Best Insurance Companies in SA
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Whether you're protecting your first car or safeguarding
your family's future, choosing the right insurance company can feel
overwhelming in South Africa's diverse insurance market.
While dozens of insurers compete for your attention, not all
deliver the same level of service, coverage options, or value for money. The
top 10 insurance companies in South Africa have established themselves through
decades of reliable service, innovative products, and consistent customer
satisfaction.
From Santam's industry-leading position to specialized
providers like 1st for Women, each company brings unique strengths to the
table. We've analyzed these insurers based on their
financial stability, coverage options, customer service ratings, and digital
capabilities to help you make an informed decision.
Let's examine what makes each of these insurance providers
stand out and how they might align with your specific needs.
Established in 1918, Santam has secured its position as
South Africa's largest short-term insurer with a market share exceeding 20%
consistently for the past decade [1]. This industry giant serves more than 1
million policyholders across South Africa and Namibia [2].
Santam's Market Position and Financial Strength
Santam demonstrates exceptional financial performance with a
10.5% increase in gross written premium and a significant improvement in
underwriting margin from 3.5% to 7.6% [3].
The company reported an impressive profit after tax of ZAR 3.4 billion (USD 185
million) for 2023, achieving a remarkable 29.5% return-on-equity ratio [4]. Additionally, AM Best has assigned Santam
an A- (Excellent) Financial Strength Rating, confirming its robust financial
position [4].
Coverage Options and Policy Features
Santam offers a diverse range of insurance products
including car, property, liability, engineering, agricultural, guest house,
tourism, and leisure insurance [2]. Their coverage options are structured in
three tiers:
For homeowners, Santam provides an additional 10% cover on
contents between December 15 and January 31 at no extra cost [6].
Digital Capabilities and Mobile App Experience
Santam's digital ecosystem includes a comprehensive client
portal and mobile app that allow customers to register and track claims, view
policy details, and request changes [9]. Moreover, their WhatsApp Self-Service
enables quick access to policy documents and cover confirmation [10]. In fact, Santam recently launched South
Africa's first digital insurance solution specifically for micro township
enterprises, demonstrating their commitment to innovation and accessibility [11].
Founded in 1998, OUTsurance transformed South Africa's
insurance landscape with its groundbreaking brand promise: "you always get
something out" [12]. This catchy slogan perfectly captures the
company's pioneering reward system that sets it apart from competitors.
OUTsurance's Unique OUTbonus
Reward System
At the core of OUTsurance's appeal is its cash OUTbonus – the first reward system in South Africa to
return money to claim-free clients [13]. After three consecutive claim-free years,
customers receive 10% of their paid premiums back in cash [12].
Subsequently, clients who remain claim-free for another two years get an
additional 10% of premiums paid during this period, followed by 10% annually
for each additional claim-free year [14].
Since inception, OUTsurance has paid out more than R6 billion in OUTbonuses to over 800,000 clients – averaging R1.7 million
daily over the past year [15].
Comprehensive Coverage Options
OUTsurance offers two distinct car insurance options:
Comprehensive and Essential. The Comprehensive option covers any vehicle type
with benefits including the OUTbonus, while Essential
covers cars older than five years worth under
R125,000 [16]. Beyond vehicles, their portfolio includes
home insurance, contents coverage, life insurance, business protection, and
even pet insurance – becoming the first South African insurer to pay over R1
million in cash rewards to pet insurance clients [12].
Customer Satisfaction Metrics
According to the 2022/2023 Ask Afrika Icon Brands survey,
OUTsurance is South Africa's favorite brand for both
car insurance and buildings/household contents insurance [17]. Furthermore, OUTsurance has maintained the
lowest complaint referral rate to the Ombudsman for Short-Term Insurance for
seven consecutive years [17], with just 0.87 complaints per 1,000 claims
in 2021 – significantly below the industry average of 1.33 [17].
