STEPHEN CRANSTON: The madness of King Price
Seven years after its launch, King Price is an established competitor, with R1.7bn of premium income in the year to June
The omens didn’t look good for King Price in the early years. The motor insurer was going into a direct-sales market in 2012 that had three dominant players: Outsurance, Telesure and MiWay.
King Price did not have the benefit of a powerful parent, though admittedly neither did Telesure when Douw Steyn started trading in 1985 — but Steyn had no direct competition. King Price’s controlling shareholder is Mergon, fronted by a group of Pretoria tycoons.