In the wake of the biggest catastrophe event in the history of the South African insurance industry, the country’s largest general insurer, Santam today said that its solid diversification strategy meant that it was in a good position to settle claims worth R8.8 billion in the six months to June 2017.
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.
10% extra home contents cover boost from Santam aims to nudge clients to keep policies updated
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.