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Tag Archives | Santam

Sanlam

Santam flood claims hit Sanlam’s earnings

Sanlam has reported “a creditable performance” for the first four months of this year, with “strong results” in the life insurance and investment management businesses offsetting weak general insurance and credit business results. Although its life insurance business recorded much lower Covid-19 excess mortality claims, Santam – the short-term insurer in which it holds a […]

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santam-building

Santam takes full control of insurtech JaSure

Santam has acquired full ownership of on-demand insurtech company JaSure, buying out the 49% stake it did not already own. Founded in 2017, JaSure operates through an app, competing with insurtech companies such as Naked and Pineapple Insurance. Clients can purchase insurance for motor vehicles and portable possessions, such as cellphones, laptops, photographic equipment, bicycles, […]

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kzn-floods

KZN floods are the biggest natural catastrophe in Santam’s history

Santam’s current “best estimate” of its gross exposure to the KwaZulu-Natal floods in April is R3.2 billion. However, reinsurance cover will limit the net impact to about R500 million, it said in a trading update. South Africa’s biggest short-term insurer said that, based on its internal modelling, April’s floods were a “one in 25-year event” […]

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Santam

Santam takes full control of Indwe Broker Holdings

Santam, South Africa’s largest non-life insurer, has taken full control of Indwe Broker Holdings after acquiring the shareholding from African Rainbow Capital Financial Services and Sanlam. Before the transaction, Santam held 24% of Indwe, while ARC Financial Services owned 51% and Sanlam held 25%. The transaction makes Indwe a wholly owned subsidiary of Santam and […]

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KZN-floods

Insurance update on KZN floods

The South African Insurance Association (SAIA) says the damage to infrastructure in KwaZulu-Natal as a result of the floods already exceeds R1.1 billion, which was the estimated cost of damage after the flash floods in the province in 2019. In a statement, SAIA said the devastation and loss of lives make this month’s floods the […]

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eskom

Santam phasing out BI cover for power cuts

Santam, South Africa’s leading non-life insurer, issued an “operational circular” on 15 March that could have a significant impact on commercial clients’ existing cover for business interruption resulting from extended cover for losses emanating from public utilities and/or public telecommunications. It appears that the aftershock of claims emanating from Covid-19 resulted in a review in […]

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Santam

R3.2bn of Santam’s record R24.5bn claims pay-out went to BI policyholders

Santam paid out R24.5 billion (2020: R21bn) in claims last year, the highest gross claims pay-out in its 104-year history, the country’s biggest short-term insurer said in its financial results for the year to the end of December 2021. Despite the big claims pay-out, Santam’s earnings rose to R2.75bn, compared to R327 million in 2020, […]

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insurance-policy

Short-term policyholder concerns, then and now

Events over the past year, both locally and internationally, have shifted the focus on a number of material terms and conditions in policy documents. Pre- and post-Covid A media release published in November 2019 by Santam saw the challenging economy as the biggest risk in the country. “The in-depth body of research showed the biggest […]

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‘Cyber risk is an opportunity for brokers to showcase their value’

‘Cyber risk is an opportunity for brokers to showcase their value’

The systemic nature of cyber risk provides intermediaries with an unprecedented opportunity to show-case their value to clients, Andrew Coutts, Santam’s head of Intermediated Distribution, told the recent InsureTalk18 online conference. It is difficult to insure and re-insure against something that happens everywhere at the same time, such as a pandemic, climate change, political instability […]

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