Santam reports 9% growths but still hit by 2018 claims
CAPE TOWN - Leading short-term insurer Santam reported premium growth of 9 percent to R17 billion in the six months to June 30, but the underwriting result was impacted by multiple claim events relative to 2018.
The interim dividend per share was lifted 8 percent to 392 cents, the group said in a statement Thursday.
The big claims include fires in the Betty's Bay, Western Cape, area in January, hail damage in Newcastle, KwaZulu-Natal, in March; and a storm in April that harshly affected the Durban area resulting in more than 1800 claims.
Crop insurance was negatively impacted by significant hail-related claims.
Management nevertheless described the financial performance as “solid...in a more challenge claims environment relative to 2018.”
The Santam Specialist business experienced strong growth in the property and engineering classes. MiWay maintained its growth momentum from 2018.
Benefits from co-operation with Saham Finances in establishing a Pan-African specialist insurance business were expected to begin to flow from onwards.