Insurance company in South Africa – Top 10 companies

Before we start with the Top ten insurance company in South Africa. We have to know what an insurance company and an insurer is. Follow up to know more about the Top ten insurer in South Africa.

insurance company

An insurance company is a company that sells and provide insurance. The company offers a policy to the public by selling directly or through another source. An insurance company specializes in one type of insurance such as auto, life, health insurance. It can also specialize in other types of insurance, The company always consist of multiple insurance agents. An insurance company runs by pooling risks among different policyholder.

Who is an insurer

An insurer is a person or company that underwrites an insurance risk. The party in an insurance contract undertaking to pay compensation for any damages. An insurer is an individual/company that undertakes agreement to compensate specific losses. An insurer compensates their user for the damage caused by another individual.

These are the top 10 insurance company in South Africa

  1. Santam Insurance: This is the leading insurer in South Africa. The company has a share worth 24%. This company provides a diverse range of general insurance products and services in southern Africa.
  2. Hollard insurance: This is a private insurance company that bases in South Africa. it operates under two insurance licenses which are short-term and life. This company has a share of 11%.
  3. Mutual and federal insurance: Mutual and Federal is the oldest short-term insurer in Southern Africa with a history of more than 180 years. As one of the leading insurer in southern Africa’s short-term insurance landscape. The company share is 10%.
  4. Guardrisk insurance: The company was found in 1992 and has its headquarters in Johannesburg, South Africa. The company shares worth 8% and its the fourth on the list.
  5. Outsurance insurance: This is the fifth number on the list of the top 10 insurers in South Africa. The company has a share of 7%, the company provides insurance and financial service to its customers. You can login to their official website or Click Here to know more about their service.
  6. Telesure insurance: This company is the sixth and it has a share worth 6%. The company provides their customers with best insurance products and services available.
  7. Absa insurance: The insurance company is a company that offers their clients a wide range of banking, wealth management services.
  8. Zurich insurance: The company has a share of 4% and it is a Swiss insurance company.
  9. Aig insurance: The company is an America insurance company and it is ranked the 9th on the top 10 list.
  10. Standard insurance: This is the last on the top ten list and that is the last we are writing about. The share of the company is 2%.