Santam, South Africa’s largest general insurer, today reported solid underwriting results and strong growth for the year ended 31 December 2017. Within the context of a tough trading environment for short-term insurers, the group reported excellent double-digit gross written premium growth of 15% and a solid net underwriting margin of 6.0%, which is well within the target range of 4% to 8%.
As a responsible corporate citizen and South Africa’s largest insurer Santam has had to consider the impact of the drought and current water restrictions implemented by the Western Cape authorities on consumers, our clients and our business.
A national client survey by Santam, has revealed interesting and surprising attitudes of drivers towards their vehicles, including emotional attachment and feelings of despondency if dispossessed of their much-loved cars.
South Africa loses millions of rand to fire each year. The past fire season has seen thousands of people displaced from their homes as a result of fires in the Knysna area while acres of vineyards were destroyed in the Western Cape in January, decimating revenues within the wine industry.
Rainfall conditions for most of the Summer Rainfall Area are likely to improve from the middle of October. Still hope for some rain for the Western Cape in September.
Having the correct comprehensive insurance in place is a legal requirement, however insurers can have legal recourse should it be found the conditions of the contract between the insurer and the insured has not been fully met in the event of a claim.
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