Insurance may be seen in the light of provision made for the protection of persons or objects against risks. Business is full of risks, even life itself is prone to risks. Reason for the list of insurance companies in South Africa. Man is faced with many risks in his daily activities, some of these risks that are inevitable are controllable while others are not; some are man-made while others are natural; some are insurable such as Motor Vehicle Insurance, Fire Insurance, Burglary, Theft and Robbery Insurance and others while others such as Gambling, Loss of Profit through maladministration, loss of profit through Change in Fashion, loss of profit through fall in demand, loss of profit through Competition, loss of profit through War and Riots and Speculations are all examples of Non-Insurable and so on. In a bid to reduce these risks that face a man in his daily activities, the man signs a contract with an insurance company for the protection of his life and property against the insurable risks.
LIST OF INSURANCE COMPANIES IN SOUTH AFRICA
Now the list of insurance companies in South Africa following the explanation of the basics in the general overview above.
- SANLAM INSURANCE:
Official Company Website: www.sanlam.co.za/Pages/default.aspx
Sanlam Head Office: 2, Strand Road, Bellville, South Africa
Telephone Contact: +27 21 947-9111 (International)
- HOLLARD INSURANCE:
Headquarters: Johannesburg, South Africa
Type of business: Privately held firm
Official Company Website: www.hollard.co.za
- MUTUAL AND FEDERAL INSURANCE:
Address: 75 Helen Joseph St, Johannesburg, 2001, South Africa
Telephone Contact: +27 11 374 2571
Official Company Website: https://www.oldmutual.co.za
- GUARD RISK INSURANCE:
Tower 2, 102 Rivonia Road, Sandton, Johannesburg, South Africa.
Official Company Website: https://guardrisk.co.za/
- ABSA INSURANCE COMPANY:
Official Company Website: https://www.absa.co.za/personal/insure/
- ZURICH INSURANCE COMPANY:
Address: 3 Long St, Cape Town City Centre, Cape Town, 8001, South Africa
Phone: +27 21 402 8100
Official Company Website: https://insurance.co.za
- AIG INSURANCE COMPANY:
Head Office Address: Sandown Mews West 88 Stella St Sandown 2196 JOHANNESBURG.
Official Company Website: https://www.aig.com/ or www.aig.co.za/
- STANDARD INSURANCE
Website link: https://www.standardbank.co.za/southafrica/personal/products-and-services/insure-what-matters/your-car/vehicle-and-asset-insurance
- LIBERTY MUTUAL INSURANCE
Head Office Address: Liberty Centre, 1 Ameshoff St., Braamfontein. South Africa.
Telephone Contact: 0860 456 789
Official Company Website: https://www.libertymutual.com/
- WES BANK INSURANCE
Head Office Address: 1 Enterprise Rd, Fairland, Randburg, 2170, South Africa
Telephone Contact: +27 86 128 8272
Official Company Website: https://www.wesbank.co.za/
- MOMENTUM INVESTMENTS INSURANCE
Head Office Address: 268 West Avenue, Centurion
Official Company Website: https://www.momentum.co.za/for
- ALEXANDER FORBES GROUP HOLDINGS
Head Office Address: Cape Town South Africa
Telephone Contact: +27 11 269 0000
Official Company Website: https://www.alexanderforbes.co.za/
- BIDVEST INSURANCE
Head Office Address: Melrose, 2196. Johannesburg, South Africa
Telephone: +27 (11) 772 8700.
Official Company Website: www.bidvestinsurancegroup.co.za
- DISCOVERY LIMITED
Head Office Address: 1 Discovery Place, Sandhurst, Sandton, 2196, South Africa
Phone: +27 860 998 877
Official Company Website: https://www.discovery.co.za
- KING PRICE INSURANCE
Head Office Address: Waterkloof Glen, Pretoria, South Africa.
Official Company Website: www.kingprice.co.za
- MiWay INSURANCE
Address: 48 Sterling Rd, Kosmosdal, Centurion, 0157, South Africa
Phone: +27 860 646 464
Official Company Website: www.miway.co.za
- MMI HOLDINGS LIMITED
Head Office Address: 268 West Avenue, Centurion, 0157, South Africa
Official Company Website: www.mmiholdings.co.za/
- OUTsurance HOLDINGS LIMITED
Telephone Contact: 08600 70 000
Head Office Address: 1241 Embankment Rd, Zwartkop, Centurion, 0157, South Africa.
Official Company Website: https://www.outsurance.com
- SANTAN INSURANCE
Address: 10th Floor Towers South, Hertzog Boulevard, Foreshore, Cape Town .
Official Company Website is: www.santam.co.za
- DIFFERENT LIFE INSURANCE
Address: Building A, Bryanston Corner, 18 Ealing Cres, Bryanston, Johannesburg, 2191, South Africa
Phone: +27 10 020 1921
Official Company Contact Website: https://differentlife.co.za/
- METROPOLITAN LIFE
Head Office Address: 39 Durban Rd, Western Cape, 7530, South Africa,
Telephone Contact: +27 11 872 0583
Official Company Contact Website: https://www.metropolitan.co.za/
- CLIENTELE LIFE
Address: Alon Road, Morningside, Rivonia, Johannesburg, 2196, South Africa
Phone: +27 11 320 3000
Possible Contact Website: https://www.clientele.co.za/contact-clientele/head-office
- ASSUPOL LIFE
ADDRESS. PO Box 35900 Menlo Park Pretoria, 0102 South Africa
Possible Contact Website: https://assupol.co.za/
- 1 LIFE DIRECT INSURANCE
Head Office Address: 1 Telesure Ln, Dainfern, Midrand, 2191, South Africa
Phone: +27 860 105 340
Postal address: PO Box 11250; Johannesburg; 2000 1life.co.za
Possible Contact Website: https://www.1life.co.za/contact
- ALLAN GRAY LIFE
Telephone Contact: +27 21 415 2301
Head Office Address: Cape Town, South Africa.
