Larry Claasen
2 minute read
23 Sep 2020
8:47 am

R230bn paid out for life insurance during Covid-19 crisis

Larry Claasen

Though the relief is good news for policyholders, the crisis has taken a toll on the life insurance industry’s prospects.

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Life policyholders received R230 billion in claims and benefit payments during the initial period of the Covid-19 crisis, according to the Association for Savings and Investment South Africa (Asisa). This figure came from its half-year to end-June long-term insurance statistics, gathered from Asisa members in line with regulatory reporting requirements introduced by the Insurance Act of 2018. The R230 billion in claims and benefit payments is about R18 billion less than the corresponding figure for the prior six-month period. The statistics also show that in spite of over 480,000 policyholders getting R1 billion in premium relief as a result of...