Life insurers pay out R39.5bn, with 95.6% of death claims honoured
Policies subject to underwriting had the highest payout rates in 2024, reflecting lower fraud and non-disclosure and the value of comprehensive risk assessment.
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Actuaries forge new path for life and health insurers to quantify climate risk
The first Mortality and Morbidity Impact Assessment Framework guides insurers through a structured approach to evaluate long-term climate-driven health risks.
Neglecting maintenance? Your insurance claim could be denied
Neglecting routine home or vehicle maintenance could cost thousands in rejected insurance claims – as policyholders found out in 2024, according to the NFO.
Insurers using tech to beat scammers at their own game
Beyond one-off fakes, syndicates are exploiting AI to reuse damage photos and cloned invoices across multiple claims.
Sanlam flags rise in cancer-related claims, particularly for younger policyholders
Breast cancer claims increased by 33%, and prostate cancer claims soared by 41%, the insurer’s data for 2024 shows.
Employer medical boarding doesn’t guarantee a disability insurance payout
Even when an employer’s doctor declares an employee unfit, group policy definitions such as ‘Own Occupation’ vs ‘Any Occupation’ can lead to claim denials.
Grace period doesn’t prevent insurers from rejecting a claim
Some insurers send SMS or email reminders, but it is the policyholder’s responsibility to ensure that an overdue premium is paid.
Future-proof cover critical as multiple illness claims climb
Discovery Life’s claims report reveals a sharp rise in repeat severe illness claims and a growing need to factor child protection into long-term insurance strategies.
Life insurers pay a record R639 billion in 2024
Sales of recurring-premium savings policies continued to improve, while lapses of risk policies declined.
FSP pays R50 000 settlement because of missing record of advice
A complaint over a claim for stolen jewellery prompts the FAIS Ombud to emphasise the importance of maintaining a proper record of advice.
OUTsurance’s interim results: strong growth amid Irish losses and ESOP transition
Despite the wind-down of OUTsurance’s employee share ownership plan, CEO Marthinus Visser says the transition to a Customer Shareholding Plan will maintain employee motivation.
Burial society ordered to pay after failing to inform policyholder of premium hike
The FAIS Ombud found that Luvuyo Burial and Consulting failed to comply with the Policyholder Protection Rules.
Landmark ruling by UK court in business interruption test case
South Africa’s courts have taken much guidance from the judgments emerging from the United Kingdom relating to Covid-19.
FSCA wants to know number of personal lines claims in 2024
The information will help the Authority to monitor the extent to which insurers are delivering fair outcomes for consumers.
Expired driving permit was not material to the loss, non-life ombud rules
The insurer argued the hijacked vehicle should not have been on the road because the driver’s PrDP had expired.
Don’t let non-disclosure sink your business: insurance insights for owners
Business owners who neglect to inform their insurers of changes risk denied claims, policy voidance, and even lawsuits.
Jewellery insurance: don’t let warranty clauses take you by surprise
The FAIS Ombud warns that failing to adhere to warranty clauses – such as storing jewellery in a safe when not worn – can significantly reduce claim payouts.
