Insurer Santam is returning money to all its personal and business clients as driving declines because of widespread coronavirus-related shutdowns.
Santam has announced it will refund 20% of motor premiums paid in April.
“We are absolutely committed to playing our part to help alleviate some of the devastating impacts of this virus. We are listening to our clients and monitoring the impact of this pandemic, and where we are able to provide additional assistance, we will do so in a fair and responsible manner.,” Lizé Lambrechts, Santam CEO, said.
“As a proudly South African business, we are dedicated to helping our fellow compatriots by implementing real solutions that make a tangible impact on peoples’ lives.”
This equates to R155 million and will bring the Santam’s collective COVID-19 relief efforts to R400 million.
MiWay, a Santam Group subsidiary, is also offering COVID-19 relief, which will put R30 million back in the hands of clients and suppliers while also contributing to other COVID-19 causes.
MiWay clients will enjoy an additional 7% discount to the value of R18 million, on top of the 10% discount provided earlier. Furthermore, MiWay will be providing relief of R10 million to Motor Body Repairers and towing operators, taking their total COVID-19 relief package from lockdown to R55 million. For more read: MiWay Offers Further Discounts to Customers Stuck at Home
Lambrechts said this latest premium relief initiative recognises the reduction in motor insurance risk exposure during the lockdown.
The relief will also support Santam’s intermediary partners in keeping clients covered during this financially stressful period.