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LIST OF INSURANCE COMPANIES IN SOUTH AFRICA

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.

THE FULL LIST OF INSURANCE COMPANIES IN SOUTH AFRICA

Now the full list of insurance companies in South Africa following the explanation of the basics in the general overview above.

  • SANLAM INSURANCE: 

This is the one of the insurance company that is mentioned on the Johannesburg Stock Exchange. It has its Headquarter located in Cape Town. It was established on 28th March 1918 as a public company that deals on the financial services. It is regarded as South Africa’s biggest medium-term insurer. It also has an interest in business dealing with these following countries; Uganda, Zimbabwe, Tanzania, Malawi, and Zambia.

  • HOLLARD INSURANCE:  

The Hollard Insurance Group is an insurance company that made up of Hollard Life Assurance and the Hollard Insurance company. It was founded in the year 1980 as a private insurance group. It is considered to be South Africa’s biggest insurance company that is been owned and controlled by an individuals or persons.

  • MUTUAL AND FEDERAL INSURANCE:

This is the type of insurance company that does not require the assistance of a broker. They specialize in the area of attaining the urgent needs of their clients through a hassle-free claims process and a quality customer service. The deals on a medium-term insurance landscape.

  • GUARD RISK INSURANCE:

This company was established in the year 1992 that is to say that it is twenty-seven years now. It was incorporated by MMI Holdings Limited. The Guard Risk Insurance Management Limited is a major part of Guard Risk Insurance Company. The deals on alternative risk transfer and cell captive business solutions in South Africa.

  • OUTSURANCE LIFE INSURANCE:

These company deals on the offering of flexible payment structures, free medical tests, a hundred percent of OUT bonus and the advanced underwriting. They are a well-organized insurance company with a revolutionized life in the sense that they keep their words of paying back the premiums in cash their clients contributed after fifteen years of joining.

  • TELE SURER INSURANCE COMPANY:

The Tele Surer insurance company as its name sounds was the first insurance company in South Africa that ever-transacted business base on insurance through phone lines. The BGL Group in the United Kingdom, Tele Surer investments Holdings Group in South Africa and the Auto & General in Australia are the three most principle companies that are included in the insurance operations of the Tele Sure Insurance company principles.

  • ABSA INSURANCE COMPANY:

These company called the Absa Insurance company was established in the year 1992, twenty-seven years now as a privately-owned insurance company. It is located at No. 21 Kruis Street Johannesburg, 2001, South Africa. It is part of Absa financial services limited.

  • ZURICH INSURANCE COMPANY:

The Zurich insurance company is a part of Swizz-Based insurance Group limited which is the top world insurance provider that operates both locally and internationally. The deals on a medium-term insurance. The insurance products and services are two basic things they render to their clients whether public, private or corporate clients in order to meet their diverse needs. It is located inside Johannesburg, South Africa.

list of insurance companies in South Africa

list of insurance companies in South Africa

  • AIG INSURANCE COMPANY:

This is an insurance company that has its Head Office located at Sandown Mews West 88 Stella Street, Sandown 2196, Johannesburg, South Africa. It was founded in 1962.

  • STANDARD INSURANCE:

The Standard Insurance was founded in the year 1906 and have its headquarter situated at Portland, Oregon, United States of America.

  • LIBERTY MUTUAL INSURANCE

The Liberty Mutual Insurance as generally called was founded in the year 1912, that is 106 years ago. It was established as the mutual company that specializes in the area of insurance. It is located at No. 175 Berkeley Street, Boston, Massachusetts, United States. When it comes to property and casualty. The Liberty Mutual Insurance stand as the largest four on the list.

  • WES BANK INSURANCE:

These types of insurance company deals mainly with vehicles. They assist their clients in the area of provision of loans for the purchase of vehicle and insurance. It is part of First Rank Bank Limited, South Africa.

  • OLD MUTUAL INSURANCE:

This company specializes in the area of provision of investment solutions and funds, integrated advice and group risk, financial advice and long-term savings, income and risk protections services and then annuities and consultation services. It is located at No. 107 Ravinia Road, Sandown, Sandston Johannesburg, South Africa. It was established in the year 1945, and it has 19,257 number of employees. Its operation is through the following channels; Wealth and Investments, Cluster Personal Finance and then Old Mutual Corporate Segments.

  • DISCOVERY INSURANCE:

This is a South Africa based insurance company that was established in the year 1992, that is twenty-seven years ago, as the public insurance company that expertise in the fields of financial services and the insurance. It is among the insurance companies that are mentioned on the Johannesburg Stock Exchange. The Discovery Insurance Company has its Head Office located at Sandston, South Africa.

