Saxum Insurance Reviewed
Saxum Insurance is a company that is one of the new entrants in the South African insurance market. The company was established in 2005 and is a subsidiary of the bigger entity known as the Saxum Group. Saxum Group functions on three levels, namely reinsurance, specialised run off services and general insurance which is handled by the company of Saxum Insurance Limited.
The company has made its name on the back of its well publicised three principles i.e. providing personalised service to clients and brokers, implementing quick turnaround times on new policies and claims and only utilising high quality reinsurers. The company functions through a wide variety of business administrators and numerous different underwriting managers.
The original intention of Saxum Insurance was simply to focus on corporate insurance products, but the company has since diversified itself to include commercial and personal lines as well. The company is licenced to sell all types of short term insurance products including that of health insurance.
However, its insurance offerings can be divided into four categories.
1. Personal lines:
These insurance products are designed for individuals and consist of virtually every class of insurance possible. The company’s personal lines include buildings insurance, house contents insurance, personal items insurance, motor insurance and watercraft insurance along with extensions such as car hire, personal legal liability and personal accident cover.
2. Farmer assets:
The company also provides detailed insurance products that cover farmers’ assets such as buildings, equipment and machinery, inventories, livestock and vehicles in addition to covering legal liabilities, import export losses and loss of income.
3. Commercial lines:
The commercial lines of Saxum Insurance are also elaborate in that they include buildings, contents, equipment, stock, accidental damage, loss of profits, all risks, legal liabilities, theft, glass and vehicles.
4. Specialist insurance products:
Saxum Insurance also offers six specialist insurance products. These are iMPAC for cosmetic protection of vehicles, RetrenchSure for dreaded disease, TransitSure for goods in transit, Sader Diers & Von Etzdorff for import and export of fruit, motor cycles for warranty and credit short fall and legal assistance.
Saxum Insurance has expanded its reach slowly which means that it has established a good base from which to work forward.