Severe weather hammers South Africa’s largest short-term insurer

• Santam's underwriting margin dropped to 8.1% from 11.3% due to increased claims from severe weather conditions.
• South Africa's largest short-term insurer Santam reported a slight revenue growth of 10% in gross written premiums to R23 billion.
• Santam's alternative risk transfer business grew, increasing its profit contribution by 12% to R466 million.