Momentum Metropolitan Holdings, the insurance and financial services group, has almost doubled its Covid-19 provision, saying the effects of the pandemic were more severe than initially expected in the fiscal period covering the six months to end-December 2020.

The group said that after updating its modelling to take into account its most-recent internal claims data, reports on weekly deaths by the SA Medical Research Council and the possible future trajectory of the pandemic, it had increased its Covid-19 reserves by about R850m before tax for its 2021 interim results...

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