  • MOMENTUM INVESTMENTS INSURANCE:

This insurance company was founded in the year 2010 as a government-owned insurance company that has a leading role in the areas of insurance and the financial services. It has its Head Office located at Centurion, South Africa. Insurance and Asset Management are the two main products of Momentum Investment Insurance. It is listed as one of the insurance company on the Johannesburg Stock Exchange.

CONTINUATION OF THE LIST OF INSURANCE COMPANIES IN SOUTH AFRICA

  • DIFFERENT LIFE INSURANCE
  • METROPLOITAN LIFE
  • CLIENTELE LIFE
  • ASSUPOL LIFE
  • 1 LIFE DIRECT INSURANCE
  • BOE LIFE
  • ALLAN GRAY LIFE
  • PROFESSIONAL PROVIDENT SOCIETY (PPS)
  • CAPITAL ALLIANCE
  • AVBOB MUTUAL ASSURANCE
  • ALEXANDAR FORBES
  • PINNAFRICA INSURANCE
  • REGENT LIFE ASSURANCE
  • SAGE LIFE
  • RENTMEESTER LIFE INSURANCE

INSURABLE AND NON-INSURABLE RISKS:

There are two major forms of risks which are insurable and non-insurable risks. Insurable risks here imply that type of risks that have statistics that can be collected and calculated. These risks occur regularly and their occurrence can be estimated and calculated. The estimation of the occurrence of these risks can be done based on their available past statistics.

The Non-Insurable risks, on the other hand, are the risks that have no statistics on which their estimation and calculation can be based. No insurance company would be prepared to accept these risks that have a realistically available statistics on which the calculation of their premium can be based.

INSURANCE AND ASSURANCE:

Insurance deals with risks that may or may not occur, that is to say, that insurance hinges on probabilities. For instance, if one insures his car under motor vehicle insurance, that car may or may not be involved in an accident.

Assurance, on the other hand, deals with risks or events that must happen, in other words, assurance is based on possibilities.  The only risk or event that must occur or happen is death. Therefore, people assure their lives against death since they are aware that they must die because death is a debt everybody owes on earth. But, what they do not know are when they will die, how and where they will fie.

INDEMNITY INSURANCE:

This is an insurance in which the insured is restored back to his original position before the incident occurred, that is to say, that the insured is compensated for losses incurred example Fire insurance, Marine Insurance, and others.

INSURANCE AS A POOL OF RISKS:

Insurance is known as a pool of risks because many people who feel that they may suffer one risk or the other contribute money in order to create a common fund and to indemnify any of them that may fall, the victim. With this common fund created, insurance, therefore, serves as an umbrella that covers these risks insured. It is not possible for those that contributed to the common fund in form of premium to suffer the risks they insured against all at the same time. Therefore, those that suffer from any of these risks insured, will be compensated for the money they and others that did not suffer from any of such risks contributed. The compensation a victim may get depends on the premium the person contributed and the extent of the risk suffered. It is as a result of this pooling of risks that brought about the description of insurance as the principle by which the fortunate many who do not suffer from the risks help the unfortunate few who suffered from risks they insured against.

INSURANCE AGENTS AND BROKERS:

Insurance agents and brokers are the middlemen between the sellers and buyers of insurance. They help in connecting the potential buyers of insurance with the insurance companies.

AGENT:

An Agent is a person employed by another called the principal and a given legal authority to bring his principal into a legal relationship with the third parties.

  1. Full-Time Agents: These are a salesman or insurance canvassers employed by the insurance company on a full-time basis and paid salaries or salaries with a commission as the case may be. They are regarded as a full-time staff of the insurance company that employed them and are expected to work for the insurance company only.
  2. Part-Time Agents: These are people engaged in a profession that is likely to attract customers to the insurance companies such as bank managers, solicitors, accountants, estate agents, travel agents, garage proprietors and others. These agents are part-time agents and are paid on commission.
  3. Broker: A broker is an independent person who negotiates insurance cover with an insurance company on behalf of his clients. He advises his clients on which insurance cover to take because he is a professional in the insurance matters. He is usually paid on commission called the Brokerage.

ROLE OF INSURANCE BROKERS AND AGENTS:

Insurance brokers sell insurance to the insured on behalf of the insurance companies on commission basics known as brokerage. It is the brokers who go around looking for clients for the insured companies. These insurance brokers are experts in the area of insurance and them expertise in the diverse classes of insurance. The brokers as experts in insurance also advise clients on the type of insurance they should take.

Insurance agents on the other hand act as intermediaries that arrange insurance between the insurance companies known as the insurer and the insured on the full-time or part-time basis. These agents are paid commission based on the value of the business they contracted.

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 at 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 her 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.

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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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Updated: August 12, 2018 — 9:00 am

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