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Insurers say they ve used the money saved from lower vehicle claims to provide relief and premium discounts to customers.
While they had fewer vehicle claims in 2020, the industry says it forked out more money on credit life, business interruption and travel-related claims.
The industry is also expecting reinsurance premiums to shoot up.
Short-term insurers say they went above and beyond for their customers in the past year and aren t greedily gobbling up savings from lower claims.
On Tuesday, a research report by the economic advisor to the Optimum Investment Group, Roelof Botha, showed that the sector has been making super-profits since the Covid-19 pandemic hit SA s shores, thanks to lower-than-usual care and property claims.