Company News & Results / Santam

Fire alert still high in the Western Cape

Firefighters, emergency personnel and helicopter crews have had a challenging 24 hours battling a wildfire on the slopes of Table Mountain that caused havoc in nearby areas forcing the evacuation of hundreds of University of Cape Town (UCT) students. Early this morning residents from parts of Vredehoek, and later on the morning from University Estate, have also been ordered to evacuate.

The true cost of business interruption

The publication of Santam’s 2020 Annual Financial Statements give the best indication to date of the impact of pandemic-related business interruption (BI) claims on the domestic non-life insurance sector. The country’s largest non-life insurer reported an “acceptable” performance for the year to 31 December 2020 despite trading in difficult economic circumstances. Gross written premium (GWP) from conventional insurance activities was up 5% to R31.1 billion; but the underwriting margin fell to just 2.5% compared to 7.7% in the prior year. This is well outside the group’s profit target of 4% to 8%.

Santam acquires 100% of Mirabilis Engineering Underwriting Managers

CAPE TOWN, 12 MARCH 2021 – Santam, South Africa’s largest short-term insurer, will increase its stake in Mirabilis Engineering Underwriting Managers (Mirabilis) by acquiring the remaining 45% shareholding, subject to the fulfilment of conditions precedent for the acquisition of the remaining stake. Santam currently holds a 55% shareholding and the transaction will effectively make Mirabilis a wholly owned subsidiary of Santam.

Covid-19 impacts Santam Group 2020 performance