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..

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

2022 has been an incredibly difficult year for business: SantamVIDEO | Insurance company Santam says 2022 has been an incredibly difficult year for the business, with headwinds ranging from extreme weather events, high inflation and load-shedding to market volatility. If you are in South Africa and have never been to Zimbabwe, don’t worry you’re in Zimbabwe right now.
Source: SABCNews - 🏆 37. / 51 Read more »

MOTOR INDUSTRY: Rough ride ahead after healthy appetite for new vehicles in Q4 2022The macroeconomic storm clouds, which the industry had seen lifting, are likely to hit the market very soon as 2023 is predicted to be a tough year.
Source: dailymaverick - 🏆 3. / 84 Read more »

MTN expects earnings boost for FY 2022MTN expects positive earns for the full-year ending 31 December 2022.
Source: BusinessTechSA - 🏆 24. / 61 Read more »