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South Africa Insurance

In South Africa insurance takes many forms, and is unfortunately pretty expensive, due to the number of claims in such a crime ridden society. Part of the problem is also false insurance claims, where people inflate the value of the goods that are stolen, or simply falsify an entire claim when in fact no actual theft has taken place. This all makes it harder for insurance companies to operate, and in order to remain commercially viable they increase premiums regularly, so that subscribers end up subsidizing the cost of these false claims. This is a primary reason why insurance rates in South Africa are some of the highest in the world.

As in any country, in South Africa insurance companies do not enjoy great public relations, and are negatively perceived by many people. While of course there are some less reputable insurance companies, in general most are run according to solid business principles. Much of the public relations damage that insurance companies incur is due to fly by night and unscrupulous insurance salesman and brokers, rather than their own staff. In addition though, a constant and valid source of consternation is the arduousness of the follow-up procedures that people have to go through when they claim on insurance. Unfortunately, as is always the case, it is the honest citizens who bear the brunt of the measures that need to be taken by insurance companies to ensure that they are not being defrauded by the aforementioned false claims. Their checking procedures have become very stringent over the past few years, and to the person who is legitimately claiming it can often feel as if their own credibility is being brought into question, and that they are automatically suspected of having falsified their claim. This is more often than not a problem in the way that the insurance investigator approaches the undertaking, and points to a lack of people skills more than anything else.

In South Africa insurance thus remains an area that is fraught with problems, both perceived and real. Reputable companies suffer from bad publicity generated by their less savory counterparts, and honest individuals are treated with suspicion thanks to a minority of individuals who try to defraud insurance companies.

The good news is that the insurance industry has been undertaking a major overhaul and oversight mechanisms are increasingly being put in place to make it a more consumer friendly arena.

Top Insurance Companies In South Africa

Hollard Insurance Products
A truly South African insurance company, Hollard offers short term and life insurance products for businesses and individuals. Hollard prides itself as being the largest privately held insurance company in South Africa.

Liberty Life Insurance Products
Liberty Life South Africa offers quality long term insurance products. Their product range covers both the individual and the corporate markets with highly flexible polices.

Dial Direct Insurance Products
Offering its products in South Africa at reduced premiums, Dial Direct has established itself as a top short term insurance company. With no broker network commissions, premiums can be reduced by as much as 25%.

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2020/04/03 08:59:32 AM
South Africa Insurance
03 April 2020

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