INSURANCE COMPANIES IN SOUTH AFRICA – DETAILS YOU NEED TO KNOW
With the growth in the number of insurance companies in South Africa in recent years and the many insurance packages that are being introduced daily, it can sometimes get confusing trying to understand what insurance really means.
But really, nothing has changed; these organizations are just becoming more proactive in taking care of the losses that you may incur in the course of your life.
However, the insurance packages are not just tailored towards individuals; they are also useful to small, medium and large companies.
Interestingly, there are scores of insurance firms in the country but only a few are quite reliable when it comes to responding to claims. Unfortunately, many others tend to play hide and seek with clients and are known for their poor customer service as well as their inability to respond to and pay for claims.
Insurance Companies in South Africa
This article will highlight some of the top insurance firms in South Africa based on their excellent track record.
1. Alexander Forbes Group Holdings
Alexander Forbes (AF) offers integrated insurance service to small, medium and large organizations. Additionally, AF provides insurance cover to individuals and specialist groups.
With head office in Sandton, South Africa, AF was established in 1935 and it was initially called Price Forbes. However, that name went through a couple of changes before it became Alexander Forbes. And it was a landmark achievement in 2014 when AF got listed on the Johannesburg Stock Exchange (JSE).
AF operates in several African countries. These include: Botswana, Nigeria, Zambia, Kenya, South Africa, Uganda and Zambia.
Some of the insurance packages offered by AF include:
- Home insurance
- Insurance for women
- Motor and Home insurance
- Personal accident insurance
- Life cover
- Disability cover
- Dread disease cover
Overall, when it comes to securing your financial wellbeing, AF is certainly a firm that you can trust.
2. Holland Insurance
With an average annual turnover of over R15 billion, Holland Insurance is the largest privately owned insurance company in South Africa.
Holland Insurance caters for over 6 million policyholders and has been reputed as the insurance leader in terms of innovative and unique product development.
This top-tier insurance company has a staff strength of over 3000 and they have operations in many parts of the world. Some of these countries include Australia, China, India, Botswana, Zambia, and Mozambique. Also, they are quite popular in the country for their personal insurance package, however, there are some other excellent insurance products such as life, funeral, car, household and homeowner’s insurance.
Additionally, Holland Insurance is quite alluring to job seekers. In fact, it is one of the best places to work. Employees at Holland Insurance enjoy services like gym, clinic, physiotherapy and many more.
At Holland Insurance, personalized service is a core component of the company’s philosophy. Since its inception in 1982, Holland Insurance has maintained this philosophy which has obviously contributed to its excellent performance as one of the top insurance firms in South Africa.
3. Credit Guarantee Insurance Corporation of Africa
Credit Guarantee isn’t just restricted to insurance. The company also offers financial services. It was established in the year 1956 and 2 years after, they began operations.
Known for their in-depth analytics, Credit Guarantee have used their network of contacts to interpret data and boost the businesses of their local and international clients.
Some of the products and services offered by Credit Guarantee include:
- Domestic Trade Credit Insurance
- International Trade Credit Insurance
- Small Businesses and Entrepreneurs Insurance
They also offer bonds and surety. This provides protection to employers especially when they have to work with contractors. In the case of non-performance like poor quality of work or inability to complete the required work, the package offered by CG insures the employer from any associated financial setback.
Examples of these bond types include
- tender bonds,
- performance bonds,
- retention bonds,
- advance payment bonds
- and customs bonds.
- Also through the innovative online Cregalink; as a policyholder, you can access your policy on the go.
4. Oakhurst Insurance Company Limited
Oakhurst started as a motor vehicle insurance company. However, the company has evolved over the years to become one of the top insurance companies offering a wide range of insurance services.
With their top class team of financial advisors, marketers, IT experts and legal advisors, Oakhurst is particularly known for providing excellent insurance service. As matter of fact, the Global Credit Ratings Company in 2015 awarded the company an A score with regards to its ability to pay national scale claims.
Also, it doesn’t matter, if the package you want is short term or long term insurance, Oakhurst certainly has a product that fits your need. Additionally, the company proudly displays its many testimonials from satisfied customers on its website.
Some of their other services asides the well-known motor vehicle insurance include home insurance, business insurance, taxi insurance, life insurance and even pet insurance.
They also offer specialized business insurance which includes
- taxi and minibus insurance,
- commercial motor insurance
- and drone insurance.
Additionally, Oakhurst has a gold club that is tailored to meet the unique needs of business clients. This service offers primarily emergency services and these include:
- Medical emergency
- Roadside emergency
- Household emergency
- Legal emergency
- Replacement vehicle benefits
- Trip monitoring service
- Goods in transit assistance
- Road protect benefits and
- Security assist benefits
5. Constantia Insurance
Constantia is an innovative insurance company that has been a big player in the insurance space in South Africa in the last 60 years.
Constantia has made insurance very easy and they are known to respond to claims quickly. Some of their popular packages include:
- Customer protection insurance
- Electronic devices insurance
- Health and accident insurance
- Legal expenses insurance
- Life insurance
- Health and Accident insurance
If your business uses heavy-duty commercial vehicles, you can find the Heavy Commercial Vehicles quite useful.
Constantia Insurance comprises several divisions, some of which include: Dealers Indemnity, Legal Indemnity, InsureAfrica, Vap-Sure, SGI Guarantee Acceptances, DuePoint and EthiQal
Also, Constantia has well-articulated policies that have been tailored to each specific insurance package thanks to their meticulous underwriting managers. Some of these managers include:
- Administration Plus (Pty) Ltd
- Agruma (Pty) Ltd
- Oraclemed Health (Pty) Ltd
- Unison Guarantee Acceptances (Pty) Ltd
- InsureAfrica Administrators Group (Pty) Ltd
Insurance Companies in South Africa has experienced quite a rapid growth in recent times. And with the increasing enlightenment on the need for insurance cover, certainly, it can only grow faster.
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