Forbes has compiled a list of the best insurance companies in the world for homeowners insurance, auto insurance as well as life insurance, and few South African insurance companies have made the list too.
On the Forbes World’s Best Homeowners Insurance Companies 2024 ranking, five South African insurance companies made the list.
The South African Insurance Association (SAIA) said that homeowners insurance is also known as building insurance.
Building insurance provides cover against damages to the building, roof and fittings of the home that you own.
According to SAIA, the building insurance will cover: the building (including outbuildings); fixtures and fittings; water; sewage; gas; electricity; telephone connections, geysers; gates; fences; and garages/car ports.
To create the list, Forbes partnered with Statista, a market research firm, to survey 45,000 consumers in 15 different countries.
Participants who said that they have held a homeowners insurance policy were asked about their satisfaction with their insurance companies and if they would recommend the insurer to other people.
Survey respondents were also asked to the insurance companies on the following criteria including:
– advice employees offered
– customer service
– price performance
– transparency
– damage service.
According to Forbes, responses to the survey were then analysed and scored. The 130 insurance companies with the highest scores landed made the final list.
Forbes started the list to help homeowners choose an insurer and to give insurance companies a chance to evaluate their peers.
Here is the list of the top five best insurance companies in South Africa:
| Rank | Insurance companies | Headquarters city | Year founded |
| 1. | 1st for Women | Johannesburg | 2005 |
| 2. | Momentum | Centurion | 1966 |
| 3. | Budget Insurance | Johannesburg | 1998 |
| 4. | Liberty | Johannesburg | |
| 5. | OUTsurance | Centurion | 1998 |
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