Not only is King Price the first (and only) insurer to offer decreasing car insurance premiums, but we’re also 1 of South Africa’s fastest-growing insurers. From our beginnings in 2012 as a R100 million start up, to achieving year-on-year growth of 28% for our 2020 financial year and being valued at R5.2 billion, we’ve notched up achievements in spades.
With the future in mind, we’re diversifying. Along the way we launched comprehensive engineering, community and agri insurance products, as well as cyber insurance for businesses, and in 2020 our acquisition of Stangen, a life and funeral insurance business, was approved. We also have a significant shareholding in Basileia Holdings, which has insurance interests in Europe.
We’re seeing substantial growth in our corporate and commercial book, and we’ve targeted commercial insurance as a key growth segment as we look to continue our exponential rise in the local market. Our 15% shareholding by Germany-based global reinsurance giant Munich RE gives us the financial leverage to write bigger risks in the commercial space and give the market peace of mind that we’ll be able to pay any potential claims.
Through all this, our growth is carefully maintained, and every new risk is approached strategically and sensibly. And, while there’s no telling what the future holds for the world of insurance, 1 thing’s for sure: We won’t just survive, we’ll thrive.