{"id":88778,"date":"2015-05-27T20:30:44","date_gmt":"2015-05-27T18:30:44","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=88778"},"modified":"2015-05-28T08:09:22","modified_gmt":"2015-05-28T06:09:22","slug":"best-and-worst-insurance-companies-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/88778\/best-and-worst-insurance-companies-in-south-africa\/","title":{"rendered":"Best and worst insurance companies in South Africa"},"content":{"rendered":"

The Ombudsman for Short-Term Insurance (OSTI) has released its report for the 2014 calendar year, revealing South Africa’s best and worst short-term insurers.<\/p>\n

The OSTI is an independent body to which clients can complain if they believe they have been treated unfairly by their insurer.<\/p>\n

The OSTI included statistics on the number of complaints it received per 1,000 claims handled by an insurer, as well the overturn rate by the Ombudsman.<\/p>\n

The overturn rate shows how many claim decisions by the company were overturned by the Ombudsman.<\/p>\n

\u201cIf a high overturn rate is registered, this may, but not necessarily, indicate that the insurer is not treating its customers as fairly as it should.”<\/p>\n

“However the overturn rate should be treated with considerable caution as a high overturn rate can also be indicative of a high degree of co-operation being received by the ombudsman\u2019s office from a particular insurer in resolving a complaint to the satisfaction of the customer,\u201d the OSTI said.<\/p>\n

The industry average overturn rate is 31%<\/p>\n

Overall, the Ombudsman said it received 10,253 complaints in 2014, up 9.5% from 9,368 complaints in 2013, and from 9,144 complaints received five years ago.<\/p>\n

The rand value of complaints resolved in favour of the insured was down to R116 million, from R119 million 2014, and R136 million in 2009.<\/p>\n

Majority of complaints related to motor insurance at 46.9% (4,807 complaints), followed by houseowners\u2019 insurance at 20.9% (2,148 complaints).\u00a0 The \u201cmiscellaneous\u201d category accounted for 17.4% of complaints.<\/p>\n

The tables below show complaints per 1000 and the overturn rates of the 20 insurers which drew the most complaints during the review period.<\/p>\n

Top insurers by ombudsman complaints per 1000<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Insurer<\/th>\nTotal\u00a0claims<\/th>\nComplaints\u00a0received by Ombudsman<\/th>\nOmbudsman complaints per 1000<\/th>\n<\/tr>\n
NMS Insurance<\/td>\n74 021<\/td>\n0<\/td>\n0\/1000<\/td>\n<\/tr>\n
Vodacom<\/td>\n65 073<\/td>\n49<\/td>\n1\/1000<\/td>\n<\/tr>\n
Renasa Insurance<\/td>\n41 656<\/td>\n53<\/td>\n1\/1000<\/td>\n<\/tr>\n
Santam<\/td>\n425 617<\/td>\n680<\/td>\n2\/1000<\/td>\n<\/tr>\n
Hollard Insurance<\/td>\n331 825<\/td>\n632<\/td>\n2\/1000<\/td>\n<\/tr>\n
Outsurance Insurance<\/td>\n290 010<\/td>\n493<\/td>\n2\/1000<\/td>\n<\/tr>\n
Centriq Insurance<\/td>\n82 918<\/td>\n153<\/td>\n2\/1000<\/td>\n<\/tr>\n
Guardrisk Insurance<\/td>\n159 333<\/td>\n497<\/td>\n3\/1000<\/td>\n<\/tr>\n
Discovery Insure<\/td>\n53 015<\/td>\n170<\/td>\n3\/1000<\/td>\n<\/tr>\n
Alexander Forbes Insurance<\/td>\n52 519<\/td>\n179<\/td>\n3\/1000<\/td>\n<\/tr>\n
Absa Insurance<\/td>\n275 588<\/td>\n1 037<\/td>\n4\/1000<\/td>\n<\/tr>\n
Mutual & Federal Insurance<\/td>\n155 598<\/td>\n599<\/td>\n4\/1000<\/td>\n<\/tr>\n
Standard Insurance<\/td>\n119 506<\/td>\n523<\/td>\n4\/1000<\/td>\n<\/tr>\n
Auto & General Insurance<\/td>\n109 490<\/td>\n408<\/td>\n4\/1000<\/td>\n<\/tr>\n
First for Woman Insurance<\/td>\n47 700<\/td>\n173<\/td>\n4\/1000<\/td>\n<\/tr>\n
Dial Direct Insurance<\/td>\n57 991<\/td>\n265<\/td>\n5\/1000<\/td>\n<\/tr>\n
Nedinsurance<\/td>\n57 337<\/td>\n294<\/td>\n5\/1000<\/td>\n<\/tr>\n
Budget Insurance<\/td>\n65 559<\/td>\n362<\/td>\n6\/1000<\/td>\n<\/tr>\n
Miway Insurance<\/td>\n84 186<\/td>\n569<\/td>\n7\/1000<\/td>\n<\/tr>\n
New National Assurance<\/td>\n38 249<\/td>\n521<\/td>\n14\/1000<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
\n

