Absa home insurance is provided by Absa bank, so it is only logical that we should start off by telling you who they are. Absa Bank Limited is a wholly-owned subsidiary of the Barclays Africa Group Limited. Absa Bank provides personal and corporate banking services in South Africa and also offers personalized insurance solutions, such as Absa home insurance, car insurance, building insurance, and home contents insurance.
ABSA, or ‘Amalgamated Banks of South Africa Limited’, was founded in 1991. It changed its name to Barclays Africa Group Limited, which is now one of the major financial service providers in Africa. Absa was founded through the merger of four financial service providers namely Allied Bank (South Africa), United Bank (South Africa) Volkskas Bank Group, and the Sage Group. After a year, Absa extended its asset base further by acquiring the entire shareholding of the Bankorp Group which included Senbank, Trustbank, and Bankfin. At the start, each bank operated under its own name but in 1998, they all unified under one brand. After another year, Absa Group Limited was born which was changed to Barclays Africa Group Limited in 2013.
Absa Home Insurance Head Office and Executives
Absa’s head office is located on the 3rd Floor of Absa Towers East at 170 Main Street in Johannesburg, South Africa. The key executives include Maria Ramos, CEO, R. Stromsoe, Head of Group Finance, Willie Latigan, CEO of Financial Services, Gavin R. Opperman, CEO of Retail Banking, and Daphne Motsepe, CEO of Unsecured Lending.
Services Offered by Absa
Just like any other bank, Absa offers small business and corporate banking services, but also offers insurance services – both for business and individuals. The individual insurance services include home insurance (also known as “home content insurance” or “household insurance”), portable possessions insurance, car insurance, building insurance (for the actual structure of your home) and watercraft insurance.
Absa Home Insurance
There are two types of ‘home insurance’ with similar names which make it sometimes confusing for the average customer. Many insurance companies call both types of insurance “home insurance” although each covers something different. The first type is called “Building Insurance” and this is for the physical structure (the actual house/walls and garage) and permanently attached fixtures such as installed carpets or fire places, cupboards and so on. The second type is known as home insurance, also called contents insurance or household insurance, which covers the mobile/portable items in your house like TVs, computers, furniture and so on. Below we will review both, but make sure you are getting the correct type of insurance.
Absa Contents Insurance
The Absa home contents insurance focuses on the possessions in your home and covers the following:
- All of the possessions within your home that belong to you, including furniture, electronic equipment, computer equipment, clothing, rugs, curtains, mirrors, and gardening tools;
- All of the possessions within your home that belong to family members who live with you.
What events are covered by Absa idirect home contents insurance?
- An explosion or fire;
- Impact from vehicles, aircraft, falling trees, etc;
- Loss or damage caused by theft or attempted theft;
- Liability to other people (including domestic employees);
- Damage caused by overflowing or bursting geysers or pipes;
- Acts of nature (storm, wind, snow or flood, lightning, earthquake).
Absa Building Insurance
- Meanwhile, Absa building insurance focuses on the actual structure of your home and covers the following:
- The structure of your house and other structures on, or connected to your property (such as your garage);
- Fixed/permanent fittings such as cupboards, and lights;
- Tiles, wooden flooring, and fixed carpets;
- Built-in fireplaces, and non-movable fixtures;
- Water pipes which are concealed and unconcealed;
- Damages to your gardens;
- Maintenance on geyser compounds which have failed due to damages done by vermin and animals, and due to wear and tear.
What events are covered by ‘Absa comprehensive home insurance’?
Absa Comprehensive home insurance is the most extensive package, and therefore probably the most expensive one as well, and covers the following:
- Flood, storm, lightning, earthquake, explosions, and fire;
- Theft or housebreaking
- Damages caused by collapse of TV aerials, masts, or satellite dishes;
- Falling trees, and collision by any road vehicle;
- Landslip and subsidence;
- Loss of rent or rental value;
- Alternative accommodation or security*
* According to the Absa website, after an ‘insured event’ has occurred that requires you to leave your home, the comprehensive Absa building insurance will provide you with alternative accommodation and hire security guards to protect your property.
Also, Absa offers a 24-hour home emergency service to give you immediate assistance in times of crisis. On the Absa website, you can find an online insurance claim submission and a telephone number for your claims call.
Customer Feedback of Absa Insurance
In the last 12 months, Absa received 6,818 feedback reports on hellopeter. Out of those reports, 12% were compliments while 88% were complaints! That means there are 7 times more complaints than compliments. The ‘Billing/accounts’ category comprises 26% of the complaints while 18% are regarding the company’s lack of ‘feedback/response’. Despite the above statistics, it is important to note that the majority of the reviews are about Absa's banking services and not their insurance services. There are a handful of negative reviews that talk specifically about Absa's insurance services, but in each event a response was given by an Absa representative offering a solution. Nevertheless, it is never ‘fun’ dealing with a service provider that has service issues and although we cannot say for sure, such a substantial amount of complaints may be cause for concern.
Absa’s Website could be more User-friendly
The Absa website does not include enough information about the company’s history and background and we needed to search for this elsewhere. It also took us a bit of time to navigate to the Absa home insurance section which had to be done through multiple clicks.
But in all fairness, considering that Absa offers so many services on one website, this is understandable. Once we did get to the insurance section, the amount of information was lacking and only included the basics – just enough to get the general idea but definitely not enough to make a decision whether to get their insurance or not. On the upside, their website has a clean and friendly layout and offers an option to increase the font size, which is beneficial for the visibly impaired.
In a nutshell
Absa is a known name in South Africa and they provide a wide range of services, among them home insurance. In regards to their service, and based on their complaint to compliment ratio, this aspect does not seem promising. Nevertheless, the complaints refer mainly to their other services, including the banking services, and therefore it is difficult to conclude that the level of their home insurance services are the same. That said, it is only logical to assume that if they have such a high complaint ratio in other departments that their service would probably be the same, or similar, in their household insurance department – unless this is run by different management altogether. As always, and based on their complaint ratio and the fact that they do not provide all the information needed to make an informed decision, we strongly suggest that you read about a few other home insurance companies and get a few quotes – you can get up to 9 Free quotes by filling in the form up above OR a single quote, by clicking here.
Article subject: Absa Home Insurance