Life Insurance

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

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.

Insurance product innovation is crucial to closing South Africa’s insurance gap

The 2022 Life and Disability Insurance Gap Study released by the Association for Savings and Investment South Africa (ASISA) shows that the average South African income earner had a life insurance shortfall of at least R1 million and a disability cover gap of around R1.4 million at the end of December 2021.

The Ongoing Impact of COVID-19 on health and mortality

Big five life insurers see no new spikes in deaths in 2022, but claims remain above pre-pandemic levels

South Africa’s five largest life insurers have seen recent death claims against fully underwritten life policies* starting to return to pre-pandemic levels.