Best & worst insurance companies in South Africa

Insurance is not anyone’s favourite topic, but something everyone will most likely need to deal with at least once in their lives.

Whether you need to insure your precious valuables, your property or take out life insurance, insurance companies in South Africa there to give you the most favourable covers.

Though it’s often deemed as 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.

Don’t get caught in that predicament, check out these top insurance companies in South Africa to see which ones suit you the best(and worst).

Types of indemnity in South Africa

The different categories of coverage that every South African should know about are:

Car cover

This protects the car owner is they get into a road accident, or their car is stolen. Different indemnity companies have different charges.

Home cover

Home indemnity cover protects homes and expensive household possessions. The indemnity company assists in replacing these items if they get damaged or are stolen.

Business cover

The business cover protects one’s possessions in a business. It also covers employees and customers should they get injured within the business property.

Medical cover

Every South African needs a medical cover against any medical emergencies such as unexpected illnesses. Medical indemnity often lifts the weight of substantial medical bills.

Life insurance

The life indemnity policy protects one’s loved ones from suffering if they pass away. The company received monthly premiums from the person who has taken the cover. In case the person dies, the money is issued to the beneficiaries.

Funeral cover

The hefty costs of funerals are avoided by taking funeral covers. It is a good way of relieving loved ones from the emotional burden of looking for money for the burial.

Who are the top 5 insurance companies?

Determining the list of the top indemnity companies in South Africa could be based on a wide variety of factors. The index based on reliability, for instance, could be different from that based on customer complaints. These best South African insurance companies are based on the latest Ombudsman annual report for 2019 for Long Term Indemnity. The results are based on the number of customer complaints by customers:

  • Acsis Limited
  • FedGroup Life Limited
  • Investec Life Limited
  • Just Retirement Life (S.A.) Limited
  • Alexander Forbes Investments Limited

In all the five indemnity companies listed above, there were nil complaints from the customers.

Best short term insurance companies in South Africa

According to the South African Customer Satisfaction Index conducted by Consulta for short-term indemnity, these were the best insurance companies South Africa:

1. Santam Company

2. Old Mutual

3. Discovery Insure

4. Virseker Company

5. Outsurance Company

Top 10 life insurance companies in South Africa 

Life indemnity is essential for every South African citizen. The top life insurance companies listed are based on the reputation that they have among the members of the public and the customer satisfaction;

1. Metropolitan Company

2. Sanlam Company

3. Old Mutual Company

4. Discovery Life Company

5. Liberty Life

6. Momentum Life

Best car insurance companies in South Africa

Based on the number of complaints and the percentage of compliments, these are the best car indemnity agencies in South Africa;

1. MiWay

2. Discovery

3. Momentum

4. AA Insurance

5. Outsurance

6. Dial Direct

7. Auto and General

8. King Price

9. 1st for Women

10. Virgin Money

The worst South African insurance companies

The worst indemnity agencies in South Africa are those that received the most number of complaints from their customers. This is determined from the latest annual report by the Ombudsman for Long Term Insurance;

1. Old Mutual Life Assurance Company (South Africa) Limited

2. Liberty Group Limited

3. Hollard Life Assurance Company Limited

4. Metropolitan Life Limited

5. MMI Group Limited

6. Assupol Life Limited

Which insurance company is the best in South Africa?

Getting a definitive answer to this question is quite tricky. Typically, the performance of indemnity companies is assessed using various parameters by different authorities. Some of the factors to consider are the reputation, reliability and customer satisfaction. The performance may also vary annually after each report is published. Every South African should know that the best insurance is that which meets their personal needs.

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