Santam to hike premiums on inflation and KZN floods
Insurer says inflationary pressures are increasing car-parts prices, resulting in higher claims payouts for vehicle accidents
01 September 2022 - 09:24
UPDATED 01 September 2022 - 15:42
Santam plans to raise its premiums in its second half as its underwriting margins come under pressure from accelerating inflation, a factor driving claims payouts higher with vehicle-parts prices rising.
Newly appointed CEO Tavaziva Madzinga, who began the top job at Santam on July 1, said this at an analyst presentation on Thursday after the company posted interim results. Santam declared an interim dividend despite an earnings slump in the first half of 2022 driven by KwaZulu-Natal flooding, financial market volatility and global inflationary pressures...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.