutual Insurance – SA
This is Pan-African insurance, savings, investment, and banking group. Old Mutual Insurance was founded on 17th May 1845 and the headquarters is in Johannesburg, South Africa.
Being one of the oldest insurance companies in South Africa, Old Mutual provides the following services:
- Savings And investment
- Banking
- Asset Management
- Short-Term Insurance
- Life Insurance
The 2018 report indicated that Old Mutual Insurance had revenue of R109,877 million and total asset value of R1.04 trillion.
Countries Where Old Mutual Insurance Operates: Ghana, Swaziland, Nigeria, Zimbabwe, Namibia, Botswana, and Malawi.
5. King Price Insurance
Founded in 2012 by Gideon Galloway, King Price Insurance is one of the award-winning insurance companies in South Africa.
With King Price, you can enjoy products such as Personal insurance, Community insurance, Business insurance, among many others.
In 2013, King Price won the Best Short-Term Insurer award as well as the overall Best Newcomer award in the South African Service Awards.
Not only that but here are some other awards won by King Price Insurance in recent times:
2019 Award: Most Innovative Insurance Company In South Africa.
2019 Award: Fastest Growing Insurance Company In South Africa.
2019 Award: Best Place To Work In South Africa.
2019 Award: Best Customer Experience Ward.
2018 Award: Most Innovative Insurance Brand In South Africa.
And no wonder King Price is one of the top 5 insurance companies in South Africa.
6. OUTsurance Holdings Limited
OUTSurance is one of the most innovative insurance companies in the South African money market. They always impress their customers with new and tailor-made insurance policies.
They have been around for over 21 years and because of that, they are meticulous with their customer service.
These are some of the insurance policies by OUTsurance: Car insurance, Home Insurance, Life insurance, and Business insurance.
Here are some of the insurance products offered by Discovery Insurance:
- Car Insurance
- Medical Insurance
- GAP Cover
- Life Insurance
7. ABSA Insurance Company
This is one of the well-known industry players. When it comes to managing finances, then ABSA is the way to go. You can enjoy services such as Life insurance, Car insurance, home insurance, trusts, funeral insurance among others.
ABSA, being one of the top 10 insurance companies in South Africa, offers a wide range of insurance policies with the highest standards of professionalism.
8. Guard Risk Insurance In South Africa
If you want an insurance company that will offer you a tailored risk solution, then Guard Insurance is the place to go. At Guard insurance, you enjoy one of the most integrated, innovative, and cost-effective insurance solutions.
Here are some of the products you can enjoy at Guard insurance in South Africa:
- Life insurance
- Non-life medical insurance
- Personal accident employee benefits
- Motor insurance
- Education policy
These are just a few of the many insurance products offered by Guard insurance in South Africa.
List Of Other Top Insurance Companies In South Africa in 2021
These are the list of other insurers in South Africa in 2021:
9. 1 Life Direct Insurance
10. Santan Insurance
11. Zurich Insurance Company
12. AIG Insurance Company
13. Bidvest Insurance
14. MiWay Insurance
15. Standard Insurance
16. Metropolitan Life
17. Clientele Life
18. Liberty Mutual Insurance
19. WES Bank Insurance
20. Momentum Investments Insurance
21. Alexander Forbes Group Holdings
22. MMI Holdings Limited
23. MMT Holdings Limited
24. Different Life Insurance
25. Assupol Life
26. Allan Gray Life
27. Professional Provident Society (PPS)
28. Capital Alliance
29. Avbob Mutual Assurance
30. PinnAfrica Insurance Regent Life Assurance
31. Sage Life Rentmeester Life Insurance
Conclusion
So you now know those insurers that cover almost all the branches of insurance: motor insurance, home insurance, travel insurance, medical insurance, pet insurance, etc.
Moreover, it doesn’t matter which province you find yourself in South Africa, either Gauteng, Eastern Cape, North West, Free State, Western Cape, Northern Cape, Limpopo, KwaZulu-Natal, or Mpumalanga these insurance companies have branches in every region of the country.
You have also seen all the strengths and weaknesses of some of the insurance companies in SA in this summary.
Please note: we are not so much obsessed with the top 5, top 10, or even the top 20 insurance providers in South Africa in 2021.
What we are interested in is the company that offers value for money.
This simple and easy article Was Last Updated on by Nana Abrokwa
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