Santam, South Africa’s largest short-term insurance group, has reported strong operating results for the financial year ended 31 December 2021. The company’s conventional insurance business achieving gross written premium (GWP) growth of 5% (2020: 5%) and a net underwriting margin of 8.0% (2020: 2.5%), which is at the top-end of the group’s target range of 4% to 8%.
Despite being in the business of risk mitigation, insurance firms themselves are often subject to risk in the form of insurance crime.
With a massive increase expected to take fuel prices beyond R23 per litre this June, drivers must once again tighten their belts.
During the past two years all businesses, and in particular small enterprises and entrepreneurs had to step up the way they protect their digital and data assets. According to an Accenture report, South African businesses experience 577 cyber-attacks per hour at a cost South Africa R2.2 billion per year.
Thanks to extreme weather conditions, the lack of maintenance and a significant increase in heavy vehicles using our roads, potholes have become a significant challenge on our country’s roads. 2009/2010, in particular, saw a sizeable increase in potholes due to heavy rainfall during the summertime.
It may be that the maxim ‘cargo at rest, is cargo at risk’ is still applicable but in the current environment even cargo in transit is fraught with theft and hijacking threats.
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