Outsurance review 2024

OUTsurance, based in Centurion, South Africa, is an insurance company established in 1998 under RMB Holdings as a subsidiary. It specializes in short-term insurance for individuals and has expanded its operations to Africa and Australasia. The company’s subsidiaries are located in New Zealand, Australia, and Namibia. Over the years, OUTsurance has evolved into a prominent entity offering a diverse range of insurance products, including long-term insurance services.

A brief history of OUTsurance holdings Limited

OUTsurance was established in 1998 under RMB Holdings as a subsidiary, focusing on providing short-term insurance to individuals. This led to OUTsurance becoming a wholly-owned subsidiary of RMB Holdings. In 2000, OUTsurance acquired the First National Insurance group from FirstRand Limited, resulting in FirstRand Limited and RMB Holdings each holding a 47.5 percent ownership stake in OUTsurance.

Due to RMB Holdings’ control over a portion of FirstRand Limited, the transaction made RMB Holdings the largest shareholder of OUTsurance with a 59.4 percent stake. The remaining 5 percent ownership was held by the staff trust, as FirstRand Limited and RMB Holdings collectively owned 95 percent of OUTsurance.

In 2006, OUTsurance expanded its operations into Namibia by launching OUTsurance Insurance Company of Namibia in collaboration with FNB Namibia. This marked OUTsurance’s first venture outside of South Africa. Subsequently, in 2008, OUTsurance extended its presence beyond South Africa by establishing Youi Australia, making it the first African company to establish an insurance business in Australia.

In 2010, OUTsurance Life was launched, enabling the group to offer basic and fully underwritten life insurance products in South Africa. Youi Australia later became a subsidiary of Youi New Zealand, contributing to OUTsurance’s expansion into New Zealand.

Services offered by OUTsurance

Personal Insurance Offerings

Comprehensive Car Insurance: This type of car insurance provides a comprehensive set of benefits, including fixed excess, guaranteed premiums for 12 months, 24/7 roadside assistance, and a cash OUTbonus. Essential car insurance, on the other hand, covers cars that are not financed and are over 5 years old.

Home Contents Insurance: OUTsurance offers coverage for your home valuables such as appliances, decor, furniture, and more. This coverage protects against theft, intentional damage, damage from a power surge, or geyser burst affecting your home contents.

Buildings Insurance: This insurance covers damages to your home, including those caused by leaking pressurized pipes, acts of nature, explosion, subsidence, and fire.

Portable Possession Insurance: This insurance covers personalized portable possessions such as cameras, cellphones, watches, jewelry, etc. You are covered whether you are at home, work, or traveling globally, protecting against loss and damage of your personal belongings.

Life Insurance: OUTsurance’s life insurance covers death, critical illness, and disability, offering coverage for up to 40 critical illnesses.

Funeral Insurance: This insurance covers funeral costs and benefits for family members, including transportation, catering, marquees, tombstones, and after-tears support.

Business insurance

Business Insurance

Business insurance provides coverage for businesses of all sizes, safeguarding various business assets and valuables.

Business Building Insurance: This insurance covers the premises in which the business operates, including the physical structure, fixtures, and fittings. It offers protection against accidental damage, power surges, malicious damage, subsidence, and landslip.

Plant, Machinery, and Contents Insurance: This insurance covers a wide range of assets crucial to a business, such as machinery used in manufacturing processes or for service delivery, including computers for coding and general office furniture.

Money Insurance: This coverage protects business cash, which is vital for business survival. It provides insurance against loss or damage to business money.

Business Interruption Insurance: This insurance specifically covers businesses for any interruptions caused by damage to their premises. An optional cover is available to protect against financial losses resulting from interruptions due to damage to supplier premises.

Fleet insurance

Comprehensive fleet insurance: This insurance covers your fleet against loss or damage. The insurance also covers damage due to theft and hijacking.

Goods in transit insurance: This insurance covers for goods while they are in transit whether being transported by road, rail, air or even post. The insurance covers against damage from theft, hijacking, explosion, fire, accident, collision and derailment.

Motor traders insurance

Motor traders external insurance: This covers for loss or damages to a vehicle where an accident happens away from the business premises. The insurance cover against accidents, storm, hail, flood, theft and hijack.

Motor traders internal insurance: This covers against accidental damage to a customer’s vehicle when driven in the business premises. The cover pays should accidental damage happen to a vehicle driven on company premises.

Vehicle stock: this is a cover on your business stock which in this case is motor vehicles. OUTsurance covers against fire, explosion, bad weather and impact damage.

Engineering Insurance

Machinery breakdown insurance: This insurance covers the cost of a mechanical, electrical or electronic breakdown. The cover is against breakdown due to lack of skill, faults and explosions.

OUTsurance Executives and Board

Conclusion

OUTsurance group has rapidly grown to become one of the biggest short-term insurance companies, along with competitors such as Hollard and Sanlam. With the purchase of Miway, the company was able to expand its portfolio and Miway is now the second-largest brand within the group.