What is Short-Term Insurance?
Short-term insurance is health coverage typically available for limited durations of 365 days or fewer. Depending on where you live, you may be able to renew a short-term policy or purchase another short-term policy for coverage up to a cumulative 36 months.
Best Short-Term Insurance Companies In South Africa
South Africa has several reputable insurance companies that offer short-term insurance coverage. The best short-term insurance company for you may depend on factors such as your specific needs, budget, and coverage requirements. Here are some well-regarded short-term insurance companies in South Africa:
Absa Insurance Company Ltd.
African Reinsurance Corporation (South Africa) Ltd.
AIG South Africa Ltd.
Allianz Global Corporate and Specialty South Africa Ltd.
Auto and General Insurance Company (RF) Ltd.
Bidvest Insurance Ltd.
Bryte Insurance Company Ltd.
Budget Insurance Company (RF) Ltd.
When selecting a short-term insurance company, it’s important to consider factors such as coverage options, premiums, claims process, customer service, and reputation. It’s recommended to compare quotes, read customer reviews, and consult with insurance brokers or advisors to determine the best insurance company that aligns with your specific needs and preferences.
Who is the best short-term insurer in South Africa?
Santam voted best amongst South African short-term insurance companies.
How many short-term insurance companies are there in South Africa?
Report Coverage
The report profiles 49 short-term insurance companies, ranging from industry leader Santam which has almost 20% of the market, to the direct insurance company, 1Life Insurance (RF) Ltd.
How big is the short-term insurance industry in South Africa?
South Africa’s short-term insurance sector experienced a 28% fall in profit after tax (PAT) last year, from R8. 3 billion in 2019 to R6bn, largely because of defaults on credit, an increase in net claims, and a higher claims ratio, according to KPMG’s 2021 Insurance Industry Survey.