Here is the list of Top Insurance Companies In South Africa

List Of Top Insurance Companies In South Africa, 2023, Best Insurance Company

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 Insurance South Africa
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

Hollard Insurance is one of the best insurance companies in South Africa
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 top 10 in South Africa
Discovery Insurance

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

Old Mutual Insurance is one of the best in SA
Old Mutual Insurance

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

King Price Top 5 Insurers in South Africa
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 best in SA
OutSurance South Africa

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

ABSA is the top 20 insurance companies in South Africa

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


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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