Santam: Company results season
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[SOURCE, FIN24] Santam paid R24.5 billion in claims in 2021, the highest in its 104-year history.
The Sanlam-owned insurer said this was not even driven by the business interruption claims that it fought all the way to the Supreme Court of Appeal (SCA) - only to lose.
Only R3.2 billion went towards paying business interruption claims related to lockdown, including the R1 billion in relief payments that the insurer paid to clients in August 2020. Santam is still finalising many of the claims.
Instead, catastrophe claims from large-scale fires, weather events that significantly affected agriculture, as well as floods in Gauteng and KwaZulu-Natal drove the historic increase in claims. At the same time, claims on the motor book and personal lines - which were lower during lockdown - returned closer to pre-pandemic levels.
The Sanlam-owned insurer said this was not even driven by the business interruption claims that it fought all the way to the Supreme Court of Appeal (SCA) - only to lose.
Only R3.2 billion went towards paying business interruption claims related to lockdown, including the R1 billion in relief payments that the insurer paid to clients in August 2020. Santam is still finalising many of the claims.
Instead, catastrophe claims from large-scale fires, weather events that significantly affected agriculture, as well as floods in Gauteng and KwaZulu-Natal drove the historic increase in claims. At the same time, claims on the motor book and personal lines - which were lower during lockdown - returned closer to pre-pandemic levels.
