The best insurers in South Africa – including life, car and household cover

South Africa is home to numerous short-term and life insurers, many of which have made Forbes’ rankings of the best insurance companies in the world.

Having an insurance policy has long been a way to protect oneself from an emergency.

However, Forbes said that with more extreme weather conditions and the increasing rate of technology risks, insurance companies need to do more than make up for losses.

However, many insurers are aware of this shift and have shifted their business models to prevent instability and avoid asset losses before they occur.

To determine which insurance companies are adapting to increased global risks, Forbes partnered with Statista to evaluate and rate companies in three categories: homeowners, auto, and life.

Statista surveyed over 45,000 people across 15 countries who have had at least one insurance policy for their home, car, or life over the last three years.

Respondents were questioned if they were satisfied with their insurer and if they would recommend it to others.

They were also asked to rate the insurer on criteria such as advice employees offered, customer service, price performance, transparency and damage service.

The survey responses were analysed and scored, and close to 300 insurance companies with the highest scores landed on one or more of Forbes’ final lists.

The best South African insurers can be found below:

Vehicle Insurance

Auto&General was named the best vehicle insurer in South Africa.

Founded in 1985, Auto&General is currently owned by Telesure Investment Holdings.

Absa followed in second place, while Dialdirect Insurance completed the podium.

1st for Women and Momentum also made the top five.

According to Forbes and Statista’s rankings, Old Mutual, OUTsurance, Budget Insurance, Discovery, and South Africa’s largest short-term insurer, Santam, also made the top 10.

Homeowners Insurance

Forbes’s homeowner’s insurance rankings feature fewer South African entries than the vehicle insurance segment.

1st for Women again makes the rankings and has been named the best homeowner insurer.

1st for Women was created in 2004 and offered a vehicle insurance product specifically for women, as women are statistically safer and better drivers. The company has now expanded to offer home, buildings, business, and life cover.

Like Auto&General, it is owned by Telesure Investment Holdings.

Momentum and Budget Insurance were named second and third in the rankings.

Standard Bank-owned Liberty and OUTsurance also made the top five.

Life Insurance

Assupol was also named the best life insurer in South Africa.

The top five also featured OUTsurance, 1st for Women, Nedbank Insurance and Sanlam.

Notably, fifth-placed Sanlam Limited, through its wholly-owned subsidiary Sanlam Life, plans to buy a 100% shareholding of Assupol Holdings Limited for R6.5 billion.

Pretoria-based Assupol is a 110-year-old insurance company and is currently listed on the Cape Town Stock Exchange CTSE.

The proposed transaction follows the announcement last year that Budvest Proprietary Limited (Budvest), which holds 46.02% of Assupol’s shares, and the International Finance Corporation (IFC), holding 19.41% of Assupol, want to sell their shareholdings

“This acquisition by Sanlam will not only strengthen Assupol’s position in the market but also enhance our ability to continue providing exceptional value to our clients. We are excited about this new chapter and look forward to the benefits it will bring to both our employees and clients,” Assupol Chairman Dr Reuel Khoza said.

Following Sanlam’s offer, neither company’s operations are expected to change, and Assupol’s brand, which the Forbes ranking clearly shows is well regarded, will be preserved.

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