Insurers ride out storm

03 June 2016 - 10:11 By ©2016 BDpro

Shares in insurance group MMI rose as much as 4.2% to R23.50 yesterday after reporting new business flows of 13% for the nine months to end-March.The customer satisfaction index compiled by Consulta last month ranked MMI subsidiaries Metropolitan and Momentum first and second out of the South African life insurance companies, CEO Nicolaas Kruger said .Premium income in Momentum's short-term insurance division increased 18% compared with the previous year.The claims ratio improved from 102% in the June quarter of last year to 77% in the March quarter.Santam, Sanlam's short-term insurer, issued an operating update yesterday .Santam said it achieved a net underwriting margin within the target range of 4%-8% in the four months to end-April."Santam commercial and personal business delivered satisfactory underwriting results despite significant hail claims in Gauteng and North West," it said in its update. ..

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