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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Increase in cases of fraud and dishonesty detected by ASISA members
There was a significant decrease in actual losses involving fraudulent and dishonest life insurance claims compared with 2023.
Old Mutual’s risk benefit payouts rise by 4.3% to R14.7bn
The ‘big four’ illnesses made up 73% of severe illness claims; cancer alone accounted for 68%, driven by breast and prostate cancers.
NFO’s Life Division recovers over R202m for consumers in 2024
Complaints about life-benefit payouts climbed to 36% of the Division’s cases, from 34% in 2023.
Appeal Tribunal clarifies life insurer’s duty in beneficiary nomination
The ruling highlights the need for the timely communication of beneficiary changes in life insurance policies.
SCA remits case dealing with protection of insurance benefits from insolvency claims
At issue is whether a death benefit received by a surviving spouse is protected from the creditors of an insolvent joint estate.
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.
Liberty flags high income protection claims in the financial sector
The group also notes a surge in capital disability benefit claims, driven by increases in the number of claimants and the average sum assured.
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.
Sanlam’s new business volumes increase in the first quarter of 2025
The group is keeping its discretionary capital well above target amid concerns over potential tariff-driven inflation, supply-chain shocks, and credit defaults.
AI + empathy: why financial advice’s future is human at heart
Momentum CEO Jeanette Marais says the future of scalable, effective financial advice lies in blending smart tech with emotional intelligence.
How to build a lasting legacy: wealth transfer strategies for families
From trusts to tax-smart retirement planning, here’s how to protect your estate, reduce taxes, and prepare the next generation to manage and grow your wealth.
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.
Suicide-related life claims surge by 62% over five years
Discovery Life’s claims data reveals rising risks, with increasing concerns about mental health and skin cancer.
Life insurers pay a record R639 billion in 2024
Sales of recurring-premium savings policies continued to improve, while lapses of risk policies declined.
High Court upholds surety deed despite electronic signature hurdles
The decision in favour of Momentum Metropolitan Life affirms the importance of substance over form in electronic surety agreements.
Old Mutual’s operating profit up 4%, led by Insure and Investments
Exceptional underwriting in Old Mutual Insure and a 37% jump in Investments drive overall strength, but Corporate’s life insurance sales slumped 42%.
