Moneyweb published the below article on their website this week, 14 December, wherein they discuss Why do life insurers have such an image problem when the statistics are so much in their favour?
Last week the Association for Savings and Investment South Africa (Asisa) released the statistics for long term insurance claims made during 2017. Life insurers paid out R469 billion to beneficiaries and policyholders during the year. This was contrasted against R1.13 billion worth of claims that were found to be irregular and therefore repudiated.
The statistics did not show the number of claims that were paid out, but a total of 5 026 were declined. This included 2 111 death claims and 775 disability claims