“insurance” means insurance or guarantee against loss, damage, injury or risk of any kind whatever, whether pursuant to any contract or law, and includes reinsurance; and “contract of insurance” includes a policy of insurance, an insurance cover, and a renewal of a contract of insurance: Provided that a premium is paid in respect of such insurance, guarantee or reinsurance: Provided further that nothing in this definition shall apply to any insurance specified in section 2;

[Definition of “insurance” subsituted by section 37(1)(a) of Act 5 of 2026 effective on 1 April, 2026]