Pricing Structure and Value for Money
OUTsurance offers fixed premiums guaranteed for 12 months [13], alongside a best price guarantee that pays
R500 if they can't beat a customer's current premium (or R1,500 for those
claim-free for three years) [16]. Their fixed excess amount remains
consistent regardless of claim value [13], providing financial predictability when
claims arise.
Discovery Insure stands out in South Africa's insurance
landscape by merging traditional insurance with wellness incentives through its
innovative Vitality program. Unlike conventional insurers, Discovery has built
a model that rewards clients for positive behaviors
beyond just being claim-free.
The Vitality Drive Program and Rewards
The Vitality Drive program uses telematics to monitor and
reward good driving habits. Clients can earn up to 50% back on their BP and
Shell fuel spend and Gautrain travel each month based on driving performance.
Notably, drivers can receive up to R1,500 monthly in fuel cashback, which can
be doubled when paid into an Insure Funder Account. As clients accumulate
Vitality Drive points, they progress through status levels (Blue, Bronze,
Silver, Gold, and Diamond), unlocking greater benefits with each tier.
Additional rewards include:
Coverage Options for Auto, Home, and Life
Discovery offers comprehensive building insurance with no
excess for weather-related claims on Classic and Purple Plans. Home contents
insurance includes protection against theft with forced entry and weather
damage. Furthermore, their portable possessions cover protects items worldwide,
even without proof of forcible entry from unattended vehicles.
The Purple Plan provides premium options designed
specifically for high-net-worth individuals, featuring tailored benefits like
smartphone upgrades and zero excess across all coverage sections.
Innovative Technology and Telematics
At the heart of Discovery's offering is their
smartphone-enabled DQ-Track technology, recognized through international
awards. This system combines the Discovery Insure app
with the Vitality Drive Sensor to monitor driving behavior
and provide safety features. Key innovations include:
Customer Experience and Service Ratings
Customer feedback presents a mixed picture. While Discovery
received the Best Automobile Insurance award at the 2024 Global Insurance
Innovation Awards, customer satisfaction scores declined by nearly 7 index
points compared to 2017. According to independent research, Discovery scores
below industry averages for perceived value (72.8 vs. 76.6) and had the highest
complaint incidence at 21.3—more than double the global standard. Consequently,
their Net Promoter Score stands at just 8.9%, with 28% of customers actively
detracting from the brand.
With roots dating back over 180 years, Old Mutual Insure
(formerly Mutual and Federal) holds the distinction of being the oldest
non-life insurer in South Africa. Throughout its extensive history, the company
has built a reputation centered on customer focus,
resilience, and innovation.
Old Mutual's Comprehensive Insurance Portfolio
As one of the top 10 insurance companies in South Africa,
Old Mutual Insure offers an extensive range of protection options. Their
product lineup includes:
This diverse portfolio allows them to serve various client
segments while maintaining their promise to "do great things" by
protecting what matters most to customers.
Financial Stability and Market Presence
Old Mutual Insure has demonstrated impressive financial
performance, achieving double-digit growth in core business lines. The company
has successfully cemented its market position through profitable growth
resulting from deliberate strategic choices across its segments. These
calculated decisions have strengthened its standing among the top insurance
providers nationwide.
Customer Service and Claims Experience
Even though the insurance sector faces numerous challenges,
Old Mutual Insure has maintained exceptional service standards. The company has
consistently ranked as both the "best insurer" and most "value
for money insurer" in the independent South African Customer Satisfaction
Index (SAcsi). Additionally, Old Mutual Insure topped
the Sunday Times Top Brand award in the Consumer category, directly reflecting
their superior customer experience.
Digital Transformation Initiatives
Alongside their service excellence, Old Mutual has embarked
on an ambitious digital transformation journey. The company has substantially
reduced its on-premises data center footprint by
migrating life insurance and wealth management systems to Amazon Web Services.
This cloud transformation has delivered remarkable results, including a 50%
year-over-year reduction in business impact hours.
Despite embracing digital solutions, Old Mutual Insure
emphasizes using technology to enhance rather than replace human interaction.
