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Tag Archives | Santam

insurers-guidance

Business interruption claims – Santam extends settlement process to all commercial policies

Santam announced today that it will settle valid claims for all commercial policies with contingent business interruption (CBI) extensions in addition to those covered by its Hospitality & Leisure division. This announcement impacts the total base of Santam’s 4 000 commercial clients with CBI policy extensions that cover contagious and infectious diseases. Santam previously announced […]

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insurance-claim

Business Interruption Insurance – Indemnity period now the bone of contention

Whilst the UK Supreme Court will deliver its judgment on the FCA test case on Business Interruption Insurance policy wordings tomorrow morning, South African insurer Santam commenced with a process for settling Covid-19 business interruption claims. Earlier this month the FSCA announced that it expects the non-life insurance industry to honour its CBI cover obligations […]

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short-term-insurance

Execution of sales or of policyholder rights?

The introduction of “execution of sales” as a method of making financial products accessible to the lower income section of the population may have arisen from noble intentions, but like the expression says, so is the road to hell. A recent ruling by Judge Ron McLaren, the Ombudsman for Long-term Insurance, highlighted the many pitfalls […]

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insurance-claim

Business Insurance Update – Santam commences calculation of valid claims

“In light of the SCA (Supreme Court of Appeal) judgment, the FSCA now expects the non-life insurance industry to honour its CBI cover obligations and to make payment of valid CBI claims without delay. Discussions between the non-life insurance industry and reinsurers should be expedited to ensure that policyholders who have already suffered huge financial […]

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finance

BI claims – Santam concludes R1 billion relief payments

Santam recently announced that they have paid just over R1 billion in interim relief to policyholders in the hospitality, leisure and non-essential retail services industries, who have the Contingent Business Interruption (CBI) extension in their policy cover with the company. ● In total 2 469 policyholders in the small and medium-sized business sectors received a total of […]

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awards

Santam 2019 Broker Award winners – Important role of intermediary stressed

Last week, Santam announced its 2019 Broker Award winners after cancelling the Broker Award sessions, an annual highlight on the Intermediary Business calendar, because of COVID-19. Andrew Coutts, Head: Intermediated Business at Santam, says while they are disappointed that they are unable to engage with brokers in person this year, they are pleased they are […]

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short-term-insurance

Santam’s ST Insurance Barometer – Risk increase cannot be addressed by merely hiking premiums

Although South Africans believe that insurance provides them with peace at mind, more than half polled in a recent study indicated that affordability was a key barrier to uninsured risks. These were just some of the key findings of the Santam Short-Term Insurance Barometer, South Africa’s first general insurance barometer. The survey specifically measured the […]

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car-repairs

SA Motor Body Repair Association Awards – Santam takes top honours

The short-term insurer, Santam, has won the prestigious SA Motor Body Repairers’ Association (SAMBRA), Insurer of the Year award for the second consecutive year. The annual SAMBRA Awards honour top vehicle insurers and original equipment manufacturers (OEMs), as well as paint and equipment suppliers for their contribution to the sustainability of motor body repairers in […]

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