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Top 10 insurance companies in South Africa

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What will you do in case of fires, accidents, or floods? Everyone hopes these tragedies do not occur but let’s be realistic, these tragedies are bound to happen so it’s better to be on a safer side. So it’s very important to secure your assets with the best insurance companies. 

Many South Africans do not fully understand the topic of indemnity(insurance). As a result, many insurance companies have taken it upon themselves to conduct mass education through advertisements in the media on the topic.

What then is indemnity? Indemnity is protection or security that shields you from uncertain losses and other financial burdens. Numerous indemnity (insurance) companies in South Africa are fully operational awaiting citizens to come in and get their assets insured. While some are genuine companies, others might scam. It’s therefore imperative to differentiate between the best insurance companies in South Africa from the others.

The best insurance brand is the one that offers various types of cover. For example, car cover, home cover, medical cover, funeral cover, business cover, and life insurance are some of the best insurance companies’ services. In addition, the agency in charge of public complaints, the Ombudsman, ensures that issues between customers and their insurance providers are resolved amicably. 

So, what is the best insurance brand? Undoubtedly, the best indemnity companies in South Africa have attained a good reputation by providing their clients with favorable covers. They have also maintained a readiness to step in when valid compensation claims are made.

Types of insurance covers in South Africa 

The different categories of coverage that every South African should know about are 

Car cover 

This protects the car owner if they get into a road accident or their car is stolen. While different indemnity companies offer this service, it is worth noting that each of their charges varies. 

Home cover 

Home indemnity cover protects homes and expensive household possessions. Specifically, the indemnity company assists in replacing these items if they get damaged or are stolen. 

Business cover 

The business cover protects one’s possessions in a business. At the same time, it covers employees and customers should they get injured within the business property.

Medical cover 

Every South African need a medical cover against any medical emergencies such as unexpected illnesses. Medical indemnity often lifts the weight of substantial medical bills. 

Life insurance 

The life indemnity policy protects one’s loved ones from suffering if they pass away. The company receives monthly premiums from the person who has taken the cover, and in case the person dies, the money is issued to the pre-registered beneficiaries. 

Funeral cover 

The hefty costs of funerals are avoided by taking funeral covers. It is a good way of relieving loved ones from the emotional burden of looking for money for the burial. Besides, this package also allows you to cover other members of your household, including your parents. 

Who are the top 10 insurance companies? 

Determining the list of the best insurance in South Africa could be based on a wide variety of factors. The index based on reliability, for instance, could be different from that based on customer complaints. These best South African insurance companies are based on the latest Ombudsman annual report for 2020 for Long Term Indemnity. The results are based on the number of complaints by customers:

Name of Insurance CompaniesContact
Acsis Limited+27 21 524 4410
Investec Life Limited +27 (11) 286 7000
Nedbank Limited0800 555 111
Shield Life 0861777353
Alexander Forbes Investments Limited 0800 333 316
Just Retirement Life (S.A.) Limited+27 87 238 2690
Dotsure Life 0861 368 7873
Absa Insurance and Financial Advisers(Pty) 0800 11 11 55
Merrit Life 011 486 0056
New Era Life Insurance Company Limited +27 11 463 0463

The first five indemnity companies listed above have zero customer complaints, while the remaining five have only one complaint each.

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