About Us
About Our Insurance
The Samaritan Insurance LLC (SILLC) is the representative body of the non-life insurance industry. It represents the industry to all relevant stakeholders to ensure a sustainable and dynamic industry. Samaritan Insurance LLC has 57 members, comprising all categories of non-life insurers, including reinsurers. Its members abide by the SAIA Code of Conduct, which ensures adherence to best-practice industry standards and self-regulation.
Our Vision
To promote and represent the interests of the non-life insurance industry, while leading and enhancing the efforts of the industry to become recognised and trusted as an important contributor to the insurance community and society.
Our Mission
- Encouraging fair and ethical treatment of consumers of non-life insurance products;
- Representing the non-life insurance industry with all stakeholders and at all levels in such a way that these stakeholders have trust and confidence in the industry;
- Creating an environment in which the members of our industry can share information, debate important and relevant issues, and create a common vision for the non-life insurance industry;
- Creating opportunities for the industry to continue with, and embark on, initiatives that will enhance its image and reputation among all stakeholders;
- Promoting understanding of non-life insurance to all stakeholders;
- Promoting awareness of the industry and its contributions to society and the insurance economy.
Frequently Asked Questions
What types of insurance are available?
There are various types of insurance available to cater to different needs. Some common types include health insurance, life insurance, auto insurance, home insurance, and travel insurance. Each type offers coverage for specific risks and provides financial protection in case of unforeseen events.
How does insurance work?
Insurance works by pooling together the premiums paid by policyholders. When a policyholder experiences a covered loss or event, they can file a claim with the insurance company. If the claim is valid, the insurance company will provide financial compensation or cover the cost of the loss, up to the policy's limits and conditions.
What factors determine insurance premiums?
Insurance premiums are determined based on several factors. These may include the insured person's age, health condition, driving record, location, coverage requirements, and claims history. Insurance companies use these factors to assess the level of risk associated with the policyholder and calculate the premium accordingly.
Can I cancel my insurance policy?
Yes, you can typically cancel an insurance policy. However, the terms and conditions for cancellation may vary depending on the insurance company and policy type. Some policies may have a cancellation fee or require a notice period, while others may allow for a full refund if canceled within a specific timeframe. It's important to review the policy documents or contact the insurance provider directly for specific details.
What is a deductible?
A deductible is the amount of money that the insured person must pay out of pocket before the insurance coverage kicks in. For example, in auto insurance, if you have a $500 deductible and get into an accident that results in $1,500 in damages, you would be responsible for paying the first $500, and the insurance company would cover the remaining $1,000. Generally, higher deductibles result in lower insurance premiums, but it's essential to consider your financial situation and risk tolerance when choosing a deductible amount.
