Insurance Companies in South Africa

Financial Sector Conduct Authority (FSCA) along with Prudential Authority (under Reserve Bank) regulates insurance companies in South Africa. Conducting any sort of insurance business (including reinsurance) is prohibited in the country under this Act. Insurance companies in South Africa are licensed under the Insurance Act 2017, which provides the major regulatory framework. This license is provided by Prudential Authority under various categories  such as:

• Life insurer
• Non-Life insurer
• Lloyd’s underwriter
• Microinsurer
• Reinsurer
• Captive insurer
• Cell Captive insurer
• Branches of Foreign reinsurers

Please note that composite insurance companies are not allowed in South Africa, which basically means they have to either choose life or non-life as their line of business. However, microinsurer or reinsurer are given an exception.

Contents:

• Life Insurance Companies in South Africa
• Non-Life (General) Insurance Companies in South Africa
• Microinsurance Companies in South Africa
• Reinsurance Companies in South Africa

Life Insurance Companies in South Africa

Long-Term Insurance Act (1998) and Insurance Act (2017) are the major legal documents that regulates the life insurance companies in South Africa. They basically serves life related policies such as whole life, endowmnet life, term life etc. covering death or disability. Below is the list of life insurance companies in South Africa.

1. 1 Life Insurance Limited
2. 27four Life Limited
3. 3Sixty Life Limited
4. Abacus Life Limited
5. Absa Life Limited
6. Affinity Life Limited
7. African Rainbow Life Limited
8. African Unity Life Limited
9. AIG Life South Africa Limited
10. Alexander Forbes Investments Limited
11. Alexander Forbes Life Limited
12. Allan Gray Life Limited
13. Assupol Life Limited
14. AVBOB Mutual Assurance Society
15. Bidvest Life Limited
16. Bophelo Life Insurance Limited
17. BrightRock Life Limited
18. Bryte Life Company Limited
19. Cadiz Life Limited
20. Capitec Life Limited
21. Centriq Life Insurance Company Limited (Cell Captive)
22. Clientele Life Assurance Company Limited
23. Constantia Life Limited
24. Coronation Life Assurance Company Limited
25. Discovery Life Limited
26. Dotsure Life Limited
27. FedGroup Life Limited
28. Firstrand Life Assurance Limited
29. Guardrisk Life Limited (Cell Captive)
30. Hollard Life Assurance Company Limited
31. Hollard Specialist Life Limited (Cell Captive)
32. Investec Life Limited
33. Just Retirement Life (South Africa) Limited
34. KGA Lewens Beperk
35. King Price Life Insurance Limited
36. Land Bank Life Insurance Company Soc Limited
37. Liberty Group Limited
38. Lion of Africa Life Assurance Company Limited
39. M&G Investment Life South Africa (RF) Limited
40. Momentum Ability Limited (Cell Captive)
41. Momentum Metropolitan Life Limited
42. Nedgroup Life Assurance Company Limited
43. Nedgroup Structured Life Limited
44. Nestlife Assurance Corporation (RF) Limited
45. New Era Life Insurance Company Limited
46. Ninety One Assurance Limited
47. Oasis Crescent Insurance Limited
48. Old Mutual Alternative Risk Transfer Limited (Cell Captive)
49. Old Mutual Life Assurance Company (South Africa) Limited
50. Outsurance Life Insurance Company Limited
51. Peregrine Life Limited
52. Professional Provident Society Insurance Company Limited
53. PSG Life Limited
54. Relyant Life Assurance Company Limited
55. RMA Life Assurance Company Ltd
56. Safrican Insurance Company Limited
57. Sahl Life Assurance Company Limited
58. Sanlam Developing Markets Limited
59. Sanlam Life Insurance Limited
60. Santam Structured Life Limited
61. Shield Life Limited
62. Sygnia Life Limited
63. The Smart Life Insurance Company Limited
64. Viva Life Insurance Limited
65. Vodacom Life Assurance Company Limited
66. Workers Life Assurance Company Limited

Non-life (General) Insurance Companies in South Africa

Short-Term Insurance Act (1998) and Insurance Act (2017) are the major legal documents that regulates the non-life insurance companies in South Africa. These entities serve wide range of products such as, but not limited to, motor, health, travel, home owners, personal accident, liability, business interruption, pet, crop, etc. Below is the list of non-life (general) insurance companies in South Africa.

