Tag: Santam

For millions around the world, the COVID-19 pandemic has caused immense workplace disruption and compelled many companies to reassess how they do business. By this time last year, about 50% of the South African workforce was working from home, while globally, this number was up to 76%.

Despite being in the business of risk mitigation, insurance firms themselves are often subject to risk in the form of insurance crime. Last year, the Association for Savings and Investment South Africa (ASISA) found that South African life insurers detected 4,287 fraudulent and dishonest claims worth R787.6 million across the board.

What’s the next black swan likely to be? A black swan is a potentially dire unexpected event – the pandemic being a perfect example. An Eskom grid failure could be next. Or another devastating drought? A massive cyber-attack? 

The COVID-19 pandemic has shaken our society to its core. Many family members, colleagues, friends or acquaintances have either lost their lives or been infected. As devastating as the virus has been to livelihoods and communities, there have also been several silver linings.

It’s been proven time and again: diversified businesses do better. McKinsey’s 2020 diversity report shows there’s a robust relationship between diversity at executive level and the likelihood of financial outperformance. There’s no doubt that women make an outstanding contribution to the financial services sector, but global trends indicate the industry’s transformation is slow.

Santam faces a litany of urgent court applications for flaunting the regulatory boards’ warning and refusing to pay out valid COVID-19 business interruption claims. A flood gate of final demands have been issued against insurance giant Santam in respect to business interruption claims from insured business owners and respondents across South Africa that Santam refuse to pay out despite the insurance regulatory authority’s direction to do so.