Their approach focuses on maximizing face time with customers to understand and
address their needs more effectively, creating a balanced blend of
technological efficiency and personal service.
MiWay has carved a niche in South Africa's insurance
landscape as a direct insurer that emphasizes customer convenience and
accessibility. Established as a direct channel insurer, MiWay later extended
its reach by adding a broker channel in 2015 to provide more options for
clients across the country.
MiWay's Direct Business Model Advantages
As a pioneer in online-enabled insurance services, MiWay
offers end-to-end online quoting, purchasing, and policy management. Their
technology-focused approach enables customers to handle insurance matters
independently, saving both time and money. MiWay's advanced scientific
underwriting model ensures clients pay rates specifically tailored to their
risk profiles [18].
This direct business model also allows for greater price competitiveness, with
car insurance premiums starting from just R28 per day [18].
Coverage Options and Customization
MiWay provides several insurance tiers to match different
needs and budgets:
Beyond personal insurance, MiWay offers business insurance
solutions including coverage for commercial vehicles, property, liability, and
specialized products for motor traders [19].
Claims Processing Efficiency
MiWay aims to make claims handling as hassle-free as
possible through multiple submission channels. Their innovative mobile app
features a step-by-step tool specifically designed for accident claims,
allowing policyholders to photograph damage and submit evidence immediately [2]. For
simpler claims, MiWay offers photo-assessment options, eliminating the need to
drive to assessment centers [2]. This
efficiency-focused approach aims to settle valid claims rapidly without
unnecessary complications.
Customer Ratings and Feedback
In the 2023 SA Insurance Index Report, MiWay secured first
place with a 73.3% sentiment score, considerably higher than the industry
average of 16.1% [1]. On Hellopeter,
the company maintains a trust index rating of 10/10 and an average star rating
of 4.57/5 [20]. Nevertheless, customer reviews remain
mixed, with some praising excellent service yet others reporting frustrations
with claims processes and premium increases [3].
Entering the South African insurance market in 2012, King
Price disrupted traditional insurance models with their innovative decreasing
premium approach – the first of its kind globally. This customer-centric model
has saved clients R140 million in premiums since the company's launch.
How King Price's Decreasing Premium Model Works
At the core of King Price's business philosophy is a simple
question: Why pay the same premium when your car loses value every month?
Instead of maintaining static rates, King Price automatically decreases
comprehensive car insurance premiums monthly to align with vehicles'
depreciating values. This logical approach ensures customers never pay more for
less coverage as their assets naturally depreciate over time.
Coverage Options and Policy Features
Beyond car insurance, King Price offers an extensive range
of protection options:
For vehicles specifically, customers can choose from
comprehensive coverage, agreed value protection, theft and write-off insurance,
third-party options, and specialized classic car insurance. Furthermore, King
Price provides unique R1 insurance add-ons, allowing clients with comprehensive
car coverage to insure items like bicycles, golf clubs, and hearing aids for
just R1 monthly.
Customer Sentiment and Satisfaction
King Price has consistently earned impressive customer
satisfaction metrics, topped Hellopeter's Trust Index
in the insurance category, and achieved the highest overall Net Sentiment
ranking score of 57%. Their customer service excellence was recognized when
they received the award for delivering South Africa's best customer experience
through innovative technology that streamlines claims processing.
Digital Experience and Self-Service Options
The company's digital ecosystem resembles banking apps but
for insurance needs. Their self-service portal and mobile application enable
customers to:
Additionally, King Price offers WhatsApp integration for
policy management, making insurance administration more accessible and
convenient for their clients.
As a major player in South Africa's financial landscape,
Momentum stands apart as an integrated financial services provider rather than
just an insurance company. This Level 1 B-BBEE South African-based group has
built its reputation on a holistic approach to financial wellness, combining
insurance products with rewards programs and investment opportunities.
Momentum's Multiply Rewards Program
At the heart of Momentum's offering is the Multiply rewards
program that incentivizes healthy living and safe behavior.