Top insurers by overturn rate<\/h3>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Insurer<\/th>\nTotal\u00a0claims<\/th>\nComplaints\u00a0received by Ombudsman<\/th>\nOverturn rate<\/th>\n<\/tr>\n
Outsurance Insurance<\/td>\n290 010<\/td>\n493<\/td>\n13.8%<\/td>\n<\/tr>\n
Miway Insurance<\/td>\n84 186<\/td>\n569<\/td>\n22.6%<\/td>\n<\/tr>\n
Discovery Insure<\/td>\n53 015<\/td>\n170<\/td>\n22.8%<\/td>\n<\/tr>\n
Standard Insurance<\/td>\n119 506<\/td>\n523<\/td>\n23.9%<\/td>\n<\/tr>\n
Mutual & Federal Insurance<\/td>\n155 598<\/td>\n599<\/td>\n26.6%<\/td>\n<\/tr>\n
Alexander Forbes Insurance<\/td>\n52 519<\/td>\n179<\/td>\n26.8%<\/td>\n<\/tr>\n
Santam<\/td>\n425 617<\/td>\n680<\/td>\n29.3%<\/td>\n<\/tr>\n
Hollard Insurance<\/td>\n331 825<\/td>\n632<\/td>\n30.8%<\/td>\n<\/tr>\n
Nedinsurance<\/td>\n57 337<\/td>\n294<\/td>\n32.1%<\/td>\n<\/tr>\n
Renasa Insurance<\/td>\n41 656<\/td>\n53<\/td>\n32.8%<\/td>\n<\/tr>\n
Budget Insurance<\/td>\n65 559<\/td>\n362<\/td>\n33.2%<\/td>\n<\/tr>\n
Auto & General Insurance<\/td>\n109 490<\/td>\n408<\/td>\n33.3%<\/td>\n<\/tr>\n
Vodacom<\/td>\n65 073<\/td>\n49<\/td>\n35.7%<\/td>\n<\/tr>\n
Dial Direct Insurance<\/td>\n57 991<\/td>\n265<\/td>\n37.2%<\/td>\n<\/tr>\n
Centriq Insurance<\/td>\n82 918<\/td>\n153<\/td>\n37.4%<\/td>\n<\/tr>\n
Absa Insurance<\/td>\n275 588<\/td>\n1 037<\/td>\n38.9%<\/td>\n<\/tr>\n
First for Woman Insurance<\/td>\n47 700<\/td>\n173<\/td>\n39.4%<\/td>\n<\/tr>\n
Guardrisk Insurance<\/td>\n159 333<\/td>\n497<\/td>\n39.4%<\/td>\n<\/tr>\n
New National Assurance<\/td>\n38 249<\/td>\n521<\/td>\n47.0%<\/td>\n<\/tr>\n
NMS Insurance<\/td>\n74 021<\/td>\n0<\/td>\nn\/a<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

More on insurers<\/h3>\n

SA insurance premiums reach R110 billion<\/strong><\/a><\/p>\n

Best and worst life insurers in SA<\/strong><\/a><\/p>\n

Is the OUTsurance Life OUTbonus worth it?<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Ombudsman for Short-Term Insurance has released its report for the 2014 calendar year, revealing South Africa’s best and worst short-term insurers.<\/p>\n","protected":false},"author":10,"featured_media":83405,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[26,9912],"class_list":["post-88778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-headline","tag-osti"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/88778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=88778"}],"version-history":[{"count":8,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/88778\/revisions"}],"predecessor-version":[{"id":88808,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/88778\/revisions\/88808"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/83405"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=88778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=88778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=88778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}