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

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Santam paid out R29.8 billion in gross claims in 2022. This surpassed the R24.5 billion it coughed up in 2021 when it had to pay the bulk of lockdown claims.
Santam paid out R29.8 billion in gross claims in 2022. This surpassed the R24.5 billion it coughed up in 2021 when it had to pay the bulk of lockdown claims.
Estate Living

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.

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