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.
Discovery Life
Updated: Discovery to petition SCA after losing appeal against R25m disability order
The key issue in the appeal application was the relationship between the insured event and the life insurer’s duty to pay the claim.
Discovery files for leave to appeal R25m incapacity pay-out order
The judgment could have far-reaching implications for the life insurance industry, it says.
Discovery must pay R25m to ex-stockbroker who suffered mental breakdown
The life insurer acted unreasonably when it did not consider reports on the man’s incapacity after his policy expired, judge says.
Monday briefing: a round-up of recent financial services news
UT managers fight for market share | Coronation faces huge tax bill | MyMo accounts scandal | Insurance fraud | Discovery’s interim profits
Vastly different financial results from Discovery’s insurance arms
Discovery’s long-term and short-term insurance arms delivered contrasting performances in the group’s 2022 financial year, with Discovery Life’s normalised operating profit surging by 200% and Discovery Insure’s tanking 165%, driven mainly by the […]
Few women have enough income protection, says Discovery Life
Women hold 47% of life policies, but the value of their cover is much lower than that of men, and few women have sufficient income protection, according to Discovery Life’s analysis of its […]
Tribunal upholds debarment for providing unauthorised advice on Ecsponent preference shares
The Financial Services Tribunal (FST) has upheld Discovery Life’s decision to debar a financial adviser who advised clients to invest in Ecsponent preference shares although he was not authorised or licensed to advise […]
Discovery Life’s individual life cover pay-outs jump 173% in 2021
Discovery Life paid claims to the value of R11.79 billion last year, of which R9.1bn was for more than 10 000 individual life claims – an 89% increase in the value of individual […]
Life insurers with the most and least satisfied customers
Absa Life has the most satisfied clients among the country’s major life insurers, according to Consulta’s latest South African Customer Satisfaction Index for Life Insurance. The index is based on a survey of […]
Covid now leading cause of death among Discovery Life clients
Covid-19 has overtaken cancer, heart and artery disease as the primary cause of death among Discovery Life clients, according to the insurer’s claims data for 2020. Furthermore, deaths due to Covid-19 in the […]
Financial Services Tribunal does not conduct trials – tips on how to approach it
From a number of recent tribunal decisions, it seems that some intermediaries do not understand the purpose of the Financial Services Tribunal – in particular, that it functions as an appeal mechanism only. […]
