Insurance is an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for a payment of a specified premium.
Where To Study Insurance In South Africa?
Below is the List Of Insurance Schools In South Africa;
Insurance At University Of South Africa Unisa
Milpark School of Financial Planning and Insurance
Insurance Institute of South Africa
Insurance & Risk Management At Wits University
Short term insurance At Moonstone
What The South African Insurance Association (SAIA)?
SAIA is the representative body of the non-life insurance industry. It represents the industry to all relevant stakeholders to ensure a sustainable and dynamic industry. SAIA has 58 members, comprising all categories of non-life insurers, including reinsurers. Its members abide by the SAIA Code of Conduct, which ensures adherence to best-practice industry standards and self-regulation.
Types of insurance offered in South Africa
In South Africa, there are many types of insurance one can take out, including the below:
- Property or Home insurance
- Portable Possessions Insurance
- Lifestyle Insurance
- Household insurance
- Car insurance
- Travel insurance
- Business insurance
- Income protection insurance
- Legal Insurance (also called legal cover)
- Health insurance or medical cover
- Disability insurance or disability cover
- Funeral insurance (commonly called funeral cover)
- Life insurance (also commonly called life cover)
Difference between Long-Term and Short-Term Insurance
There are basically two kinds of insurance – long-term and short-term insurance. You will need to consider, the category that best suits you and your family or business.
- Short-Term Insurance – generally covers one against losing personal belongings. This includes car insurance, household insurance or business insurance.
- Long-Term insurance – generally covers one’s life or wellbeing. It is usually paid over a long period – This type of insurance is usually paid over a long period of time and includes life insurance, disability insurance, and income protection insurance. This kind of insurance pays out after an event has happened – like an accident, disability, unemployment or the death of the insured person.
What are the insurance companies in South Africa?
South Africa has a lot of insurance companies. Below is a list of insurance companies in South Africa;