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.
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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.
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.
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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.
