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Santam makes provision for R2b more to pay out business interruption claims
Santam has posted its results for the year ended 31 December 2020.
It described the operating results as "acceptable", in the face of the negative impact of Covid-19.
The short-term insurer estimated its liability for business interruption claims at R5.3billion, but said it could recover R3.3 billion from re-insurers.
As a result, the group did not declare a final dividend.
In January, Santam finally accepted it's liable for contingent business interruption claims after a court order to pay them.
RELATED: Santam to start processing business interruption claims in wake of court rulings
Bruce Whiftfield asks CEO Lizé Lambrechts how much Santam's paid out so far.
Remember in August last year we paid out just over R1 billion in relief payments to our clients... at our own risk, because we knew our clients were suffering... That will be offset against the claims we get now.
Lizé Lambrechts, CEO - Santam
We've been processing claims since January when we got the legal certainty, but this is quite a complex matter and we need a lot of information from our clients. We've settled a few, but we are processing quite a bit.
Lizé Lambrechts, CEO - Santam
We expect the claims to start being paid quite soon in substantial numbers.
Lizé Lambrechts, CEO - Santam
What are Santam's remaining outstanding liabilities?
Lambrechts says at the moment they can only work on assumptions, dependent on the information they receive from clients and the money to be received from re-insurers.
You will see in our financial results that we provided an additional R2 billion net, so that would be after re-insurance recovery as well.
Lizé Lambrechts, CEO - Santam
Lambrechts says that, surprisingly, Santam has had a fairly normal claims year apart from the contingent business interruption claims.
Listen to the complete interview on The Money Show:
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