Santam review 2024

Type  Public Company Traded As SNT  Sector Insurance Industry  Financial Services Address 1 Sportica Cresent, Tyger Valley, Bellville, 7530 South Africa Products  Short-term Insurance  […]

Type Public Company
Traded AsSNT 
Industry Financial Services
Address1 Sportica Cresent, Tyger Valley, Bellville, 7530 South Africa
Products Short-term Insurance 
Number of Employees 6 178
Total Assets R73.1 billion
Total Revenue R23 billon

Santam Group operates as a provider of short-term insurance based in South Africa, with additional business ventures in Uganda, Zambia, Malawi, Tanzania, and Zimbabwe. It is publicly traded on the Johannesburg Stock Exchange under the ticker symbol SNT.

In the fiscal year 2022, Santam Group achieved a revenue of R23 billion, accompanied by total assets valued at R73.1 billion. These figures establish Santam as the leading short-term insurer in South Africa.

A brief history of Santam

1918 – 1953

Santam was formed in Cape Town in 1918 as The South African National Trust and Assurance Company Limited. It was a month later that the company established another company that would be a subsidiary.

The company was Sanlam ( South African Life Assurance Company). Sanlam became a full subsidiary of Santam at the time.

Since Sanlam was a short-term insurer it formed Sanlam so that Sanlam can focus on life assurance.

It was in 1953 when Sanlam was converted into a mutual insurer from a company by a special Act of Parliament.

1954 – 2000

In 1974, Santam introduced the Multiplex policy, which caused a sensation and marked a revolutionary development in the insurance sector.

This policy allowed South Africans to consolidate all their assets under a single short-term insurance cover.

In 1981, Santam adopted the umbrella logo that remains in use today. This logo was inspired by the Multiplex policy, symbolizing the comprehensive coverage of all assets under one “umbrella.”

In 1990, Santam established Santam Namibia Limited to manage its insurance operations in Namibia.

2001 – Present

In 2003, Santam International was established as part of the company’s strategy to enter emerging markets.

By 2005, the company received the Pioneer Award from the Financial Services Sector Council for its contribution to making short-term insurance more affordable.

On its 90th anniversary, Santam expanded its operations through a joint partnership with Shriram General Insurance Co Ltd in India, acquiring a 26% stake in Shriram Life Insurance Co Ltd.

Santam earned numerous accolades for its services from organizations like Deloitte, FIA, Orange Africa, and other rating agencies. It was recognized not only for its service quality but also as one of the best companies to work for and a top employer in South Africa.

Services offered by Santam

Personal insurance

Car insurance: Santam offers car insurance that pays out if your vehicle is written out or stolen. The insurance also covers for loss, damage, third party claims and other risks.

Building insurance: building insurance covers for power surge, loss of water, fire fighting costs and property while it is in the process of being transferred to your name.

Watercraft insurance: Santam offers comprehensive insurance for most types of watercraft such as onboard motors, machine, equipment and standard fittings.

Standard fittings include the hull and other accessories that are part of the watercraft when purchasing it.

Home contents insurance: this insurance covers your home contents in full. The Santam insurance covers accidental breakage of mirrors, contents of your refrigerator, fire extinguisher costs, rental of alternative home and effects of guests and domestic employees.

Executive product: this is a tailor-made insurance cover that comes with personalised premiums. This cover is against luxury homes, watercraft, cars, jewellery etc.

Commercial insurance

Small business insurance: this is a Santam small business insurance solution that is aimed at start-up companies. The insurance covers for emergencies such as theft or fire.

Tourism industry insurance: this cover is for resorts, restaurants, golf courses, conference centres, health centres etc. You get covered for uncertainties. This cover is customized according to your business needs.

Guesthouse Insurance: this cover is for bread and breakfast and guesthouse owners. Santam cover is for a maximum of 20 rooms and the manager must live in an insured place.

Business Insurance: business insurance provides insurance for your business. Your business’s assets are covered should anything happen to them.

Agriculture Insurance

Fire insurance protection: the cover protects against fire. Santam offers fire extinguishing serves should there be fire.

You can get covered for as much as R1 million. Should a fire start from your premises then spread to the neighbouring farms as a policyholder you are indemnified for all reasonable fire extinguishing costs and expenses.

Dairy farming insurance: this insurance cover is for those who want to protect their dairy farming enterprise.

The cover protects against business interruption and deterioration of stock. This policy further covers theft and infertility of livestock.

Game risk: this includes all risk and limited cover for game. The cover includes chemical immobilisation, capture costs, fatal injury extension and veterinarian costs.

Crop insurance: Santam assist farmers in protecting their crops since they are the most valuable assets of their trade. The company offers specialized cover for farmers with over 90 years of expertise.

Assets insurance: you can cover your agricultural assets with Santam. Cover can include all your essential farming assets including water and electricity.

The cover is for third party theft and fire and can also add cover for death of a farmworker or insuring against employees stealing your property.

Santam Executives

Tavaziva Madzinga7/2022 – PresentCEO/Executive Director
Wikus Olivier7/2023 – PresentChief Financial Officer/Director of Finance
Gugu Mtetwa2/2023 – PresentChief Operating Officer/Head of Strategy & Investor Relations
Sam Nkosi7/2023 – PresentChief Technology Officer
Michael Cheng1/2024 – PresentChief Underwriting Officer
Quinten Matthew12/2023 – PresentChief Commercial Officer
Tinyiko Ribisi-Terma1/2022 – PresentChief Legal Officer
Charisse Ras1/2023 – PresentChief Risk Officer
Gareth Beaver1/2023 – PresentCEO of Specialist Business Solutions
Fanus Coetzee12/2023 – PresentCEO of Santam Broker Solutions
Sory Diomande1/2023 – PresentCEO of Santam Re & International
Atang Matebesi1/2023 – PresentCEO of Client Solutions
Burton Naicker1/2021 – PresentCEO of Miway
Gloria Tapon Njamo7/2023 – PresentCEO of Partner Solutions
Ruwaida Eksteen7/2022 – PresentSecretary
Norah Sehunoe1/2023 – PresentExecutive Head of Human Resources
Thabiso Rulashe1/2023 – PresentHead of Investor Relations & Strategy
Karl X T Socikwa1/2021 – PresentHead of Market Development & Sustainability


Santam has grown to become a giant in the short term insurance industry. The company is doing very well as it has been able to expand to neighbouring countries and having business interests in India.

With over 90 years of experience, the company is leveraging on experience and industry knowledge.

Since Santam wants to become a leading short term insurance company, it still has a long way to go. However, when it comes to Santam the sky is the limit.

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