The best insurance companies in South Africa

  1. OUTsurance
  2. Virseker
  3. Old Mutual Insure
  4. Momentum
  5. Santam
  6. Discovery
  7. Auto & General


For the short-term insurance market, Consulta has released its most recent Consumer Satisfaction Index (SAcsi), which identifies which insurers excel in satisfying their clients. In the second half of 2020, 2,600 clients of the country’s top short-term insurers, including Auto & General, Discovery, Momentum, Old Mutual, Sanlam, Outsurance, and Virseker, were surveyed by the 2020 SAcsi for short-term insurance.

According to Consulta, the data depicts a sector in which competitors compete fiercely, with the top four brands in terms of customer satisfaction scarcely differing by more than one index point. According to the report, “the Short-term Insurance SAcsi score eclipsed the Banking SAcsi score, which has historically performed at a very high level, for the first time in the history of the SAcsi.”

Although the index distinguishes between direct and intermediated insurance models, it’s crucial to remember that all short-term insurers, regardless of their distribution schemes, compete for the same clients.

With a score of 82.3, OUTsurance leads all direct and intermediary insurers in the overall customer satisfaction metric. From 2016, when it was far below par, to securing leader status in 2020, the firm has exhibited sustained year-over-year progress in its customer satisfaction level, Consulta stated.

Following closely behind on par with a drop from its 2019 score of 83.2 is Virseker (81.7). Old Mutual Insure (81.3), Momentum (81.2), Santam (79.5), and Discovery (78.8) are the intermediated insurers that are all on par, while Auto & General (75.1) is below par.

When compared to 2019, Momentum and Discovery both saw a rise in their scores. According to Consulta, “Santam is showing slight but consistent declines in its customer satisfaction score year over year and would do well to note the competitive threats from Old Mutual Insure, OUTsurance, Virseker, and more recently Momentum, which show consistent improvement despite the challenging market and operating conditions that face all players in the industry.

Higher expectations

According to Consulta, customer expectations rose across the board in 2020. This is due to an increase in insurer brand message and increased awareness as a result of substantial media coverage, particularly regarding business interruption claims and payment vacations that most insurers provided to financially troubled clients.

According to Ineke Prinsloo, head of consumer insights at Consulta, “on the one hand, the industry won a significant lot of goodwill by helping customers through the uncertainties that occurred with the entrance of Covid-19 and its impact on homes and lives.”

Payment breaks, premium cuts, and client portfolio rearrangement at a time when millions of South Africans were facing financial hardship all contributed to boosting customer loyalty and appreciation for insurer actions.

On the other hand, expectations were heightened by the harm caused by denied business interruption claims, as well as by the subsequent public court disputes and media coverage. “The overarching message was that customers questioned whether insurance could be trusted to pay in their moment of need,” she added.