What is Insurance?
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury.
It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
Top Insurance Companies In South Africa
Allianz.
Bryte Insurance.
Compass Insure.
Old Mutual Insure.
OUTsurance.
Momentum Insurance.
Why is insurance important in South Africa?
Income protection plans supplement income when you are unable to work so that your family is still able to pay monthly expenses.
Beyond providing for your family’s financial needs, insurance also enables you to leave an inheritance and help pay off debts or funeral expenses.
Which is the biggest insurance company in South Africa?
Sanlam. Sanlam is the leading insurance company in South Africa and has been providing comprehensive insurance coverage for over a century.
They offer a wide range of products, including life, funeral, car, and home insurance.
What insurance companies are in South Africa?
Absa Insurance Company Limited.
AIG.
Allianz Global Corporate & Spec SA Ltd.
Aon Re Africa (Pty) Ltd.
Bathathu Risk Services (Pty) Ltd.
Brolink Insurance.
Bryte insurance limited.
Charter Risk Underwriting Managers.
How many insurance companies are there in South Africa?
The insurance industry in South Africa is an important pillar of the financial sector. Insurance companies account for 18 percent of the entire sector (Figure 1),
a share that has been relatively stable during the past decennium. There are 170 insures (67 life, 70 non-life, 9 reinsurers, 23 captives and 1 other).