smauditimport not supporting bulk insert and reporting the following message
Info : szDbmsName: PostgreSQL
Info : Bulk loading of records is not supported by driver.
Info : Changing Bulk Load Size. Records will be inserted one at a time.
Siteminder 12.8 SP8 CR01
This is a Defect within the smauditimport that will be addressed within 12.9 Siteminder release.
Please open a case with Broadcom Siteminder support to get the fix for any supported release below 12.9.