The Insurance Gap Study finds SA’s life and disability shortfall has swelled to R50.4 trillion, with the average earner holding only 39% of the cover their dependants would need.
ASISA’s research shows formally employed South Africans face a major liquidity risk: R4 trillion in earnings versus only R1.1 trillion in critical illness cover.
According to Bidvest Life’s 2024 Claims Report, younger clients and women accounted for most income protection claims – signalling where advisers’ risk focus may need to shift.
KPMG’s survey shows broad improvement across major life insurers, driven by moderate premium growth, stronger investment returns, and efficiency gains.
Recurring-premium risk policies grew modestly, while the number of endowment policies and retirement annuities declined, ASISA statistics show.
CEO Jeanette Marais says Momentum will ‘invest aggressively in advice’ in its effort to strengthen VNB and long-term competitiveness.
Results from operations rose 16% to R4.94bn in the six months to June, boosted by a 71% surge in Old Mutual Insure’s contribution.
The net result from financial services grew by 20% to about R8.08bn, with general insurance the standout in the six months to the end of June.
Policies subject to underwriting had the highest payout rates in 2024, reflecting lower fraud and non-disclosure and the value of comprehensive risk assessment.
There was a significant decrease in actual losses involving fraudulent and dishonest life insurance claims compared with 2023.
The ‘big four’ illnesses made up 73% of severe illness claims; cancer alone accounted for 68%, driven by breast and prostate cancers.
Complaints about life-benefit payouts climbed to 36% of the Division’s cases, from 34% in 2023.
The ruling highlights the need for the timely communication of beneficiary changes in life insurance policies.
At issue is whether a death benefit received by a surviving spouse is protected from the creditors of an insolvent joint estate.
Breast cancer claims increased by 33%, and prostate cancer claims soared by 41%, the insurer’s data for 2024 shows.
The group also notes a surge in capital disability benefit claims, driven by increases in the number of claimants and the average sum assured.
CEO Michele Jennings says glu targets a wider audience with straightforward products and digital innovation.
