Life insurers paid R599 billion in claims and benefits in 2023
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GUEST – Gareth Friedlander, a member of the ASISA Life and Risk Board
Committee
Policyholders and beneficiaries received R599 billion in 2023 from life insurers that are members of the Association
for Savings and Investment South Africa (ASISA) following tragic life events like death and disability or significant life stage changes like retirement. Payments made to policyholders and beneficiaries included retirement annuity and endowment policy benefits,
as well as claims against life, disability, critical illness and income protection policies. The long-term insurance statistics released today by ASISA also show that members managed 43.8 million risk and savings policies on behalf of policyholders at the
end of December 2023. In-force policies increased marginally from 43.2 million at the end of December 2022.
Committee
Policyholders and beneficiaries received R599 billion in 2023 from life insurers that are members of the Association
for Savings and Investment South Africa (ASISA) following tragic life events like death and disability or significant life stage changes like retirement. Payments made to policyholders and beneficiaries included retirement annuity and endowment policy benefits,
as well as claims against life, disability, critical illness and income protection policies. The long-term insurance statistics released today by ASISA also show that members managed 43.8 million risk and savings policies on behalf of policyholders at the
end of December 2023. In-force policies increased marginally from 43.2 million at the end of December 2022.
