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Investigation blows open alleged premiums misappropriation insurance scandal 13 May 2021 6:58 PM Share This: Investigative journo Pauli Van Wyk says four SA insurance giants have lost R944m in total by using Insure Group as intermediary. An alleged insurance scandal has led to huge losses for at least four South African insurance giants. A Daily Maverick investigation has found that Santam, Hollard, Old Mutual and Guardrisk lost R944-million between them due to the actions of intermediary Insure Group Managers. Insure Group collected insurance premiums from customers and invested cash it was meant to pay over to the companies into its own illiquid, high-risk and ultimately loss-making assets writes Pauli van Wyk.

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