Life is full of uncertainties and risks. Everyone and everything (individuals, families, property, assets and businesses) are exposed to various types and degrees of risks. The risks may be of losses of life, health, assets, property, business. Although, humans try to prevent or void such occurrences, but then, it’s worthy of note that it’s not always possible to prevent unwanted events from occurring. Economists have developed products that protect individuals and businesses against such losses by providing financial compensations. Insurance is a financial product that reduces or eliminates the cost of loss or effect of loss caused by different types of risks.
Not only does insurance protects individuals and businesses from many kinds of potential risks, the Insurance sector also contributes significantly to the general economic growth of the nation by providing stability to the functioning of businesses and generating long-term financial resources for the industrial projects. Insurance also encourages the culture of savings in people and generates employments for millions, especially in a country like South Africa where savings and employment are important.
Despite the huge benefits of insurance, it is still not anyone’s favourite topic, but something everyone will most likely need to deal with at least once in their lives times. We therefore keep educating people on the need to take one insurance policy or the other. In South Africa, there are top insurance companies that can offer you the most favourable covers, whether you want to take out life or health insurance, insure your valuable assets or business.
Though people consider it as quite expensive, insurance can be a lifesaver in unwanted situations, and until you are stuck without it, then you realize how badly you need it
So don’t get caught in the web of predicament before considering taking up insurance policies.
Here we have listed top insurance companies in South Africa, check them out to see which ones that best meet your need.
Read also:
Top Insurance Companies In South Africa
- Price King
- Sanlam
- MiWay
- Old Mutual
- 1st for Women
- Outsurance
- Discovery
- Affinity Health
- Budget
- Liberty
There you have list of top 10 insurance companies in South Africa you can choose from when looking for insurance, but since you are trusting these companies to have your back when things go wrong, it’s important to pick the right one for you.
There are many factors to put into consideration when making this kind of l decision. The factors include what kind of cover they offer and the price of their premiums versus the extent of what they will pay as indemnity. You should also be aware the kind of customer service they offer, as you wouldn’t want to be stuck in a crisis with no one attending to you.
We have therefore, given brief review of the top 10 insurance companies in South Africa.
Price King
Founded in 2012, King Price provides of all types of insurance. The firm has insurance policies for everything covering your car and home to your favourite golf clubs or mountain bike. As its name implies, aspires to be the ‘kings of insurance”, and so have extremely competitive premium pricing.
One of its l most attractive products is their R1 insurance, which according to the company covers smaller valuables from as little as R1 per month.
King Price Insurance is also prominent for its monthly decreasing car insurance premium model.
Sanlam
Sanlam provides comprehensive insurance cover for any unpredicted incidents that may occur, like accident, theft, illness, or even death. Their medical insurance policy is best poke, this will give you peace of mind when you know that your health and finances are secured at one of South Africa’s best insurance companies providing you cover in any shortfall.
Their offerings cover from car, home covers to life, business insurance and medical insurance.
Founded in 1918, Sanlam has evolved from being only a traditional insurance provider to becoming a provider of financial services to both international and local markets. The firm is currently operating in more than 10 African countries, Malaysia, Australia, Switzerland and others.
MiWay
MiWay is an insurance company in South Africa that provides only non-life insurance policies such as business, car, home and household insurance. They are pioneer online-enabled non-life insurer in South Africa by offering an end-to-end online quoting, buying and policy management facility.
MiWay is also a majority shareholder in Santam, a blue-chip JSE listed company that provides supports for MiWay to build its own unique brand identity. MiWay life being another product of this support.
MiWay Insurance provides comprehensive insurance policies that cover
Theft and hijacking
Natural disasters
Damages due to an accident
Fire and explosion
Third-party cover
Total loss
Discovery
Discovery is a shared value insurance company that provides insurance cover to more 5.1 million clients globally
Discovery offers innovative insurance services at highly competitive rates. It’s services include
Car Insurance
Life Insurance
Home Insurance
Through each of these service offerings, Discovery is committed to enhancing and protecting the lives of its clients.
Discovery Insure - innovative car insurance
If you’re looking for Insure that provides innovative car insurance cover, you may contact Discovery. Their car insurance cover provides clients with the option to join Vitality Drive. This is a driver behaviour rewards program that incentivizes better and safer driving.
Vitality Drive leverages world-class technology to provide members with access to state-of-the-art safety features through the smartphone-enabled DQ Track. Discovery’s DQ Track comprises the Discovery Insure smartphone app and Vitality Drive Sensor.
Discovery Insure offers three car insurance plans to best meet clients’ insurance and lifestyle needs.
Discovery’s Life Insurance policy has range of life insurance options at affordable premiums that best meet the lifestyles of their respective clients. Discovery’s life insurance products are:
Classic and Essential Life Plan – life insurance that covers the whole family
Business Life Plan – personal life assurance for your business
Purple Life Plan – protection for clients with over R10 million in life insurance
Smart Life Plan – protection for people under 30
Dollar Life Plan – life insurance that pays out in US dollars
Funeral Plan – lump sum payout for your funeral
Discovery Home Insurance
Discovery’s home insurance is comprehensive, flexible and affordable for its client. It has range of home insurance plans such as:
Building Insurance – covers the main building and any outbuildings on your property
Home Contents Insurance – insurance to safeguard the client’s valuable home appliances.
Portable Possessions Insurance – cover the risk of your insured items being stolen, lost or damaged.
Budget
Budget is an insurer that offers comprehensive business insurance cover. It covers all of your business assets including your office and all of its contents, as well as money that is on the premises. Budget policies are designed for both small businesses and large enterprises.
Liberty
Liberty Life insurance cover offers comprehensive, flexible and affordable life cover plans. You can sign up for any plan of your choice online, on phone, or visit their office.
Liberty personal life insurance cover offers range of life insurance plans such as:
Critical illness cover
Disability cover
Funeral cover
Income protection
Life protection
Medical cover