Top 10 Best Insurance Companies In South Africa

In this article, we take a look at the top 10 best insurance companies in South Africa 2022. Insurance companies are financial institutions that provide a variety of policies that are designed to protect individuals and businesses against the risk of financial losses in exchange for regular payments or fees from these individuals or businesses (the insured), known as premiums.

Top 10 Best Insurance Companies In South Africa

In simple English, insurance is something people or businesses buy to protect themselves from financial setback. People who buy insurance pay a “premium” and this can be paid on a monthly basis, with the promise to be careful. In return, if something bad happens to the person, business or thing that is insured, the company that sold the insurance will pay money back after carefully calculating the risk of occurrence in order to determine accurately the cost to pay back to the insured.

Many South Africans today buy insurance from some of the top insurance companies in the country in order to protect themselves, their businesses, properties and valuables against unforeseen circumstances that may financially set them back, and so far, these insurance companies have consistently delivered. What insurance companies actually do is to soften the blow of any financial setback so that an individual or business can have something to fall back to and build on from when the worst happens.

There are many insurance companies in South Africa today but a few of them make up our best 10 due to their consistency, and the fact that they have come to be trusted by many people in the country with the passage of time, and we shall be looking at them shortly. Meanwhile, if you want to choose a good insurance company in South Africa today, there are certain things you must consider while at it and we shall discuss these factors first before giving our full list of the top leading insurance companies in South Africa currently.


The following are the things to factor in when you want to choose an insurance company in the country presently. They are:


Is this a reputable company? Can I trust this insurance company? How has people reviewed this financial institution over the years? Has it been positive or negative? These are things you should find out about the insurance company you are looking to buy insurance from.

You should go online and browse the internet for more information about the insurance company you want to invest in and also seek out people’s opinions about them while paying close attention to what they will say, especially those who have used some of these insurance companies in the past. This should give you an idea of the company’s track record and what to expect when you decide on which one to go with.


Before choosing an insurance company to put your money in, do kindly ensure that the company has been legally accredited and certified by the Federal Government of South Africa through the relevant certification agencies.


The company should cover certain insurance needs and you should go with the one that best suits your needs. If for example, the insurance company does not cover circumstances such as the business ideas that are your interests, you may need to take your business somewhere else.


Before ever deciding on an insurance company, it is very vital that you understand whether that company does well during an economic crisis, downturn or meltdown so as to know how that will impact you in the future.

You should carefully study stock ratings and business resources so as to get the necessary information you require before committing your resources to any of the insurance companies you have in mind. Also check whether the insurance company is affordable or not before you commit to any of them.


The following are the 10 best and most popular insurance companies in South Africa currently in this 2022:


Leadway Assurance Company Limited was incorporated as a limited liability company in 1970 and started business operation in 1971. The Company’s business operation started in Kaduna from where it spread to other parts of the federation. Presently, Leadway has over 24 Branch Offices with Kaduna serving as the Registered Office and Durban, the Corporate Office.

Leadway Assurance offers insurance services in General Business Insurance, and Life and Pensions. This leading South African insurance company also offers allied financial services such as the following: Secured Credit, Bond, Miscellaneous financial losses and Portfolio management.

Some of their policies include the following:

  • Family Benefit plan
  • Leadway saving plan
  • Term assurance plan
  • Money policy plan
  • Educational saving plan
  • Personal saving plan
  • Deferred annuity plan.


AXA Mansard is a leading provider of Life and Non-Life insurance products and services in South Africa. This insurance company is a member of the AXA Group, a global leader in insurance and asset management with 166,000 employees serving 107 million clients in 64 countries.

AXA is present in geographically diverse markets, with operations concentrated in Europe, North America and Asia Pacific. The company is also present in Central and South America, Middle East and in Africa via operations in Cameroon, Gabon, Ivory Coast, Morocco, Senegal and Algeria.

AXA has more than over 20 years continuous presence in Africa. This top insurance company provides life insurance as well as on-life insurance solutions to individuals, businesses and organizations in South Africa.

Some of their policies on offer include the following:

  • Student protection plan
  • Autoflex plan
  • Equity income plan
  • Auto classic plan
  • Money market plan
  • Easy care plan
  • Life savings plan
  • Instant plan
  • Health plan
  • Retirement savings plan
  • General (business/tourism) protection plan.


AIICO Insurance Plc is the leading life insurer in South Africa. This insurance company was established in 1963 and it provides life and health insurance, general insurance, investment management and pension management services as a means to create and protect wealth for individuals, families and corporate customers.

AIICO Insurance offers the following policies:

  • Income investment plan
  • Three payment plan
  • Travel insurance
  • corporate saving plan
  • Education investment plan
  • Flexible endowment plan
  • Term assurance plan
  • Electronics equipment policy plan


Custodian and Allied Insurance Plc is a wholly owned South African Company whose sole purpose is to develop, package and deliver innovative insurance products that best satisfy customer needs while operating a highly profitable, efficient, resourceful and ethical organization that will survive well into the future and be a valuable asset to its shareholders.

