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Category:
Insurance
News /
Short Term
Insurance /
Santam
/ February 2007
Santam
awarded for pioneering low cost insurance
SA’s largest short-term insurer, Santam,
received a ‘Pioneering Award’ at the South African Insurance
Association’s first Financial Sector Charter Awards Dinner recently
in recognition of its innovative low cost house insurance offer.
 Santam
was the first in SA to bring a charter-designed product to the
market when it launched its low cost house and contents cover in
Soweto last March.
According to Leila Moonda of SAIA, the
aim of this awards ceremony was to recognise excellent efforts and
achievements in the short-term insurance industry’s quest to create
a financial services sector that reflects the demographics of the
country.
“Santam has successfully contributed to
the establishment of an equitable society by effectively providing
accessible financial services to lower income groups, previously not
provided for in terms of household cover”, says Moonda.
Kobus Olivier, Head of Alternative
Distribution at Santam says, “We aimed our low cost house cover at
those living in standard construction or formal homes up to the
value of R200 000, as a pilot in Soweto in March 2006 and we are
currently rolling out the product to the greater Gauteng.
“The product covers homes and their
contents comprehensively and includes cover for all natural
disasters, fire and theft. It also covers damage caused during riots
and strikes.
“Premiums range from as little as R15
to R240 per month, depending on the value of homeowners’ property
and possessions. Personal liability cover up to R100 000 is included
free of charge with all policies.”
The product range will also be extended
to include supplementary products such as legal expense insurance,
personal accident and funeral.
“Our low cost insurance products have
been developed to fulfil our ongoing commitment to providing
accessible insurance products that suit the individual and specific
needs of all South Africans,” Olivier adds.
Author:
Brigitte Taim (Lange
Strategic Communications)
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