Santam recently revealed that it paid a record R29.8bn in claims in its 2022 financial year, much of this due to the KZN floods. The company says this is more than it paid out in the Covid-19 period. Santam said it’s noted an increase in the frequency of natural catastrophes and that 2020 proved to be the fifth most costly year globally, with losses totalling just over $300bn. The insurer says it’s facing a significant increase in reinsurance premium rates, following several large global and local catastrophe events. Santam says it has implemented a number of underwriting actions to mitigate these challenges.
