Underwriting conditions remain challenging says Santam

Santam (SNT) achieved "acceptable" underwriting results and premium growth in a tough general economic climate, the short-term insurer said in an operational update for the four month period ended 30 April.

Underwriting conditions remain challenging in South Africa with continued pressure on claims costs, the company said.

The Santam Commercial and Personal business delivered "satisfactory" underwriting results despite significant hail claims in Pietermaritzburg in February 2015.

The Santam Specialist business showed "good resilience" in competitive market conditions, with a few large corporate property claims reducing the underwriting performance.

Following the drought in the central parts of the country, the results of the crop insurance business were "significantly lower" compared to the same period in 2014.

MiWay continued to report "strong growth" and acceptable loss ratios.

Santam will release interim results for the six month period ending 30 June on 26 August 2015.

Source: BDpro