DISCOVERY’s short-term insurance business, Discovery Insure, was expected to deliver a profit in the next 12 months for the first time since its launch in 2011, group CEO Adrian Gore said on Tuesday. A 30% growth in business sold via brokers had boosted new business growth in the 12 months to June 2016, Discovery Insure said. Most business had come from competitors, Discovery Insure CEO Anton Ossip said. The short-term insurer now covers 145,000 cars. Its gross written premium increased 39% over the year to R1.6bn, placing it behind rival MiWay, which posted premium income of R1bn for the six months to June. Gore said that Discovery planned to build its short-term insurance business to scale, while Ossip said it wanted to be a sizeable contributor next to the group’s other businesses.READ THIS: Japan Vitality deal boosts Discovery’s expansion in Asia For the year to June, Discovery Health increased normalised operating profit 12% to R2.3bn, while Discovery Life grew profits 14% to R...
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