Insurance Companies in South Africa. Best & Worst Insurance Companies in South Africa. Best & Worst Insurance Companies in South Africa. Have you had to deal with bad service and claim rejections from your insurer? Or have you been lucky enough to get top class service from the minute you signed on the dotted line? Well… the results are in and we release the best and worst insurance companies taking SA by storm in 2019.
And the Most Complaints Received Goes To…
For the second year in a row, Absa Insurance has been given the title of being the most complained about insurer in South Africa.
With 800 complaints being put forward to the Ombudsman this past year, Absa Insurance has brought in 9% of all complaints across the board.
And the Winner Is…
Outsurance has come out on top as the best insurance provider according to the OTIS 2018 report. Following swiftly behind them was Santam who came out as second best.
Complaints Unresolved? Here’s Why…
Have you ever laid a complaint against an unsettled claim from your insurer and then been denied? Well according to OSTI’s 2018 report, 9 779 formal complaints were recorded over the past year, with 9 474 complaints resolved by the Ombudsman.
Although the Ombudsman managed to save many South Africans from having to fork out additional money on top of their monthly insurance premiums due to lack of successful claims, rejection of claims has become common.
The Financial Intermediaries Association of Southern Africa reported that 36% of rejected claims were based on the exclusion or warranty in the policy or terms.
FIASA highlights the importance of the consumer and that consumers need to be completely aware of what their policy states. It also highlights the importance of insurer transparency to alleviate rejected claims and added stress for the consumer.
Best & Worst Insurance Companies in South Africa… Best & Worst Insurance Companies in South Africa