South African insurance companies with most complaints revealed

The Ombudsman for Long-Term Insurance (OLTI) and Ombudsman for Short-Term Insurance’s (OSTI) joint annual report for 2022 showed that Santam Structured Insurance had the highest complaints ratio.

The number of claims OSTI receives about each insurer reflects the size of the company’s client base. Therefore, a company with more clients will likely have more claims directed to the OSTI. The inverse is also true.

OSTI added a more accurate metric to measure the number of complaints it receives about an insurer in proportion to the insurer’s size.

This metric shows the number of complaints received by OSTI per 1,000 claims received by the insurer.

According to this report, Santam Structured Insurance had the highest complaints ratio, with OSTI having received 333 complaints and the insurer receiving 25,196 complaints – this translates to 13.216 claims per 1,000.

Santam is far ahead of the insurer with the second-highest ratio – New National Assurance had a ratio of 8.910/1,000.

Old Mutual Insure came in third place with a ratio of 5.863/1,000, while Nedgroup Insurance took fourth place with a ratio of 5.246/1,000.

In general, the reported numbers for 2022 were lower than those of 2021, said the report. 

However, this is unsurprising, “given that the brunt of the COVID-19-related insurance claims was felt in 2021”.

Name of insurerClaims received
by insurers (FSCA
Complaints received
Number of complaints
received by OSTI
per thousand claims
received by insurer
Abacus Insurance Limited6,209193.060/1,000
Absa Insurance Company Limited174,0526943.987/1,000
AIG South Africa Limited9,362101.068/1,000
Allianz Global Corporate & Speciality SA
Auto & General Insurance Company
Bidvest Insurance Limited16,482412.488/1,000
Bryte Insurance Company Limited356,5762040.572/1,000
Budget Insurance Company Limited64,6092573.978/1,000
Centriq Insurance Company Limited462,0631600.346/1,000
Chubb Insurance South Africa Limited1,71590.005/1,000
Clientèle General Insurance Limited92,04070.000/1,000
Compass Insurance Company Limited15,152382.508/1,000
Constantia Insurance Company Limited60,381940.002/1,000
Dial Direct Insurance Company Limited25,3631204.731/1,000
Discovery Insure246,0465552.256/1,000
Dotsure Limited136,7382912.128/1,000
First for Women Insurance Company
Firstrand Short-term Insurance61,1161111.816/1,000
Genric Insurance Company Limited80,093270.337/1,000
Guardrisk Insurance Company Limited317,7245711.797/1,000
Guardrisk Microinsurance Limited2,27200.000/1,000
Hollard Insurance Company Limited169,0794822.851/1,000
Hollard Specialist Insurance Limited6,775243.542/1,000
Indequity Specialised Insurance Limited3,16751.579/1,000
Infiniti Insurance Limited30,430411.347/1,000
King Price Insurance Company Limited156,9804743.019/1,000
Land Bank Insurance SOC Limited000.000/1,000
Legal Expenses South African Limited20,896874.163/1,000
Lloyd’s South Africa (Pty) Limited320.667/1,000
Lombard Insurance Group Limited30,1471224.047/1,000
MiWay Insurance Limited151,3374693.099/1,000
Momentum Insure Company Limited130,7342832.165/1,000
Monarch Insurance Company Limited10,89230.275/1,000
Mutual and Federal Risk Financing70,4862974.214/1,000
Nedgroup Insurance Company Limited73,0083835.246/1,000
New National Assurance Company
NMS Insurance Services (SA) Limited179,59620.011/1,000
Old Mutual Insure Limited201,0851,1795.863/1,000
OUTsurance Insurance Company Limited347,3413701.065/1,000
Professional Provident Society Short-Term
Insurance Company Limited
Renasa Insurance Company Limited85,151680.799/1,000
SAFIRE Insurance Company Limited6,26371.118/1,000
SA Home Loans Insurance Company
Santam Limited409,1165181.266/1,000
Santam Structured Insurance Limited25,19633313.216/1,000
SASRIA (SOC) Limited58370.012/1,000
Standard Insurance Limited141,4137125.035/1,000
Vodacom Insurance Company Limited93,3661571.682/1,000
Western National Insurance Limited20,801231.106/1,000
Workerslife Insurance Limited2,990110.004/1,000
Yard Insurance Limited3,912100.003/1,000
Data source: Ombudsman for Long-Term Insurance (OLTI) and Ombudsman for Short-Term Insurance (OSTI) annual report for 2022


Top JSE indices

You must sign in to view or make comments.