Life insurance payouts exceed R500bn as death claims rise 37%
Industry statistics show 434,216 death claims in 2020, up from the 317,442 received in 2019
SA life insurers paid out more than half-a-trillion rand in benefit claims in 2020 as Covid-19 took a heavy toll.
Claims and benefit payments to life cover policyholders rose 6.5% to R522.7bn in 2020, up from the previous year’s R491bn, according to long-term insurance statistics released by the Association for Savings & Investment SA (Asisa) on Monday. The total claims and benefit payments include retirement annuity and endowment policy benefits as well as claims against life, disability, critical illness and income-protection policies...