Santam’s specialist business sees marked slowdown in growth
Santam’s specialist business has experienced a marked slowdown in growth since it reported its 2017 interim results, the country’s largest short-term insurer said on Wednesday.This was due to the difficult economic environment, subdued commodity prices impacting the crop business, and increasing competition, Santam said in a trading update.Santam’s specialist business comprises a number of underwriting management agencies that focus on niche lines of insurance, such as engineering, corporate property and liability. The risks covered tend to be large and complex, commanding a high premium, which has attracted the interest of a growing number of insurers.Santam said its subsidiary MiWay reported lower growth, but maintained strong underwriting results. Santam’s underwriting margin — the difference between what it collects in premiums and what it pays out in claims and claims costs — for the 10 months to October remained at the lower end of its 4% to 8% target.Underwriting results were...
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