Santam faced challenges in the first quarter due to adverse weather and power surge claims affecting property insurance. Operating conditions were difficult, with electricity disruptions, inflation and interest rate hikes impacting economic growth and consumer spending. Despite the challenges, Santam demonstrated operational resilience and achieved satisfactory financial results. Underwriting actions taken in 2022 and 2023 showed positive results, but their full impact will be realized later in 2023. The Conventional Insurance, Client Solutions and Broker Solutions businesses experienced growth, while Santam Specialist Solutions saw strong growth in liability, marine, aviation and travel segments.
