The notable growth of insurance companies in South Africa has been attributed to a whole range of factors, from the innovation of millennials beginning to infiltrate companies, to the increasing economic development of the nation of South Africa as a whole.
When it comes to getting insured, it is always best to shop around for the best insurance company and the best deal for you, and that includes looking at the prospects of insurance companies.
So, here’s our list of the fastest growing South African insurance companies to help you make your choice.
King Price Insurance is a privately held insurance company that is best known for its unique and monthly decreasing car insurance premium model.
The company was founded by Gideon Galloway in 2012. Headquartered in Waterkloof Glen, Pretoria, the company has taken the South African car insurance market by storm with their monthly insurance model that reduces premiums inline with the depreciating value of the asset.
In addition to car insurance, King Price Insurance offers short term insurance products including household, building, trailers, caravans and all risk insurance. The company is a member of the South African Insurance Crime Bureau and is reinsured by Munich RE.
King Price have won various awards including the Best Short-Term Insurer and Best Overall Newcomer in the 2013 South African Service Awards, and the The Star’s readers’ choice award in the category Best Company – Short Term Insurance – in 2015 and 2016.
With its HQ in Cape Town, Santam is one of the most connected South African insurance companies, not to mention one of the fastest growing. Santam has been around for 100 years and is one of the most established insurance companies in South Africa, providing short-term insurance with excellent customer satisfaction rates too.
In the April 2017 South African Customer Satisfaction Index, Santam came out on top. It rated well above the industry average, with a rating of 81.3. And, if you weren’t already swung in Santam’s favour, it is the only insurance firm to have consistently improved their customer satisfaction rates for three years in a row. There’s only one way Santam is heading, and it’s up, seeing as it is one of the world’s largest insurers.
In 2015, Hollard was the second fastest growing South African insurance company and in 2017, was ranked number five in the SAcsi Benchmark for Short-Term Insurers index.
Established in 1980, Hollard is much newer than Santam and is incredibly reliable. In the midst of the 2008 financial crash, Hollard and close partner Etana Holdings were the only firms to insure business exclusively. It survived this while also helping out businesses, showing its ability to consistently be one of the fastest growing South African insurance companies.
As well as all of this, Hollard is one of the fastest growing South African insurance companies for another reason. The company is committed to achieving racial equality and more than 40% of its and Etana’s management team on the 2008 business insurance were black. Hollard is progressive and good at its job, while also proving itself to be one of the fastest growing South African insurance companies.
Mutual & Federal / Old Mutual
Mutual & Federal became Old Mutual and retained all of its honour as South Africa’s oldest short-term insurance company, providing travel insurance, business insurance, car insurance, household insurance and even valuables insurance.
In terms of Old Mutual being one of the fastest growing South African insurance companies, it is indeed. The company is expanding into the rest of Africa and wishes to do so on a large scale, so there’s no sign of it reducing itself any time soon.
Old Mutual was also the second best short-term insurance company in 2016, losing out to Santam, and was the third largest insurer in South Africa in 2015. So, again, this insurance company is long-term and stable, so is definitely one of the fastest growing South African insurance companies out there.
Without a doubt the catchiest insurance company in South Africa, OUTsurance is certainly one of the fastest growing in the nation. In 2006, it expanded into Namibia, and has since done the same in Australia and New Zealand – two nuts that are indeed difficult to crack.
OUTsurance came third in the official best short-term insurance companies in South Africa in 2017, with a score of 77.3 (up from its previous score in 2016), beating the industry average of 75.8.
This insurance company provides one of the best packages in South Africa, and is continually growing, as seen since its establishment in 1998. In such a short space of time, OUTsurance has amassed quite the insurance empire, and so should undoubtedly be trusted as one of the fastest growing South African insurance companies. After all, 20 years is a relatively short amount of time to become such a respected, and international, firm.
We hope our lowdown on the fastest growing South African insurance companies helped you understand the market that bit more, and potentially choose your insurance company too. Remember, it’s all about reliability and the package, so choose wisely an insurance that works for you and whatever it is you need to be insured. Pick one of these and you can’t go far wrong.