Members can earn:
The program offers free and premium tiers (Multiply
Inspire/Inspire Plus and Multiply Engage/Engage Plus), with enhanced benefits
for plus members who pay monthly subscriptions starting from R175.
Insurance Portfolio and Coverage Options
Momentum offers comprehensive protection across various
needs:
Their Safety Alert panic button feature on the Momentum App
provides emergency assistance at no additional cost to policyholders.
Integration with Other Financial Products
Essentially, Momentum's federated operating model enables
seamless integration between insurance and other financial offerings. Alongside
insurance, clients can access:
This interconnected approach allows clients to consolidate
their financial services while maximizing rewards across different product
categories.
Launched in 1980, Hollard has established itself as South
Africa's largest privately-owned and independent insurance group, serving more
than 10 million policyholders across four continents with assets exceeding R50
billion. Throughout its 44-year journey, the company has maintained its
founding philosophy that doing good business should go hand-in-hand
with making a positive impact.
Hollard's Partnership-Based Business Model
What truly sets Hollard apart is its partnership-first
approach to business. The company handpicks partners who align with their
values, creating what they describe as "win-win-win scenarios" for
Hollard, partners, and customers. This collaborative ethos has resulted in over
100 ventures spanning the insurance value chain. Particularly noteworthy is
their commitment to insurance brokers through the #LongLiveTheBroker campaign,
which reaffirms Hollard's broker-facing business model that has been
fundamental to their operations since inception.
Product Range and Coverage Options
Hollard provides an extensive portfolio of short-term and
life insurance products serving diverse customer segments. Their offerings
include:
The company distinguishes itself with one of the shortest
application forms in the industry and remarkably few exclusions in the market,
making their policies more accessible to clients.
Community Initiatives and Social Impact
Hollard's social impact initiatives reflect their purpose to
"enable more people to create and secure a better future." Their
signature Better Futures projects include supporting young artists through
Creative Blocks, protecting informal settlements with Lumkani
fire detection systems, promoting road safety via Highway Heroes, and
empowering women in transport through the WIWIT initiative. This commitment to
social responsibility has become an integral part of their brand identity,
going well beyond conventional corporate social investment.
ABSA stands out among South Africa's top 10 insurance
companies as a traditional banking institution that has successfully expanded
into comprehensive insurance solutions. Their banking-integrated approach
offers unique advantages for customers seeking consolidated financial services.
ABSA's Insurance Product Portfolio
ABSA provides a diverse range of insurance products catering
to various protection needs. Their portfolio includes:
For vehicle owners, ABSA offers fixed excess from as low as
R3,000, an open driver policy, and 24-hour road emergency assistance.
Integration Benefits with Banking Services
As a pioneering financial institution, ABSA became the first
in South Africa to offer fully integrated online insurance through its banking
platform. This integration allows 1.3 million online banking clients to access,
purchase, and manage insurance products alongside their banking services.
Clients can view their complete financial position or "net worth" at a glance by consolidating insurance and banking products
on a single, secure platform.
Customer Service and Digital Experience
ABSA has transformed its digital customer service experience
by implementing advanced social media response systems, reducing average
Twitter response time by 13.6 hours. Their self-service portal enables
customers to:
Indeed, ABSA's commitment to digital transformation has
yielded measurable results, with their overall Net Sentiment score improving by
7 percentage points—the most significant improvement by any South African bank.
Value-Added Services and Benefits
Beyond standard coverage, ABSA offers specialized
value-added insurance products, including:
These supplementary products provide protection for
situations typically excluded from standard insurance policies, creating
comprehensive coverage solutions.
Launched in 2004, 1st for Women Insurance pioneered South
Africa's first insurance offering specifically designed for women after
discovering that women were taking out policies without having products that
met their unique needs.
Unique Benefits Tailored for Women
Primarily focused on safety concerns, 1st for Women provides
Guardian Angels Lifestyle Assistance with every car insurance policy. This
service includes 24/7 roadside assistance, mobile crash detection, and a unique
Guardian Angel who waits with clients feeling unsafe after accidents. The
Guardian Angel on Call feature, accessible through their mobile app, offers
trip monitoring and an unlimited panic button that ensures women reach their
destinations safely.
