The New National Assurance Company is South Africa’s largest empowered short-term insurer.
But this statement doesn’t simply reside on a plaque on a wall somewhere; we live and breathe it in our daily lives. NNAC is a truly empowered company – and in a country with a tortured political and economic past, a black economic success story for our staff and policyholders to celebrate.
Our mandate is to leave a sustainable local development impact through our efforts, particularly through using our procurement spend (money used for paying claims and for operating our business) in a manner which supports local black suppliers to the insurance industry. An additional area of focus has been on enterprise development, where we look to invest in sustainable black insurance administrators who would ordinarily face high barriers of entry in the competitive South African insurance landscape.
The substantial portion of our shareholding, over 80%, is drawn from previously disadvantaged communities. Over 90% of our staffing complement in Gauteng and KwaZulu-Natal, and over 83% of our senior management, are similarly drawn from previously disadvantaged communities.
The charities that we privately support are equally chosen for the transformative value they bring to underprivileged parts of our communities.