Categories: InsuranceNewsReviews
| On
2023-03-06 4:48 AM

Santam review 2023

By Lethabo Ntsoane
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 is a short-term insurance provider in South Africa. The group has business interests in Uganda, Zambia, Malawi, Tanzania and Zimbabwe. Santam is listed on the Johannesburg Stock Exchange as SNT.

The company made a revenue of R23 billion in 2022 with a total asset value of R73.1 billion, making Santam the largest 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 launched Multiplex policy. The policy was a sensation and revolutionary in the insurance industry.

With the Multiplex policy, South Africans were now able to take one short term insurance cover that will cover all their assets under one policy.

Santam would adopt the umbrella logo in 1981 that it still uses today. The logo was then inspired by the Multiplex policy since one could get all their assets insured under one umbrella.

In 1990 Santam established Santam Namibia Limited. The new company in Namibia was established so that it can oversee all company insurance activities in Namibia.

2001 – Present

Santam international was established in 2003. The establishment of Santam international was fueled by the company wanting to enter emerging markets.

By 2005 the company would receive the pioneer award issued by the financial services sector council for bringing affordable short term insurance.

On its 90th birthday, Santam extended and diversified its operations by a joint partnership with Shriram General Insurance Co Ltd India.

This partnership gave Santam a 26% shareholding in Shriram Life Insurance Co Ltd.

Santam received many accolades for its services from Deloitte, FIA, Orange Africa and many other rating companies.

Not only did the company win for its service provision but it was also voted as one of the best companies to work for and one of the top employers 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 MadzingaChief Executive Officer
Hendrick David Nel Chief Financial Officer
Asher GrevlerChief Risk Officer
John W MelvilleChief Underwriting Officer
Tinyiko Ribisi TermaChief Legal Officer
Masood AllieSecretary
Edward GibbensExecutive head  of commercial and personal
Enid LizamoreExecutive head of HR
Quinten Matthew Executive head of Specialist Business
Gugu MtetwaHead of Strategy and Investor Relations
Gloria Tapon NjamoHead of Investor Relations


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.

Join Our Newsletter
Subscribe to our newsletter and stay updated.


Start trading with a free $30 bonus

Unleash your trading potential with XM—your gateway to the electric world of financial markets! Get a staggering $30 trading bonus right off the bat, with no deposit required. Dive into a sea of opportunities with access to over 1000 instruments on the most cutting-edge XM platforms. Trade with zest, at your own pace, anytime, anywhere. Don't wait, your trading journey begins now! Click here to ignite your trading spirit!

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: Twitter: @NtsoaneLethabo

Tags: Sanlamsantam