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.


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.