Momentum says high-profile life claim has made more people disclose information
However, Liberty says the case didn’t benefit anyone and that ‘people are afraid their cover won’t pay out’
Momentum, the insurer that came under fire in 2018 for initially refusing to pay a claim to the family that lost its member through violent crime, says it has not seen a trend of customers buying less or canceling their insurance. If anything, it says more people have been coming forward to disclose more information as awareness around non-disclosure has been heightened. “We didn’t really see a change in the behaviour of how benefits are sold or people not buying cover they need. But the one good thing that came out of it is that people are more aware now of the consequences of non-disclosure. We had a number of clients that came to us wanting to review what they had disclosed to us so that they can make corrections if necessary,” said Jenny Ingram, head of product development for individual life insurance at Momentum. Releasing its claims statistics for 2018, the insurer, which paid out claims of just more than R4bn, said only 0.19% of the claims it received were rejected because o...
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