Insurance in Africa is still considered by many as a waste. Africans know how to take their situations and lives in their hands. Most African countries do have a low insurance penetration rate. However, with recent economic growth and development, there has been an increase in insurance covers all over Africa. In case you are seeking for an insurance cover in Africa, here are five best insurance companies in Africa.
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Old Mutual
- It was founded back in 1845 in South Africa. The primary purpose of the Old Mutual insurance company is to enable its customers to thrive. It achieves this by making it possible for them to attain a lifetime financial target. Consequently, they can invest funds in projects that will bring up a positive future. This is mostly for their families, communities, and themselves. Old Mutual plays an integral role in improving the lives of its customers. Also, their lives together, along with their communities, as they ensure a sustainable future, with a turnover of 9.3 million. As a result, it currently employs 30,000 people and is available in over 14 counties.
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Sanlam
Sanlam was established back in 1918 in South Africa. It is a life insurance company that has developed into several financial services businesses. The areas of expertise of Sanlam are a variety. They include retirement annuities, asset management, financial planning, and capital market activities. Sanlam also deals with wealth and investment, wills, trusts, and short term insurance.
Sanlam has been growing both its local and international brands. Moreover, it is currently available in 33 African countries. It’s also present in Ireland, Malaysia, India, Australia, the UK, and the Philippines. It has a turnover of 4,861, 898, and it is one of the five best insurance companies in Africa.
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Momentum Life Assurers
- Momentum Life Assurers is a South African based financial services group. It was established back in 1966 as a life assurance company. It engages in both short and long term activities. They include insurance, savings, employee benefits, investment, and asset management through its different brands. This company has subsidiaries in 8 other African countries and UK, Guernsey, and Gibraltar.
Momentum Life Assurers has a market capitalization of R28.4 billion. On top of that, it has an embedded value of R 41.2 billion and a total turnover of 2 222 617
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Liberty Group
- Liberty Group was founded back in 1957 in South Africa. Its founder was philanthropist and entrepreneur Sir Donald Gordon. Its head office is situated in Johannesburg, South Africa. Liberty Group is well known for offering pension programs and life assurance. As a result, the company has unit trusts, healthcare, asset management, employee benefits, and property management.
It is currently available in 18 African countries and has a turnover of 1 895 780. Liberty group is one of the five best insurance companies in Africa.
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Sage Group
- Sage Group is a company that specializes in the provision of life insurance products and investment solutions in South Africa. Its target market is mainly the middle and upper-income groups. Sage Group has operations in both retail markets as well as employee benefits. Therefore, it offers business assurance, fixed, and equity interest investments. Besides, this company offers retirement plans and assets management. Sage Group has over R9 billion and a turnover of 1 120 511 and is available in several African countries.
Conclusion
Choosing the right insurance company to invest in is essential. This is because insurance is a must-have asset. It is advisable that you also consider the company’s rating. Does it specialize in the insurance service you need? How are its financial muscles, discounts offered, and refusal of claims in the past? This article of 5 best insurance companies in Africa will help you answer these questions.
