Life insurance claims: five red flags advisers should know about
Indications that great care needs to be taken to investigate the claim before it is paid.
claims
Shift in Discovery Life claims as Covid moves from pandemic to endemic
The reduction in Covid-19-related death claims in 2022 was offset by increasing morbidity trends.
Sanlam notes uptick in sickness, disability claims among younger South Africans
The total value of claims in 2022 was 23% lower than in 2021, partially because of a marked decrease in Covid-related claims.
Short-term insurers with the most and the least complaints in 2022
The important statistic is the proportion of personal lines complaints relative to an insurer’s share of the total personal lines claims.
Sasria’s chief executive addresses grid-collapse exclusion
It will decide by the end of the month whether to reintroduce the exclusion.
Liberty: cancer displaces Covid as leading cause of claims
Statistics indicate a rise in income protection claims resulting from diagnoses for mental and behavioural disorders.
Santam introduces power surge excesses and exclusions as claims jump
What policyholders should know about the general exclusion for damage caused by electricity grid failure or interruption.
Most schemes rely on investments to achieve a net breakeven result – report
Do their highly conservative investment strategies pose a threat to their long-term sustainability?
High Court provides guidance on BI claims by multiple policyholders under one policy
AIG rejected claims by aviation companies whose operations at different premises were impacted by the lockdown and Covid-19.
Asisa red-flags high number of policy surrenders and lapses
Policyholders and beneficiaries receive claims and benefits payments worth R578 billion in 2022, the second-highest paid in a year.
Top insurance risks to guard against in 2023
These risks will significantly affect those who don’t have the right cover in place or no cover at all, says Old Mutual Insure.
Santam pays record R29.8bn in claims in 2022
Another year of high pay-outs following Covid in 2020 and the unrest in 2021.
Strong demand for funeral cover despite tough environment, says Clientèle
Financial services group red-flags higher-than-expected policyholder withdrawals.
BrightRock squashes rumours about ‘hidden reason’ for Sanlam buy-out
BrightRock paid out over a billion rand in claims in 2022, which was more than the total claims paid in its first seven years in the market.
Ruling in dispute between Road Accident Fund and Discovery Health over claims
Medical schemes and administrators now know whether they can continue to claim from the RAF on behalf of their members.
Higher death rate among younger, upper-income earners – Discovery data
Another trend is the marked increase in death claims due to heart conditions and cancer.
FAIS Ombud’s report identifies FSP ‘problem areas’
These include delays with funeral policy claims, advice to clients who buy living annuities, and insurance policy disclosures.