Coverage Options and Policy Features
Beyond standard protection, 1st for Women offers:
Their comprehensive car insurance includes unique extras
like coverage for lost keys, locks, or remotes – common concerns that the
company recognizes "happen to the best of us."
Customer Satisfaction and Service Quality
As evidence of their commitment to service excellence, 1st
for Women maintains an impressive 9.2/10 rating based on customer feedback from
internal service interaction surveys. Their intuitive app streamlines policy
management and centralizes safety features in one accessible platform.
Social Impact and Women Empowerment Initiatives
Most importantly, 1st for Women has maintained an unwavering
commitment to fighting gender-based violence since 2005. Through the 1st for
Women Foundation, they have raised over R100 million and supported more than
100,000 women affected by GBV. The foundation allocates 1% of every
comprehensive vehicle insurance premium toward prevention and support
initiatives, contributing R19 million to their flagship Diepsloot
program that addresses root causes through education.
South Africa's insurance market offers remarkable diversity
through established providers, each bringing unique strengths to serve
different customer needs. Santam leads with financial stability and extensive
coverage options, while OUTsurance rewards loyalty through its OUTbonus system. Discovery's Vitality integration and King
Price's decreasing premium model showcase innovative approaches to modern
insurance needs.
These top insurers demonstrate strong digital capabilities,
from MiWay's end-to-end online services to Momentum's integrated rewards
program. Traditional players like Old Mutual Insure and Hollard maintain their
market positions through reliable service and comprehensive coverage options,
while specialized providers like 1st for Women address unique market segments.
Choosing the right insurer requires careful consideration of
personal needs, budget constraints, and desired benefits. Companies like ABSA
offer banking integration advantages, while others focus on specific strengths
such as Santam's market leadership or Discovery's behavior-based
rewards.
Ultimately, South African consumers benefit from a mature
insurance market that combines established reliability with innovative
solutions. The right choice depends on individual priorities - whether seeking
the lowest premiums, most comprehensive coverage, or specific rewards programs.
References
[1] - https://businesstech.co.za/news/industry-news/732477/miway-maintains-a-leading-position-in-the-2023-sa-insurance-index-report/
[2] - https://www.miway.co.za/claims
[3] - https://www.miway.co.za/have-your-say/your-comments
[4] - https://news.ambest.com/newscontent.aspx?refnum=262653&altsrc=23
[5] - https://www.santam.co.za/insurance/for-me/
[6] - https://www.santam.co.za/insurance/for-me/home-contents/
[7] - https://www.hellopeter.com/santam
[8] - https://www.santam.co.za/blog/what-we-do/4-ways-to-a-simpler-insurance-claim-process/
[9] - https://www.santam.co.za/blog/what-we-do/claiming-online-here-s-how-to-do-it/
[10] - https://www.santam.co.za/blog/what-we-do/personal-insurance-in-the-digital-age-what-you-need-to-know/
[11] - https://www.santam.co.za/about-us/media-center/commercial-lines/santam-launches-sa-s-first-digital-insurance-solution-for-micro-and-informal-businesses/
[12] - https://www.outsurance.co.za/outbonus/
[13] - https://www.outsurance.co.za/about-outsurance/general-information/
[14] - https://www.outsurance.co.za/car-insurance/outbonus/
[15] - https://www.outsurance.co.za/car-insurance/
[16] - https://www.outsurance.co.za/car-insurance/comprehensive-car-insurance/
[17] - https://www.outsurance.co.za/company-news/outsurance-is-south-africas-favorite-car-insurance-and-home-insurance-brand/
[18] - https://www.miway.co.za/car-insurance
[19] - https://www.miway.co.za/business-insurance
[20] - https://www.onlinereviews.co.za/miway-car-insurance-why-choose-miway-for-your-car-coverage/