Life Insurers Claims Stats: 40 433 Claims Were Declined In 2024 For Reasons Such As dishonesty, fraud...
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Guest - Gareth Friedlander, a member of the ASISA Life and Risk Board Committee.
Life insurance members of the Association for Savings and Investment South Africa (ASISA) settled 95.6% of death claims received in 2024, paying beneficiaries of life and funeral policies R39.5 billion in benefits.
The ASISA annual death claims payout statistics for 2024 show that life insurers processed 914 258 death claims against individual life, credit life, funeral and universal life policies. The statistics also show that 873 825 of these claims were paid and 40 433 claims were declined in 2024 for reasons such as dishonesty, fraud, or contractual exclusions like suicide within the first two years from when the policy was taken out.
Life insurance members of the Association for Savings and Investment South Africa (ASISA) settled 95.6% of death claims received in 2024, paying beneficiaries of life and funeral policies R39.5 billion in benefits.
The ASISA annual death claims payout statistics for 2024 show that life insurers processed 914 258 death claims against individual life, credit life, funeral and universal life policies. The statistics also show that 873 825 of these claims were paid and 40 433 claims were declined in 2024 for reasons such as dishonesty, fraud, or contractual exclusions like suicide within the first two years from when the policy was taken out.