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From premiums to payouts – why trust underpins life insurance

29 December 2024

In unpredictable times, South African families want to know that their financial future is secure. This is why millions take out life and funeral cover, which provide comprehensive protection for their loved ones when they need it most.

How to avoid having a policy claim declined

11 October 2023

South Africa’s life insurers paid out benefits amounting to a total of R578 billion in 2022. The figures, issued by the Association for Savings and Investment South Africa (ASISA), included life, disability, critical illness, and income protection policies claims.

From twin peaks to flatline, a close look at SA’s death claims statistics

07 December 2022

The mortality statistics offered up by South Africa’s largest life insurers give unique insights into the path of the COVID-19 pandemic, starkly contrasting the twin peaks of pandemic-related death claims recorded in January and July 2021, to the zero claims in August 2022. The Death Claims Dashboard is maintained by the Continuous Statistical Investigation (CSI) Committee of the Actuarial Society of South Africa (ASSA) to record death claims against fully underwritten life policies at the country’s five largest life insurers. According to this dashboard, around 4 706 of the 31 520 fully underwritten death claims received by these insurers between March 2020 and August 2022 were due to confirmed COVID deaths.

Seven mortality accelerators to rule them all

15 September 2021

The impact of the Covid-19 pandemic on mortality trends will vary from one population to the next, with a general population likely to have a slightly worse experience than an insured population. Looking specifically at data from the US, UK and South Africa, Chris Falkous, VP, Senior Biometric Insights Actuary at RGA UK, shared his observations during a ‘Covid-19 versus the world’ webinar that explored changes in mortality under the pandemic. He identified seven key mortality drivers that life insurers and reinsurers will be watching closely over the coming years. This article offers some brief insights under each of the seven factors mentioned.

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