South Africa has a myriad of insurance companies that are available to all, and having insurance is an investment that you should always consider when you purchase a product or a service.
Accidents happen, and it can be devastating if you do not have the proper insurance for your valuables.
Planning for the future may not be the most enjoyable of subjects. However, it is important to take steps to ensure you have a secure financial future and can support yourself or your family through any misfortune that may occur.
Though it’s often deemed quite expensive, insurance can be a lifesaver in undesirable situations, and you never really know how badly you need it until you are stuck without it.
Your first time taking out insurance can be a daunting experience. There are dozens of different insurance companies in South Africa offering various types of covers and it’s quite difficult to know which one is best for you.
To be honest, one of the best ways to determine which company is right for you is to shop around, read reviews, and find out what other people are saying about the company’s customer service.
That is why we’ve compiled our list of the top 10 best insurance companies in South Africa so you can compare their policies and choose wisely.
Top 10 insurance companies in South Africa
When it comes to your health, finances, and property, it’s important to have the right cover in place. That’s where Sanlam comes in.
Sanlam Life Insurance is one of South Africa’s leading life insurance companies, offering affordable policies that fit your budget.
Their wide variety of products allows you to choose the right cover for yourself or your family – whether you need it to protect them from medical bills, provide financial support in the case of an accident or death, or simply grow their savings.
Sanlam insurance is listed on both the Johannesburg Stock Exchange and the Namibian Stock Exchange.
They offer products like:
- Life insurance
- General insurance
- Risk management
- Asset Management
- Retirement Annuities
- Short-term insurance
2. Old Mutual
iWyze is Old Mutual’s direct short-term insurance product and it offers comprehensive cover for both cars and homes. It is a great alternative to insurers’ traditional offerings, which are often higher in price and lower in value. Old Mutual SA has over 160 years of experience making it one of the oldest insurance companies in South Africa.
Old Mutual Insurance uses its wealth of wisdom to ensure its customers get a great deal on their policy.
Old Mutual product ranges from
• Savings and investment
• Asset Management
• Short-term insurance
• Life Insurance
OUTSurance is a South African insurance company that was founded in 1992 by a group of professional individuals with a belief that the insurance industry should be owned and operated by the people it serves.
This is why OUTsurance has always strived to stay above its competition, offering new and innovative ways to give its clients the absolute best insurance cover. They pride themselves on making sure that their clients always get something out of every policy they pay for, whether it be through protection, peace of mind, or rewards.
It’s safe to say that OUTSurance makes insurance accessible and affordable for all South Africans by providing the best protection at surprisingly affordable rates, without compromising on quality.
Budget Insurance offers an all-inclusive insurance policy that is designed for businesses of all sizes.
With Budget, you can protect your business, employees, and equipment from accidents, theft, and damage.
Some of the insurance products Budget offers include:
• Building Insurance
● Motorcycle Insurance
● Business Insurance
● Legal Cover
● Life Insurance
● Funeral Plan
● Portable Possessions
● Cellphone Insurance
● Value Added Products
Discovery Health Insurance has been around for decades, and that’s because they know exactly what you need in an insurance scheme. This insurance company has clearly been and is still a dominant force in the South African health insurance industry.
Their packages are designed for all different budgets and needs, and they have built a trusted name for themselves in the health insurance industry. They also have some of the country’s most secure online facilities that allow you to make changes to your account with ease.
We do recommend them but with a word of warning: their prices are quite steep for the average South African insurance company’s price.
Some of the services you can enjoy from them are:
● Car Insurance
● Life Insurance
● Home Insurance
Liberty Life insurance cover offers you flexibility and the comfort of having a life assurance policy that can be renewed over time. You can take out cover over the phone and can also choose from monthly or annual premium-based options.
Liberty Insurance is a South African insurance provider with a strong presence in Africa. It has offices across the world, including 18 in Africa, and serves millions of consumers through these branches and its website.
The company offers all types of insurance, including
• Health and
• Life insurance.
7. King Price
King Price is a provider of all types of insurance. They have insurance policies for everything from your car and home to your favorite golf clubs or mountain bike. They truly aspire to be the ‘kings of insurance” and boast of having some of the most competitive premium pricing around.
They are also best known for their monthly decreasing car insurance premium model.
King price insurance offers:
• Car insurance
• Collectible car insurance
• Car warranty
• Motorbike insurance
• Trailer insurance
• Caravan insurance
• Watercraft insurance
• Home contents insurance
• Buildings insurance
• Portable possessions insurance
• Bling cellphone insurance
• Personal accident insurance
8. 1st For Women
1st for Women Insurance pays special attention to the needs of South African women.
When you need a cover that recognizes the importance of putting YOU first and protecting what matters most to you, 1st for Women Insurance is there to do just that.
First For Women offers the following products to its clients:
● Home Contents Insurance
● Guardian Angels Lifestyle Insurance
● Handbag Cover
● Life Insurance
● Business Insurance
● Business Assist
● Buildings Insurance
● Portable Possessions Insurance
● Personal Insurance
● Cyber Insurance
MiWay insurance is designed to offer protection for your business against potential risks. Each of their packages offers cover that is unique and tailored to meet the needs of your individual business in South Africa.
From Comprehensive cover, to cover for different aspects of your business like each plant and machinery and goods in transit.
MiWay range of business insurance covers includes a package for all types of business, whether you’re transporting goods or insuring your premises. We provide cover for individual aspects of your business or provide comprehensive cover depending on what works best for you.
Their policy provides cover for:
• Theft and hijacking
• Natural disasters
• Damages due to an accident
• Fire and explosion
10. Affinity Health
Affinity Health is a great option for anyone who needs affordable medical insurance in South Africa. Their plan provides coverage for those who cannot afford the high fees of other private medical aid schemes but still ensures that their clients are protected if they have to get admitted to the hospital.
Affinity health range of health care products include:
• Day-to-Day Plan
• Hospital Plan
• Combined Plan
• Junior Plan
• Senior Plan
Related article: Top 10 Insurance Companies In Africa
Insurance policy jargon can sometimes be confusing and a bit overwhelming. Sit down and take the time to conduct research with this helpful guide. Use it as a guide for your own insurance policy search, or for that of your family.
We hope this helps in making a decision on which South African insurance is tailored to your needs.