The company is reinsured with Munich Re and NamibRe.
King Price CEO, Justinus van der Westhuyzen, said the new company needed both adequate money for start-up and reinsurance.
The company started operating on 1 September last year and has so far written 1 500 policies.
He said the company wants to focus on consumers, whom he said are not well looked after by the insurance companies.
‘’The companies are not consumer focused,’’ he said.
King Price is well known for adjusting premiums every month to equal the retail value of the goods insured.