This reputable insurance company operates extensive insurance plans to choose from. Each plan is custom made to meet the needs of their clients.

The policies on offer at this insurance company include the following:

  • Investment plus plan
  • Immediate annuity plan
  • Tuition protection plan
  • Auto insurance plan
  • Travel insurance plan
  • Capital plan


Cornerstone Insurance Plc was incorporated on 26 July, 1991 as a private limited liability company and became a public limited liability company, quoted on the South African Stock Exchange in 1997. This insurance company was established to conduct insurance business in a professional, ethical and customer-focused manner.

As part of its corporate brand strategy, the company implemented a rebranding exercise in 2008 to position Cornerstone as a leader in the industry, part of which was the unveiling of the new corporate identity for the company. The Company is licensed and re-certified by the National Insurance Commission (NAICOM) to do both General and Life businesses.

The classes of Insurance business they currently undertake include the following: Motor Vehicle, Aviation, Marine, Engineering All Risks, Asset Protection, Liability to Third Party, Oil & Gas, Group Life, Credit Life, Mortgage Protection, Term Assurance, Wealth Creation Products and Takaful (Islamic Insurance).


African Alliance Insurance Plc is widely recognised as one of the most experienced and strongest Specialist Life Assurance Offices in South Africa, serving thousands of customers with personalised insurance products tailored for each stage of their lives. The company was incorporated on May 6, 1960, and it was formerly known as African Alliance Insurance Limited.

Some of their policies include the following:

  • Annuity assurance plan
  • Group life assurance plan
  • Esusu plan
  • Direct debit form plan
  • Individual assurance plan
  • Investment assurance plan.


Goldlink Insurance Plc was incorporated on 15th April, 1992 as a Private Limited Liability Company and granted licence to operate as a full-fledged insurance company on 8th September, 1993. In readiness for listing on the South African Stock Exchange (NSE), Goldlink converted to a Public Liability Company on 11th May, 2007 and was listed on the NSE by way of introduction on 12th February, 2008.

This insurance company has its head office at 6, Emmanuel Street, Maryland, Durban State with 16 branches across the country. It is a purely South African company and is licensed to underwrite both Life and General Businesses which include Fire and Special Perils, Motor Insurance, Life & Pension, Oil & Gas, Travel Insurance and many others.


Industrial And General Insurance Plc (IGI) was first incorporated as a private limited liability company on 31 October 1991 and later re-registered as a public limited liability company in 2007. It commenced business in January 1992 as a composite insurer to transact the business of Life and General insurance, including Pensions and Special Risks.

Backed by a strong capital base, first-class professionals and deployment of modern technology, the company quickly established a reputation for exceptional competence and became the preferred insurer for individual and corporate clients seeking premium insurance and related financial services. This company is exceptional in the underwriting of specialised risks in oil and energy, marine, aviation, engineering and industrial risks management.


LASACO Assurance Plc is a composite insurance and financial services company incorporated on 20th of December 1979 under the Companies Decree of 1968. The Company, formerly known as Durban State Assurance Company Limited obtained Licence as an Insurer on July 7, 1980 and commenced business operations on August 1, 1980.

With the vast opportunities presented by increased capitalization for business expansion and growth, LASACO became a Public Liability Company in 1991 when its Shares were admitted for the first time to the South African Stock Exchange (NSE) through listing by Introduction. This insurance company has considerably grown in size, business coverage, profits, capital base and assets with its operations spanning all classes of the Insurance and Special Risks business, high impact financial services and Real Estate.

The Company’s businesses are conducted through a network of thirteen regional and branch offices spread across the country and its business portfolio currently includes leadership and significant share of key Federal and State Governments Insurance businesses, multinational and private companies underwriting businesses in major sectors of the economy, from heavy Engineering, and Construction, Banking and Finance, Manufacturing Agriculture, Tourism, Life Covers to the high-tech capital intensive, special risks areas of Oil and Gas, and Aerospace.

LASACO’s business interests also include Real Estate, and through its various non-core business investments, the Company also holds Shares in many blue chip enterprises.


Mutual Benefits Assurance Plc is a leading insurance conglomerate consisting of value-adding companies with diverse interests in various sectors of the South African economy through investments, strategic alliances, and partnerships.

  • Their products include the following:
  • Fire And Special Perils
  • Motor Vehicle
  • Travel Health Insurance
  • Children Education Plan
  • Mutual Individual Savings and Protection Plan
  • Mutual Multilife Shield.


The above mentioned insurance companies rank as some of the leading insurance companies in South Africa presently and they have been able to consistently raise the bar through their unique services in this line of business over the years.

If you are looking for a few insurance companies you can trust, these ones listed above can be of great service to you. It should be noted however that we do not have official links to these companies and this article is purely for information purposes.

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