Advertise Here
Icon

Directory

IconActuaries
IconAssociations & Institutes
IconAuditors
IconBBBEE Consulting and Verification Agencies
IconBusiness Chambers
IconBusiness Process Management
IconBusiness Process Outsourcing
IconCall Centre Outsourcing & Sales
IconCompliance
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconDebit Order Collection Facilities
IconEducation and Training
IconFAIS
IconHuman Resources
IconInformation Technology and Software Partners
IconLegal
IconLife Insurance Companies
IconLife Insurance Products
IconOmbud
IconOutbound Sales
IconPolicy Administration
IconPolicy Trading
IconPublications
IconRe-insurance Companies
IconRegulatory Authorities
IconSales and Sales Management
IconSocial Grants (Government)
IconSurveys and Research
IconTraining Courses & Workshops
IconWellness Programs
Image
  Subscribe To »

SANLAM PAYS OUT OVER R162-MILLION IN COVID-19 CLAIMS

Published

2020

Tue

22

Sep

South Africa: 22 September 2020: R162-million of COVID-19 related claims were paid by Sanlam Individual Life between March and August 2020; with over R17-million paid to clients for sickness and income protection benefits and over R144 million paid in death and funeral claims. 

 

Petrie Marx, Product Actuary at Sanlam, says claims related to COVID-19 spiked during August. “In August alone, death and funeral claims related to Coronavirus were double the amount paid out for the period March to July. Similarly, claims for sickness or income protection that increased significantly in July, continued to rise further in August.”

 

Marx notes that these trends reflect the acceleration of the pandemic. “The increase in claims mirrors the peak of infections and deaths in July and August respectively.”

 

Early in the pandemic, Sanlam was swift to expand its criteria for eligible claims for COVID-19 to clients who returned from an overseas country, or who had direct contact with an individual who tested positive and had to self-isolate as a result.

 

Marx says that, while claims for fatalities were initially relatively low with most claims being for sickness and income protection, claims for death and funeral benefits more recently increased to make up the majority.

 

He explains that many clients were concerned about who would take care of their loved ones should they pass away; and worried about their ability to continue working and earning an income. “Having sufficient risk cover in place is critical to help mitigate these risks and concerns.”

 

In line with worldwide experience, more than 80% of total death and funeral claims were for individuals over the age of 50. On the other hand, the vast majority – 89% – of claims for sickness and income protection were for individuals younger than 50, reflecting the economically active population.

 

This was also reflected in the occupational breakdown, with a large number of pensioners succumbing to COVID-19, according to global stats. Claims for sickness and income protection were heavily skewed towards individuals in medical and health services. Death and funeral claims were weighed more towards male clients, again in line with worldwide experience for COVID-19, while slightly more women were affected by sickness and temporary inability to work.  

 

Another interesting finding is that the majority of sickness and income protection claims were from Gauteng, as the economic hub of our country, whereas most death and funeral claims came from the Gauteng and Eastern Cape – also in a way a reflection of the national statistics .

 

“Behind each claim we pay out for COVID-19 and other conditions, is an individual or family for which these payments made a real difference. The COVID-19 pandemic has again made us aware of life’s risks and our own vulnerabilities, as well as the importance of ensuring that you are properly covered to have peace of mind that you can withstand such an unexpected health event in future,” concludes Marx.

 


  Downloads »

TypeSize
Sanlam - Covid-19 Claims stats
IconPDF
175 KB
 
Source: Atmosphere
 
« Back to previous page Print this page » |
 

Breaking News »

What will Finance Minister Tito Mboweni's 2020 Medium Term budget offer?

South Africa's economic recovery plan The plan is aimed at fast-tracking the recovery of the economy from the devastation caused by the COVID-19 pandemic. It outlines government's plan to revive the ...
Read More »

  

It's all about Software-as-a-Service (SaaS)

What is SaaS eCommerce? SaaS stands for Software-as-a-Service, is a software licensing and delivery model in which software is licensed to a user, it’s a way of delivering services which can be accessed ...
Read More »

  

Introducing Insure Cloud, your SaaS short term insurance platform

Stepping into the market   During the pandemic COVID-19 many industries along with the insurance sector experienced a time of uncertainty followed by a sudden change and growth in technological and digital ...
Read More »

  

Call for actuaries to collaborate with government to rid South Africa of “wicked problems”

As the world continues to grapple with the “wicked problems” created by the Covid-19 pandemic, governments able to efficiently mobilise their diverse talent pools appear to be presenting their ...
Read More »

 

More News »

Image

Healthcare »

Image

Investment »

Image

Retirement »

Image

Short-term »

Advertise Here
Image
Image
Image
Image
Advertise Here

From The Glossary »

Icon

Clean Price:

The quoted price of a bond excluding accrued interest.
More Definitions »

 

Advertise

 

eZine

 

Contact IG

 

Media Pack

 

RSS Feeds

By using this website you agree to the Terms of Use.
Copyright © Insurance Gateway (Pty) Ltd 2004 - 2020. All Rights Reserved.