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FNB Life says death-related insurance claims from its customers have normalised to levels last seen prior to the Covid-19 pandemic thanks largely to the fourth and fifth waves of infections from the coronavirus being less severe than the prior three waves.

The life-insurance unit of FirstRand-owned FNB said it was paying out an average of R99m in mortality claims each month in 2019 prior to the onset of Covid-19 towards the end of the first quarter of 2020. However, the devastating effect of the pandemic on its clients saw mortality claims spike to a peak of about R300m in monthly payouts the first and third waves of infections...

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