Old Mutual has bumped up its cash stockpile for new Covid-19 claims more than threefold after actual claims outstripped initial provisions as it joined rivals in preparing for a possible third wave of coronavirus infections.

The financial services group, which had lined up more than R1.3bn in provisions at the end of June 2020, has set aside R4bn to navigate an expected burst of claims in the six months to end-December when coronavirus infections returned with a vengeance. It logged R1.9bn of Covid-19-related mortality claims in the first two months of this year...

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