Best Insurance Companies in South Africa

    February 3, 2014

    South Africa has a mature and well-developed insurance industry, and is comparable with the insurance industries in other developed countries and in many respects better. Significantly, the best insurance companies in South Africa compare are among the best in the world.

    However insurance is the bedrock of society and business.  And the life insurance industry in particular has played an important part in the economic development of the country.

    Our criteria for choosing the best insurance companies in South Africa are: age, reputation, visibility, financial stability and the level of customer satisfaction they engender currently.

    So we have given the top five insurance companies for the following categories: Life, Car, Short Term, Home and Health.

    Best Insurance Companies in South Africa – Life Insurance

    The best insurance companies in South Africa for insuring your life and your income, and for ensuring that you will receive an income if disabled are order of the criteria above:
    Old Mutual

    Best Insurance Companies in South Africa - Image by Vichaya Kiatying-Angsulee

    Metropolitan
    Liberty Life
    Sanlam
    Discovery Life
    Different Life

     

     

     

    Best Insurance Companies in South Africa – Car Insurance

    The best motor insurance companies are
    Outsurance
    Santam
    Auto and General
    AA
    Budget

    Best Insurance Companies in South Africa – Short Term Insurance

    This includes insurance for your cell phone, mountain bikes, home contents, third party insurance, etc. These would be the same as for car insurance but with the first two insurance companies transposed:
    Santam
    Outsurance
    Auto and General
    AA
    Budget

    Best Insurance Companies in South Africa – Home Insurance

    While Santam and Outsurance are excellent home insurers, the various banks who supply loans also supply home insurance.  So the list reads:
    Outsurance
    Santam
    Absa
    FNB
    Standard

    Best Insurance Companies in South Africa – Health Insurance

    There are many companies in South Africa offering health cover. These roughly divided into the big life houses and the official medical schemes.

    However, the most reputable of the open medical aids, which anyone can join, as opposed to restricted schemes to which only people in certain industries and companies can join, are as follows:

    Discovery Health
    Liberty Health
    Momentum
    Medihelp

    If you are looking for any kind of insurance it is best to use a broker who is not affiliated to any one insurance house. He or she will be able to gather comparable quotes for your inspection.  In the areas of life insurance and health cover it is often difficult to compare apples with apples.

    In addition you or your broker should create a simple table comparing the premiums and benefits offered by the various insurance houses for the same type of thing.

    Take note of the finer points of income insurance, disability cover and dread disease insurance. There are accelerated benefits and non-accelerated benefits. Choosing the former will be cheaper but could affect the value of your life cover if you claim on these, whilst the non-accelerated benefit with not.

    Best Insurance Companies in South Africa – Other Cover

    Note also that most of the life insurance companies offer an education benefit so that your child or children’s education expenses to the end of tertiary studies will be covered in the event of your death.

    The best insurance companies in South Africa will not force a policy upon you but instead will tailor a package that suits your circumstances and your pocket.

    One should not have any insurance policy without having a good reason. Some good reasons are: to make sure your dependents are looked after should you be disabled or ill or should you die, to cover outstanding death in the event of your death and to secure your assets.

     

    To request a life insurance quote please complete and submit the form on this page

     

     

     

    All info was correct at time of publishing