Possible Contact Website: https://www.allangray.co.za/
- PROFESSIONAL PROVIDENT SOCIETY (PPS)
Address: 6 Anerley Rd, Parktown, Johannesburg, 2193, South Africa
Phone: +27 11 644 4200
Possible Contact Website: https://www.pps.co.za/
- CAPITAL ALLIANCE
Possible Contact Website: https://www.liberty.co.za
- AVBOB MUTUAL ASSURANCE
Address: 368 Madiba St, Pretoria Central, Pretoria, 0001, South Africa
Phone: +27 12 303 1000
Possible Contact Website: https://www.avbob.co.za/
- PINNAFRICA INSURANCE
Address: Block A 1st Floor the Ambridge Office Park, 1 Vrede Avenue, Epsom Downs, Sandton, 2191, South Africa
Phone: +27 10 007 0069
Possible Contact Website: https://www.pinnafrica.co.za/
- REGENT LIFE ASSURANCE
Address: 5 Boeing Road East Elma Park Edenvale 1609, South Africa
Possible Contact Website: https://www.hollard.co.za
- SAGE LIFE
address. 6th Floor 22 Magwa Crescent Waterfall 5-lr. Midrand, 2066
Possible Contact Website: https://www.sage.com/africa/contact-us/south-africa
- RENTMEESTER LIFE INSURANCE
Possible Contact Website: https://www.life-insurance-info.co.za/28/life-assurance/rentmeester-assurance
Those are most of the insurance companies that are presently operating within the legal borders of the Republic of South Africa. It is worthy of note that the South African Insurance sector has been a successful one. Many South African Insurance companies have spread their wings into other countries, while some insurance companies have even gone beyond the continent, establishing themselves as global brands.
Below is a brief highlight of the regulatory framework which has helped the South African Insurance industry rise to such prominence.
Insurance in South Africa describes a set of processes in that country for the reduction or minimization of loss arising from to the constant exposure of people and their assets to risks (and risks can be natural or financial or personal). The kinds of loss which might arise if such risks come into reality may be either life-threatening or non-life-threatening.
A generally accepted definition of insurance describes it as a legal contract between an insurer and an insured, in terms of which the insurer undertakes an agreement to render to the insured a sum of money, or an agreed equivalent, on the occurrence of a specific unfavorable event in which the insured has incurred a loss. The insured must have first paid a premium.
According to LAWSA,
Insurance is the result of man’s desire to create financial security in the face of the many dangers to his life, person and property. A typical desire of a man is to build and develop his legacy. The purpose of building and developing an legacy may, however, be defeated by dangers which he may be inadvertently exposed to : if these risks ever become reality they may bring about serious consequences which may then affect his property or legacy immediately or sometime in the future. Even while a danger is still just a remote possibility it creates an element of fear or uncertainty, whether in relation to its possible actual occurrence,or maybe the exact time of its occurrence, or perhaps the extent of its undesirable consequences.
This element of uncertainty creates fear and insecurity. Accordingly, it may be reasonably said that man’s need for security comes from the struggle between his desire to create and develop his legacy or property, on the one side, and the dangers that are threatening to destroy that process, (on the other hand) the most effective and obviously practical way of achieving this desired security is to take direct safety measures against the imminent or potential harm.-
The law of insurance in South Africa consists of
1. rules that are peculiar to things insurance (like the rules about insurable interest, subrogation and also double insurance);
2. rules applicable to all insurance contracts (like the rules on offer and also acceptance, and contracts that are written in favour of third parties).
3. There are also general contract rules that have undergone changes particularly in the insurance context (like the rules about insurance warranties, etc.).
Broadly speaking, South African insurance laws are concerned with:
the conclusion and effects of insurance contracts; general aspects of the law of damages; the rules about insurance intermediaries and agents; insurance tax law; as well as insurance company supervision law.
GENERAL OVERVIEW OF SOUTH AFRICA:
These are the brief facts to note down about South Africa.
South Africa is one of the countries that are inside Africa Continent. It is situated in the Southernmost part of Africa and it is the biggest nation in Southern Africa. It has four ethnic groups which are colored, Asian, Black, and White. Johannesburg is the largest city of South Africa. It practices a unitary dominant-party parliamentary Constitutional Republic System of government. South Africa got its freedom out of the United Kingdom. In terms of per capita income, South Africa is the seventh highest in the whole of Africa. It has boundaries with Swaziland and Mozambique to the northeast, Indian Oceans and South Atlantic to the South and then by the north are Botswana, Namibia, and Zimbabwe.
Please remember that information contained in this article is purely educational content and does not constitute financial advice.
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- Types of Insurance in Ethiopia
CONCLUSION ON THE FULL LIST OF INSURANCE COMPANIES IN SOUTH AFRICA
Conclusively, the benefit of these insurance company in our lives today cannot be overemphasized. It has impacted positively to all the parties that are involved in the insurance company. Examples of such positively imparts are: insurance companies act as both the money and the capital markets where both the short-term and the long-term loans are obtained. It serves as a protection for old age not forgetting that it helps in the reduction of risks.
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