General insurer, Youi, will begin selling CTP insurance in SA on 1 July 2022. It’s the first new insurer to join the SA CTP scheme since it was opened up to four private insurers.
Five CTP insurers
Youi has become the fifth CTP insurer, along with AAMI, Allianz, QBE, and SGIC. It’s the first entrant since the SA CTP scheme was first privatised in July 2016. The CTP Regulator says Youi is well qualified to manage CTP insurance policies and claims.
All CTP insurers provide exactly the same CTP policy and manage claims made against that policy.
Having five insurers may create more competition in the price of CTP premiums.
More about Youi
Some may already be familiar with the name, which stands for You Insured. Youi is a general insurance company with policies in motor, home, watercraft and business liability. Its parent is RMIH Group, a financial services investment holding company in South Africa.
After 1 July 2022, the SA CTP premium calculator will show prices for Youi as well as the other four CTP insurers. It is now even more worthwhile to compare prices.
If you are looking for CTP insurance, the SA CTP premium calculator is the best and quickest way to compare prices.