Santam, South Africa’s largest short-term insurer, today reported acceptable operating results for 2020 under very difficult economic circumstances, despite the negative impact of COVID-19. The group’s conventional insurance book achieved Gross Written Premium (GWP) growth of 5% (2019: 7%) and a net underwriting margin of 2.5% (2019: 7.7%), below the group’s target range of 4% to 8%.
Financial institutions, including those in the insurance industry, have had to develop and adapt their products and services over the years to suit the ever-changing lifestyles of humans.
The economic downturn over the past year, coupled with the need to reduce expenses, has seen a rise in vacant properties across South Africa and an increase in co-habiting.
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.
La Nina weakened rapidly in March resulting in less favourable summer rainfall conditions but improved conditions for winter rainfall in the south western parts of the country. Rain in Summer Rainfall area still possible in the last week of April.
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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