Santam, South Africa’s largest short-term insurer, has despite a severely constrained economic environment achieved solid operational results that saw gross written premium (GWP) growth of 4% on its conventional insurance book and a net underwriting margin of 4.3% (2019: 5.3%), which is at the lower end of the group’s 4%-to-8% target range.
Santam has paid out R870-million in just over three weeks to the hospitality, leisure and non-essential retail services industries.
Summertime is commonly associated with hail season in the northern parts of South Africa, and short-term insurer, Santam confirmed on Friday afternoon they received the first storm and hail damage reports from Mpumalanga.
Santam has warned that, with remote work and work from home taking off as the new norm, companies need to be extra vigilant to ensure they are not vulnerable to disastrous data breaches or other cyber security incidents.
The winter of 2020 continued and frost damage occurred in the last week of September. Below average temperatures are still possible until the end of October but frost is not expected any more for this season.
It turns out geyser-related issues cause some of the country’s most common household insurance claims, this is according to Santam – South Africa’s leading short-term insurer
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