Santam pays record R29.8bn in claims in 2022
Another year of high pay-outs following Covid in 2020 and the unrest in 2021.
Santam
Santam clarifies the impact of grid failure exclusion on power surge cover
The intention of the grid failure exclusion is not to cancel power surge cover, the insurer says.
Thursday briefing: a round-up of recent financial services news
SA unit trust returns | Flood claims | Santam profits warning | Insuretech raises $17m | Sanlam-AfroCentric deal | Business account fees.
Sanlam pays tribute to ‘titan’ Desmond Smith
It says Smith played a key role in laying the foundation for the financial services group as it currently exists.
How Sanlam has fared over the past 10 months
Tough claims environment weighs on short-term insurance business
High Court considers the meaning of ‘sudden’ in R7m liability claim
Transnet took Santam to court to recover the costs of rehabilitating soil contaminated after thieves broke into a fuel pipeline.
Santam introduces exclusions for losses following loadshedding and other electricity grid interruptions
No doubt, other insurers will soon follow suit.
Why insurance premium increases are unavoidable
Santam’s executive head of commercial and personal intermediated business, Andrew Coutts, has issued a communication to intermediaries setting out the factors that have made premium increases unavoidable. Coutts said households and businesses have […]
Preventing a disconnect between client expectations and policy conditions
In a recent article, I quoted from a review conducted by Allianz Global Corporate & Specialty (AGCS) that examined developments in corporate insurance claims and highlighted the top causes of loss for companies, […]
Santam repricing its book to take account of inflation and other cost pressures
A “concerted set of underwriting actions” were under way to reprice Santam’s book, to take account of the inflationary and other pressures that were pushing up the cost of claims, Sanlam’s chief executive, […]
Vastly different financial results from Discovery’s insurance arms
Discovery’s long-term and short-term insurance arms delivered contrasting performances in the group’s 2022 financial year, with Discovery Life’s normalised operating profit surging by 200% and Discovery Insure’s tanking 165%, driven mainly by the […]
Global warming warnings: insurers must heed the KZN floods
The extensive flooding and landslides experienced on stretches of the KwaZulu-Natal coastline on 11 and 12 April should serve as a warning to the general population, and more pertinently, to South Africa’s non-life […]
Tough times call for innovative thinking
The non-life insurance sector in South Africa, more commonly known as the short-term insurance industry, has arguably experienced its most challenging three years. Although provision was made for possible disasters such as fire […]
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. […]
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 […]
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 […]
A proactive risk advisory business model is key to survival
If you think that a “business as usual” approach is all that is required in the future, you are in for a rude awakening. In a recent media release, Andrew Coutts, the head […]
