Life insurers paid close to R600 billion in claims in 2023

Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.ife insurers paid out close to R600 billion in claims last year.

Old Mutual was recently embroiled in an alleged nonpayment of a pension claim that sparked widespread anger on social media. The social media user alleged that her mother was having trouble getting her pension money from Old Mutual, causing other policyholders to slam the insurance company for alleged non-payment.

Nceba Sihlali, of the National Financial Ombud Scheme’s life division said that iIn the case of improper nonpayment, policyholders can turn to the ombudsman, he said. “We are here for consumers to know where to go in the event they run into trouble with their insurers.” The Asisa data showed that the bulk of risk policies bought in 2023 were funeral policies. In that year there were 9.97 million new individual risk policies and 5.59 million of those were funeral policies. In 2022, some 9.19 million risk policies were sold, of which 4.39 million were funeral policies.

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