There are several insurance companies in South Africa that offer various covers ranging from life insurance, car insurance, health insurance among many other. Most of these South African Insurance companies have laid reputable landmarks that have made their quality services undisputed.
Also Read: Meaning and types of health insurance
With this list, you can easily discern between the insurance companies operating in South Africa, their offers and if they align with your interest or not. This process is similar to the shopping experience which consists of several dealers offering several products and benefits ( insurance offers )that are related— or closely related to what one intend to purchase in the market.
However, for someone looking for affordable insurance products and offers from these insurance companies, it is expected that there would be more work required in order to find what really aligns with his interest. This is in respect of both affordability rate and other requirements.
Before proceeding to the list of Insurance companies in South Africa, let’s take a sneek peek at some of the things you should consider while choosing an insurance products.
The tricks are:
- Research for affordable insurance offers
- Look for alternatives
- Compare the insurance rates
- Know the basic of insurance offers
- Check if you qualify for subsidies
Insurance Companies In South Africa List 2022
For this list, there’s a provided short information on each insurance companies and their insurance products they offer.
1. Abacus Insurance Limited
Abacus Insurance provides customers with easy and affordable insurance solutions through selected PEPKOR group companies, including Incredible Connection and HiFi Corp.
Abacus is one of the insurance companies in South Africa that offers multiple insurance products. They offer credit insurance, funeral covers and single asset for those who lose a product. With the latter, the product can be replaced as well as manage their risk and keep some financial confidence when dealing with a significant vulnerability.
2. Absa Insurance Company Limited
Absa Insurance Company limited is one of prestigious Insurance companies that offer multiple insurance products, even more than the previously mentioned, Abacus Insurance Limited.
Their insurance products or covers are:
- Car & home
- Credit Protection
- My will, trust & estate
- My legal needs
- Deceased Estates
Absa Insurance Company Limited is a good choice especially for those who are looking into several insurance covers and benefits.
3. Africa Rainbow Life Limited
This company only offers products related to or under life insurance.
Recently, the company announced the merge between African Rainbow Life and Safrican Company, it was announced that those with African Rainbow Life policy, will be transferred to Safrican later this year. This is a necessary step in the integration of the two companies. Your benefits and premium will remain unchanged during this process.
Despite the merge, it’s doubtful the merge would compromise their previous quality services.
Africa Rainbow Life offers the following products under life insurance in South Africa
- Funeral Cover
- Life Cover
- Disability Cover
- Disease Cover
4. African Reinsurance Corporation
The African Reinsurance Corporation (Africa Re) is the leading pan-African reinsurance company and the largest reinsurer in Africa in terms of net reinsurance written premiums.
Africa Reinsurance was set up by 36 African states in 1976, following a recommendation of the African Development Bank (AfDB), to develop the insurance and reinsurance industry in Africa through increased underwriting and retention capacities, and to support the economic development of the continent.
They are the foremost regional reinsurance institution dedicated to the African continent and open to select markets in Asia, Brazil and the Middle East. They also have unique local expertise in offering security to our clients, with strong capitalization and A-grade international ratings supporting our bespoke reinsurance solutions.
They are one of the reinsurance companies in South Africa you can opt in for.
5. African Unity Life Insurance Limited
African Unity Life (AUL), our promise pays! We strive for the financial inclusion of everyone in our target market.
They offer a variety of affordable insurance products to everyone who seeks superb value and an amazing client experience.
The products they offer are life insurance, health insurance, funeral cover, business cover, credit life cover and travel insurance covers.
6. AIG South Africa Limited
Another insurance companies in South Africa on this list is the AIG South Africa Limited.
AIG is a leading global insurance organization. Theu offer a wide range of personal and business insurance solutions designed to give you peace of mind when you need it most.
AIG business insurance – From multinationals to SME’s, their range of business products ensures that your business is covered for all eventualities.
AIG individual insurance – From personal injury to cancer protection and so much more, AIG protects the lifestyle that you and your family have worked so hard for.
Their insurance products and covers are:
- Daily Health Benefit
- Cancer Care
- Lifetime Personal Accident
- Critical Illness
- D&O Insurance
- Marine Cargo
- Contaminated Product Insurance
7. Alexander Forbes Investment Limited
Alexander Forbes is committed to acting in the best interest of all beneficiaries of unclaimed benefits. Their insurance products are health insurance, life insurance and products related to wills.
Assupol is a proudly South African insurance company with a history. They offer affordable products that are easy to understand and give people peace of mind when they need it most. Whether you’re looking for life cover, funeral cover, savings products or a retirement annuity, trust Assupol to put your needs first.
They provide funeral, life, savings and retirement products and services to South Africans from every walk of life.
9. Allianz Global Corporate & Specialty South Africa Limited
Allianz Global Corporate & Specialty (AGCS) Africa offers clients significant capacity and underwriting expertise, both for standalone risks or as part of a global program.
Their experts have proven skills in underwriting and managing the most complex risks, based on years of industry-specific experience. Working with our colleagues across the Allianz Group, AGCS Africa is able to offer comprehensive Property insurance, Financial Lines insurance, Liability insurance, Energy & Construction insurance and commercial insurance solutions.
They also offer access to all complementary products and services of the Allianz Group – via our network in more than 200 countries and territories – as well as specialist risk management and consulting support.
10. Auto General Insurance Company
In addition, they also offer other insurance products like Life Insurance, Home and Personal Insurance, Value Added Products, Brokers and Business Insurance.
11. Bidvest Insurance
They offer multiple Insurance products, most especially in respect of personal services. They offer products under life insurance, car insurance and panic alert insurance policy.
The latter feature:
- Cellphone cover
- Portable electronics cover
- Bags cover
- Clothing cover
- Home keys and remote cover
- 24-hour Armed response
- Personal documents cover
- Emergency courtesy transport
12. Budget Insurance
Last on the list of our insurance companies in South Africa is Budget Insurance. It’s an insurance company in UK. They offer home, car, van and life insurance policies with different levels of cover designed to meet today’s busy lifestyles.
It’s important to note the list is not made in order of their relevance or operation, this is purely a compiled list of South African insurance companies list. Also, you are advised to have an extra information in regard of the respective insurance company you have interest in before proceeding to buy their products.
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