1. Abacus Insurance Limited
2. Absa Insurance Company Limited
3. AECI Captive Insurance Company Limited (Captive)
4. Agre Insurance Company Limited (Captive)
5. AIG South Africa Limited
6. Allianz Global Corporate and Specialty South Africa Limited
7. Aurora Insurance Company Limited
8. Auto and General Insurance Company Limited
9. Bidvest Insurance Limited
10. Bryte Insurance Company Limited
11. Budget Insurance Company Limited
12. Centriq Insurance Company Limited (Cell Captive)
13. Chubb Insurance South Africa Limited
14. Clientele General Insurance Limited
15. Coface South Africa Insurance Company Limited
16. Compass Insurance Company Limited
17. Constantia Insurance Company Limited
18. Corporate Guarantee (South Africa) Limited
19. Credit Guarantee Insurance Corporation of Africa Limited
20. Dial Direct Insurance Limited
21. Discovery Insure Limited
22. Dotsure Limited
23. Enpet Africa Insurance Limited (Captive)
24. Escap Soc Ltd (Captive)
25. Export Credit Insurance Corporation of South Africa Soc Limited
26. Exxaro Insurance Company Limited (Captive)
27. First for Women Insurance Company Limited
28. Firstrand Insurance Services Company Limited (Captive)
29. Firstrand Short Term Insurance Ltd
30. G4S Insurance Limited
31. Genric Insurance Company Limited
32. Guardrisk Insurance Company Limited (Cell Captive)
33. HDI Global SA Limited
34. Hollard Insurance Company Limited
35. Hollard Specialist Insurance Limited (Cell Captive)
36. Indequity Specialised Insurance Limited
37. Infiniti Insurance Limited
38. Khula Credit Guarantee (SOC) Limited
39. King Price Insurance Company Limited
40. Land Bank Insurance Soc Limited
41. Legal Expenses Insurance Southern Africa Limited
42. Legal Practitioners Indemnity Insurance Fund
43. Lion of Africa Insurance Company Limited
44. Lombard Insurance Company Limited
45. MiWay Insurance Limited
46. Momentum Insure Company Limited
47. Mutual & Federal Risk Financing Limited (Cell Captive)
48. Nedgroup Insurance Company Limited
49. New National Assurance Company Limited
50. Nzalo Insurance Services Limited
51. Old Mutual Insure Limited
52. Outsurance Insurance Company Limited
53. Professional Provident Society Short-Term Insurance Company Limited
54. Rand Mutual Assurance Company Limited
55. Renasa Insurance Company Limited
56. Road Accident Fund
57. Safire Insurance Company Limited
58. Sahl Insurance Company Limited
59. Santam Limited
60. Santam Structured Insurance Limited
61. Sasria Soc Limited
62. Standard Insurance Limited
63. Swiss Re Corporate Solutions Africa Limited
64. The Federated Employers Mutual Assurance Company (RF) (Pty) Ltd
65. Vodacom Insurance Company Limited
66. Western National Insurance Company Limited
67. Workers Life Insurance Ltd
68. Yard Insurance Limited (Cell Captive)

Microinsurance companies in South Africa

Microinsurance is a type of insurance specifically designed to cater to the needs of low-income individuals or communities, providing affordable coverage for essential risks such as health, life, and property. It aims to promote financial inclusion by offering accessible and tailored insurance solutions to those who may have limited access to traditional insurance services.

In South Africa, microinsurance plays a crucial role in addressing the insurance needs of low-income individuals and communities. Tailored to the unique challenges faced by this demographic, microinsurance offerings in the country provide accessible and affordable coverage for various risks, including health, life, and property. By fostering financial inclusion and mitigating vulnerabilities, microinsurance contributes to building resilience within South Africa’s economically diverse population. Insurance Act 2017 legally incorporates the concept of micro-insurance in the country.

Below is the list of micro-insurance companies in South Africa:

Life Microinsurers

Below listed micro-insurance companies provide only life related insurance products.

1. Atlehang Life (Pty) Ltd
2. Emerald Life (Pty) Ltd
3. Envi Africa Life (Pty) Ltd
4. Esurity Wealth (Pty) Ltd
5. Everest Corporate Life (Pty) Limited
6. Family Insurance (Pty) Limited
7. Incub8 with Assupol (Pty) Ltd (Cell Captive)
8. Linar (Pty) Ltd
9. Long Life Insurance (Pty) Ltd
10. Nyaradzo Financial Services (Pty) Ltd
11. Royal Financial Services (Pty) Limited
12. Two Mountains Underwriter (Pty) Ltd

Composite Microinsurers

These micro-insurance companies listed below provide composite insurance. This means that they offer both life and non-life insurance products.

1. Guardrisk Microinsurance Limited (Cell Captive)
2. Monarch Insurance Company Limited
3. NMS Insurance Services (SA) Limited

Reinsurance Companies in South Africa

South Africa is home to both domestic and foreign reinsurance companies. We have included Lloyd’s Underwriters in this list, as they mainly provide reinsurance capacity. Some of these reinsurance companies may be specifically life or non-life. However, most of them are composite reinsurers. Below is the list of re-insurance companies in South Africa.

1. African Reinsurance Corporation (SA) Limited (Composite)
2. General Reinsurance Africa Limited (Composite)
3. GIC Re South Africa Limited (Non-Life,)
4. Hannover Re South Africa Limited (Composite)
5. Lloyd’s Underwriters (Non-Life, Lloyd’s)
6. Munich Reinsurance Company of Africa Limited (Composite)
7. R+V Versicherung AG (Non-Life, Branches of foreign reinsurers)
8. RGA Americas Reinsurance Company Limited (Life, Branches of foreign reinsurers)
9. RGA Reinsurance Company of South Africa Limited (Life)
10. Scor Africa Limited (Composite)
11. Scor SE – Africa Branch (Composite, Branches of foreign reinsurers)
12. Swiss Re Africa Limited (Composite)

Note: These list of insurance companies registered in South Africa were last updated on 20 December (F.Y. 2023/24).

Hope you liked our list of insurance companies in South Africa. We have tried our best to collect the information from authentic sources. However, we don’t guarantee the accuracy of information provided here. If you own or manage a insurance company in South Africa and have some suggestion to enrich this list, please feel free to write us.