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;
Sanlam: Based in Bellville, Cape Town, Sanlam is one of the biggest internationally active insurance groups globally.
Old Mutual: Old Mutual offers a wide range of affordable and comprehensive insurance, investment and corporate solutions as well as financial advice. Founded in 1845, Old Mutual Limited is now a pan-African investment, savings, insurance, and banking group.
Santam: Recognised as the largest short-term insurance company in South Africa – enjoying a 20% market share, Santam was founded in 1918.
Outsurance: OUTsurance Holdings Limited, commonly referred to as OUTsurance, is a subsidiary of Rand Merchant Investment Holdings, a South African based financial services investment holding company.
Discovery: Established in 1992, Discovery offers a range of products including medical aid administration, life insurance, credit cards and investments, underpinned with its internationally-recognized Vitality rewards.
Hollard: The Hollard Group is a privately-owned insurance group based in South Africa that operates under two insurance licenses: short term and life.
Liberty: Liberty was founded in 1957. Today, it has a presence in 18 African countries and has grown from being a South African life insurer to a pan-African financial services company, offering asset management, investment, insurance, and health products to 3.2 million people across Africa.
MiWay: MiWay was launched in 2008 as an initiative between Santam, Sanlam, and PSG. MiWay Insurance was the first South African-based direct insurance company to offer the purchase and administration of short-term insurance policies online. It aims to provide affordable car insurance and home insurance.
Budget: Budget Insurance is one of South Africa`s top direct insurance companies offering car and home insurance, business insurance, and accident insurance.
King Price: King Price Insurance is a South African based, privately-held insurance company that offers short term insurance.
1st For Women: 1st for Women Insurance is a brand tailor-made for South African women.
Affinity Health: Established in 2011 with a goal to capture the opportunities in the health insurance market and offer affordable private health care to all South Africans, Affinity Health is a specialized supplier of long-term health insurance products. They provide cover.
Other insurance companies in South Africa
Including the above, the list of insurance companies in South Africa, who are reputable and well-known, also includes, but is definitely not limited to:
1Life, AA Car Insurance, ABSA, Clientele, AIG, Alexander Forbes, AllLIFE, Assupol, Auto & General, Avbob, Bidvest, Capitec, Dialdirect, Doves Funeral, FNB, IWyze, Legalwise, Momentum and Standard Bank Insurance.