Santam hit by record claims, but the insurer is 'not panicked' even as its margins shrink | Business

Santam, the country's largest short-term insurer, paid record gross claims of R29.8 billion in 2022, surpassing even the R24.5 billion the company paid in 2021 - when it had to fund never-seen-before lockdown claims.

"The 2022 financial year was one of the most challenging underwriting periods in Santam's history," said CEO Tavaziva Madzinga. Adverse weather conditions in the first three months of the year 2022, plus the devastating KwaZulu-Natal floods in April, were significant contributors to the new claims record.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.

_Business Bad time to be in insurance. Hell in a hand basket..

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