Looking for the best Insurance Company in South Africa? Below is the list of Top ten insurance company in South Africa. Before we proceed, you ought to be aware of what an insurance company and an insurer is. Follow up to know more about the Top ten insurer in South Africa.
An insurance company is a company that sells and provide insurance. The company offers a policy to the public by selling directly or through another source. An insurance company specializes in one type of insurance such as auto, life, health insurance. It can also specialize in other types of insurance, The company always consist of multiple insurance agents. An insurance company runs by pooling risks among different policyholder.
- 1 Who is an insurer
- 2 Top 10 Insurance Companies South Africa
Who is an insurer
An insurer is a person or company that underwrites an insurance risk. The party in an insurance contract undertaking to pay compensation for any damages. An insurer is an individual/company that undertakes agreement to compensate specific losses. An insurer compensates their user for the damage caused by another individual.
Top 10 Insurance Companies South Africa
1. Santam Insurance
This is South Africa’s leading short-term insurance company. The company has a share worth 24%. This company provides a diverse range of general insurance products and services in southern Africa.
2. The Hollard Insurance Company Ltd
This is a private insurance company that bases in South Africa. it operates under two insurance licenses which are short-term and life. This company has a share of 11%. The Hollard Insurance Company Ltd. provides personal and business insurance solutions. Its personal insurance products include funeral, life, car, household, legal plan, building insurance products, home warranty products, and extended car warranty solutions.
3. Discovery Insurance
Discovery Limited is a South Africa-based insurer that engages in long and short-term insurance, asset management, savings, investment and employee benefits through its various brands. The Discovery offers a range of products including medical aid administration, life insurance, credit cards and investments, underpinned with Vitality rewards.
4. Mutual and federal insurance
Mutual and Federal is the oldest short-term insurer in Southern Africa with a history of more than 180 years. As one of the leading insurer in southern Africa’s short-term insurance landscape. The company share is 10%.
5. Guardrisk Insurance
The company was found in 1992 and has its headquarters in Johannesburg, South Africa. The company shares worth 8% and its the fourth on the list.
6. Outsurance insurance
This is one of the top 10 insurers in South Africa. The company has a share of 7%, the company provides insurance and financial service to its customers. You can login to their official website or Click Here to know more about their service.
7. Telesure insurance
This company is the sixth and it has a share worth 6%. The company provides their customers with best insurance products and services available.
8. Absa insurance
The insurance company is a company that offers their clients a wide range of banking, wealth management services.
9. Zurich insurance
The company has a share of 4% and it is a Swiss insurance company.
10. Regent Insurance
Regent Insurance Company Ltd. provides short-term insurance and life assurance products. Its commercial and business cover products include accident and health, commercial and industrial, corporate travel, goods-in-transit, heavy commercial vehicle, taxi, and tourism and hospitality insurances; group life cover solutions comprise employee benefits, group credit life, group funeral and life, and group/society covers; and personal cover solutions include care line, credit life, family funeral, individual life, motor related, motorcycle, property, and travel insurances
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