Life insurers paid out R599 billion in benefits to policyholders and beneficiaries in 2023 following tragic life events like death and disability or significant life stage changes like retirement, the Association for Savings and Investment SA said on Tuesday.
That's a 3.6% increase from the R578 billion paid out by the industry in 2022, Asisa said in a statement, citing data from member payouts, which included retirement annuity and endowment policy benefits, as well as claims against life, disability, critical illness and income protection policies. "South African life insurers have shown remarkable resilience in a period marked by unprecedented claims due to the Covid pandemic with only a slight dip in solvency levels in 2021 and 2022," Gareth Friedlander, a member of the Asisa life and risk board committee, said in the statement, adding:South Africans need to be in the know if we want to create a prosperous future.
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