If I never claim, is Sanlam Indie taking all my premiums as profit?
The main reason is that insurance works by what’s called "pooling". We chuck everyone's premiums together into a "pool" and claims from that group of people are paid from the "pool". This means that if you as an individual never claim, your premiums are still used to pay the claims of those clients who did claim. If you think about it for too long, you might realise that insurance is probably the most socialist system on the planet 🌍.
Also, we don't use nearly as much of the "pool" to pay our overheads as some traditional insurers do (yay for digital insurance 🤘). Which is how we can afford to give our clients a nice, fat Wealth Bonus at the end. 🎉