PODCAST | Unpacking Liberty’s claim stats for 2022

Our host Mudiwa Gavaza is joined by Dr Dominique Stott, Liberty’s chief medical officer; Tom Crotty, lead specialist in technical marketing for risk proposition management; and Sinethemba Khoabane, lead specialist risk product development.

The discussion unpacks what Liberty’s almost R10bn in claims for 2022 can tell us about the SA economy.

The Standard Bank-owned group paid out R6.98bn in retail claims in 2022 to about 31,808 individuals and their beneficiaries, amounting to R26.85m every working day. That is a 31% drop from the R10.12bn paid out in 2021 and was driven largely by a significant decline in claims related to Covid-19 that fell to R449m in 2022 from R3.47bn in 2021.

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Corporate claims amounted to R2.58bn for the year, which was 25% lower than in 2021. 

Stott explains that while Covid-19 claims are down, the impact of the pandemic is still being seen with some lingering and new conditions related to the infectious disease. 

Crotty highlights the fact that many South Africans are still underinsured, while Khoabane says corporate claims may be affected by a reversal of the work-from-home trend.  

Topics of discussion include: Liberty’s claim statistics for 2022; insights that can be drawn from claims about the SA economy; dynamics around retail and corporate claims; and the impact of health issues. 

Business Day Spotlight is a TimesLIVE Production.