Life Insurance

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Life insurers step up for brokers’ clients

The claims statistics published by South Africa’s largest life insurers give a clear indication of the impact of Covid-19 on the sector; but represent the ‘tip of the iceberg’ insofar the total claims the industry will entertain over the next three years. Liberty Life, which hosted a 2020 Claims Statistics webinar said it paid out R12.4 billion “across the South African life / risk business” in 2020. And Old Mutual made pay-outs totalling R14 billion to meet its underwritten, non-underwritten and corporate claims, representing a 24% increase on its 2019 experience.

Fourfold increase in death claims against fully underwritten life policies during second Covid-19 wave

Four of South Africa’s largest life insurers reported increases of between 50% and 60% in death claims against fully underwritten new generation individual life policies between March last year, when the first Covid-19 case was recorded in South Africa, and the end of January 2021.

Planning for the unpredictable in 2021