Judgment sheds light on beneficiary changes in living annuities
Was a beneficiary nomination signed under a power of attorney and submitted after death valid?
#lifeinsurance
Affordability pressures to drive innovation as insurance gap hits R50 trillion
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.
Huge shortfall in critical illness protection leaves most income earners exposed
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.
Income protection leads Bidvest claims as clients face higher short-term risks
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.
Life insurance sector consolidates its recovery in 2024
KPMG’s survey shows broad improvement across major life insurers, driven by moderate premium growth, stronger investment returns, and efficiency gains.
Slight increase in life insurance policies in first half of 2025
Recurring-premium risk policies grew modestly, while the number of endowment policies and retirement annuities declined, ASISA statistics show.
Momentum doubles down on IFAs – advice at the heart of its impact strategy
CEO Jeanette Marais says Momentum will ‘invest aggressively in advice’ in its effort to strengthen VNB and long-term competitiveness.
Old Mutual lifts earnings by 29% on strong markets and underwriting gains
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.
Sanlam’s new business up 7% as insurance and inflows offset flat life sales
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.
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.
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.
