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Liberty's Claim Statistics for 2021 show significant increase in claims due to COVID-19

26 May 2022 Liberty

In 2021 Liberty paid out a total of R10.12 billion in claims under its flagship Lifestyle Protector policy to 43 600 individual clients and their beneficiaries.

 In 2021 Liberty paid out a total of R10.12 billion in claims under its flagship Lifestyle Protector policy to 43 600 individual clients and their beneficiaries.

These payments represent a 59.6% increase from the previous year, 2020, when Liberty paid out R6.43 billion in claims. The substantial rise was due to the cumulative effects of the two most damaging waves of COVID-19, the Beta wave in late 2020 and the Delta wave in mid-2021; coupled with all the other existing risk events that clients are ordinarily exposed to outside of the virus.

"The effects of the COVID-19 pandemic became very real during the year. This was something we had anticipated, and we were able to be there for our clients during this difficult time. The pandemic demonstrated the value of insurance in that it was a completely unexpected event and a reminder that life doesn't always follow a predictable course," says Liberty Chief Executive for Retail Solutions David Jewell.

In total, COVID-19 related claims amounted to R3.47 billion, paid out to clients and their families who were affected by the pandemic. Over 61% of these claims were related to Life Cover for mortality events.

These included funeral claims as people grieved their loved ones

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Retail Risk - Claim Stats 2021 - Final May 2022 click here...

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QUESTION

We have watched with interest as each of the country’s large life insurers report their 2021 life claims statistics, with soaring claims and claims values. That got us thinking: how do the big life insurers compare against one another, from an IFA perspective?

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An insurer is an insurer is an insurer
All are excellent: would not deal with them otherwise
There is one insurance brand that stands out for me
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