Since 2002, the value of insurance companies' assets in South Africa has increased by nearly 200 billion US dollars. In 2021, the assets of South African insurance companies totaled slightly over 251 billion US dollars, an increase of roughly 30 billion US dollars from the previous year. 

Despite the existence of these insurance companies in South Africa, 60% to 70% of vehicles in South Africa are uninsured, and more than 800,000 accidents occur annually, with the majority of vehicles involved in accidents being uninsured. Don't get involved in any unforeseen circumstances before getting insured! 

Top Ten Best Insurance Companies in South Africa

There are 55 insurance firms, including well-known insurers such as Sanlam, Old Mutual, Hollard, Momentum, and MiWay, reinsurers such as Hannover Reinsurance and Munich Reinsurance, and state-owned enterprises such as Escap (which covers Eskom), Sasria, and others.

However, this article picks the top ten within the country of South Africa you may not know about. 

Metropolitan Life Insurance

Metropolitan provides life insurance coverage that is known for being inexpensive. Affordable Metropolitan Life Insurance also offers services to the underprivileged. Metropolitan handles this so successfully that you can acquire a cover of R100,000 for minimal premiums. Few life insurers provide for low-income earners.

Metropolitan provides services to wealthy people who wish to spend millions on their lives. Along with your life insurance, you can also add disability or critical illness coverage. Therefore, Metropolitan can provide you with the life goods you require.

FNB Life Insurance

FNB Life Insurance offers its clients reasonably priced life insurance policies. It is possible to combine life insurance with a critical illness or disability insurance approach. You can also buy income protection coverage to safeguard your money.

You won't have to pay an additional payment for the benefit of the R30,000 funeral protection that comes with the insurance. In South Africa's market for life insurance, FNB has the most devoted clientele. According to SA-CSI, it has the most dedicated clientele and provides the best customer service in South Africa.

Discovery life insurance

Discovery Life offers the broadest selection of life insurance coverage on our list. But, from Discovery, there is more to choose from. You can combine life insurance with a variety of advantages.

The typical life insurance packages, including critical sickness, disability, and income protection coverage, are available. The next step taken by Discovery Life is to include benefits for kid education, estate planning, child protection, and many other advantages.

Discovery life insurance is for you if you want to add a lot of benefits to your life insurance. In addition, because there is significant product differentiation, you can save money on premiums if you own one or more Discovery products.

Momentum

Momentum Assurance Corporation was founded in 1966, bought in 1973, and renamed Momentum due to strategic acquisitions and mergers.

Since then, we've provided a secure future for you and your loved ones by delivering financial guidance, innovative product solutions, and exceptional service to our clients.

Momentum Insurance company gained traction in the insurance sector with a mission statement to help businesses and people from all walks of life achieve their lifetime goals and aspirations.

Also, their vision statement is to collaborate with you as your preferred and trusted insurer.

Momentum Life Insurance has one of the laxest underwriting policies. The benefit of this life insurance is that claims are paid out quickly. Momentum Life paid R45 billion in death claims for the 2019 fiscal year.
 

Sanlam

Sanlam Life Insuranceis the second-oldest life insurer on our list, only after Metropolitan. Experience is essential in this scenario. Sanlam is the largest life insurer in Africa in terms of revenue and has the resources necessary to get things done. 

Sanlam is the solution if you're looking for a reliable business. Sanlam provides the most flexible life insurance policies on our list. With the Sanlam Premier cover, you can insure your life for any amount above R5 Million.

King Price

King Price was established in 2012 and offered various kinds of insurance. The company provides insurance coverage, including your home, car, favorite golf clubs, or mountain bike. But, as its name suggests, it has meager premium prices since it wants to be the "king of insurance."

The company claims that its R1 insurance, which protects modest goods for as little as R1 per month, is one of its most alluring products. The monthly reducing vehicle insurance price model used by King Price Insurance is also well-known.
 

Liberty

Liberty Lifeprovides comprehensive, adaptable, and cost-effective life insurance plans. You have three options for enrolling in a program: online, by phone, or in person.

Various life insurance plans, like these, are provided by Liberty Personal Life Insurance Cover:
 

• Critical illness cover
   
• Disability cover
   
• Funeral cover
   
• Income protection
   
• Life protection
   
• Medical cover

MiWay

MiWay is a South African insurance firm that offers solely non-life insurance coverage, such as business, car, home, and household insurance. By providing an end-to-end online quoting, purchasing, and policy administration facility, they are the first web-enabled non-life insurer in South Africa.

Santam, a prestigious JSE-listed business that aids MiWay in creating its own distinctive brand identity, is owned by MiWay as a whole. MiWay Insurance and cover offer comprehensive insurance products such as:

• Theft and hijacking
   
• Natural disasters
   
• Damages due to an accident
   
• Fire and explosion
   
• Third-party cover
   
• Total loss

Budget

Budget is an insurer that provides all-inclusive commercial insurance protection. It covers your company's assets, including the money on the premises, your workplace, and all its belongings. Both small firms and major corporations can benefit from budgetary policies.

Absa

You can quickly obtain a life insurance policy from Absa. Absa provides quick options for life insurance. You won't need to undergo any health exams to start receiving coverage if you purchase the Absa Ultimate Protector insurance. In addition, you can add critical illness and disability insurance.

Sign up for an insurance policy in any of the Insurance companies listed above and get Insured.