Santam enters into agreement with Munich Reinsurance Company of Africa Limited to support growth outside South Africa
Santam, South Africa’s largest general insurer, has entered into an agreement with leading reinsurer Munich Reinsurance Company of Africa Limited in terms of which selected Santam business units will be able to use the reinsurer’s Standard & Poor’s (“S&P”) AA- credit rating to write inwards international reinsurance business on Munich Re of Africa’s license.
Santam Ltd is pleased to announce that it has been officially certified by the Top Employers Institute for its exceptional employee offerings.
A big hail storm has wreaked havoc in parts of Bloemfontein recently with claims for damage to homes and vehicles streaming in at South Africa’s largest general insurer, Santam today. In a short period of time a hailstorm on the M1 North of the William Nicol highway in Johannesburg can cause extensive damage to a vehicle. For the insurance industry, a hailstorm lasting 20 minutes in two to three Pretoria suburbs could cost up to R100 million in claims for damage to vehicles and homes.
The recent spate of fires in the winelands of the Western Cape has again brought the issue of the wine producer’s risk to the fore, with a number of wine farms being adversely affected. Shehnaz Somers, head of commercial underwriting at Santam said the company is still assessing the damage and loss as a result of fires spreading to well-known vineyards and guest farms in the winelands and surrounding areas over the past month.
Forecasts for neutral to La Niña conditions still remain valid with borderline La Niña conditions currently present. The expected rainfall in the first part of October over the eastern summer crop production areas did not occur but conditions are still favourable for rain in the second part of October. Cumulative rainfall forecasts until the end of December 2016 from the accuweather.com website indicate that between 300-400mm of rain is possible over the eastern areas.
Infrastructure development is booming across Africa, due in no small part to significant economic growth and foreign direct investment.