South Africa

4 High-Paying Insurance Companies in South Africa (2024)

Are you looking for the new list of top insurance companies in South Africa that pay high on car, life, property, business, health, travel?

If YES, then this is the only article you need to read today.

The insurance industry in South Africa has grown rapidly and massively in recent times with the emergence of reliable companies.

Therefore, the number of citizens enlightened about insurance has grown over the years.

Getting started…

Top 4 Insurance Companies in South Africa

These are the registered insurance companies that presently provide the best financial coverage to South Africans.

1. Sanlam

Sanlam is the leading insurance company in South Africa that provides comprehensive insurance cover for any unpredicted incidents that may occur, like accident, theft, illness, or even death.

Their medical insurance policy is best poke.

This will give you peace of mind when you know that your health and finances are secured at one of South Africa’s best insurance companies providing you cover in any shortfall.

Founded in 1918, Sanlam has developed from being only a traditional insurance provider to becoming a provider of financial services to both international and local markets.


Life Insurance

Up to R10 million cover from R100 per month + free Wealth Bonus.

Funeral Cover

From R100 per month. Individual and family cover.

Retirement Annuity

​​​​From R300 per month. Extra 5% bonus.​​​

Tax-free Savings

​​​​​​​​​From R250 – R3,000 per month or R10,000 – R36,000 one-off.​​​​​

Unit Trusts

​​​From R500 per month. Wide range of funds.​​​

Personal Loans

​​​Loan of up to R300,000. ​Fixed interest rate.​​ Earn up to 10% Wealth Bonus.​

Credit Profile

Your monthly credit dashboard – free.

Online Will

Complete online. Print out and sign.​

Cancer Benefit

From as little as R100 per month.

Financial Check

Five-minute quiz. See how financially prepared you are.

Sanlam Money Saver Credit Card

Earn 5% cash back with every swipe.

Sanlam Reality

​​​​​​Enjoy discounts on everyday lifestyle benefits.

Estate Administration

Report and conclude a deceased estate online.

2. Old Mutual

Old Mutual was established in Cape Town in 1845 as South Africa’s first mutual life assurance society.

Its purpose is to help customers thrive by enabling them to achieve their lifetime financial goals, while investing their funds in ways that will create a positive future for them, their families, their communities, and broader society.

The company now employs over 30 000 people and operate in 14 countries across two regions: Africa (South Africa, Botswana, eSwatini, Ghana, Kenya, Malawi, Namibia, Nigeria, Rwanda, South Sudan, Tanzania, Uganda, and Zimbabwe) and Asia (China).

Old Mutual provides financial solutions to individuals, small and medium-sized businesses and corporates in South Africa, the rest of Africa and certain other emerging markets.

  • Offer an array of life assurance-based solutions and short-term insurance.
  • Grow customers’ savings and wealth through active and direct asset management and selecting funds for customers to invest in through multi-managers.
  • Provide loans and debt consolidation loans tailored to the individual needs of our customers.
  • Offer Money Account, which is a low-cost transactional account and a unit trust savings account.

3. Liberty

Liberty is a subsidiary of The Standard Bank Group and the incorporation into Standard Bank provides synergies and advantages not only in South Africa but across the African continent, positioning Liberty as an integral part of a universal financial services organization focused on delivering exceptional customer experiences and superior value.

It offers a comprehensive range of solutions that not only focus on the financial, but the physical and emotional well-being of clients as well.

This approach has helped the company grow from being a South African life insurer to a Pan-African financial services company.

Liberty offers investment and insurance solutions that can help you and your family reach your financial goals and protect you from the financial impact of life’s unexpected events, such as death, disability, and critical illness.

Liberty Corporate has a range of investment portfolios suitable as retirement funds and for businesses, varying from specialist asset class investments to balanced mandates.

The group risk solutions for business owners are as flexible as your employee’s income needs.

4. King Price Insurance

Founded in 2012, King Price provides a good deal of insurance.

The firm has insurance policies for everything covering your car and home to your favourite golf clubs or mountain bike.

As its name implies, aspires to be the ‘kings of insurance”, and so have extremely competitive premium pricing.

One of its most attractive products is their R1 insurance, which, according to the company, covers smaller valuables from as little as R1 per month.

King Price Insurance is also prominent for its monthly decreasing car insurance premium model.

4 Best Insurance Companies in South Africa

List of top insurance companies in South Africa in 2024.

  • Salam
  • Old Mutual
  • Liberty
  • King Price Insurance


Insurance is a sure way to enjoy financial security, no matter what life throws at you, your loved ones, or cherished possessions.

Choosing the right insurance company in South Africa can be difficult because of the various competing options available in the market. That’s why this post was written for you.

Some of these insurance companies require you to meet certain criteria before your application can be approved, while some don’t.

So, it’s impossible to tell you categorically which among them will accept you immediately.

Hope you enjoyed this article?

If you know any insurance company that is equally a good option or shouldn’t be on this list, please let us know in the comment section.

Tell us the company and why it is excellent or bad for South Africans.

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Saint Chinedu

My GOAL is to equip you with the right strategy and working information to improve your academic performance, financial situation, and health this month.

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