Life insurers pay claims and benefits worth R287.1 billion in the first half of 2023
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GUEST - Gareth Friedlander, Life and Risk Board Committee Association for Savings and Investment South Africa (ASISA)
Beneficiaries and policyholders received R287.1 billion in claims and benefits from South African life insurers in the first half of 2023. The payments would have reached these beneficiaries and policyholders at a time of great need – following a tragic life event like death or disability or a life stage change like retirement.
The long-term insurance statistics released by the Association for Savings and Investment South Africa (ASISA) for the first six months of this year show that despite the significant pay-outs, life insurers remain well-capitalised and in a solid position to honour the long-term contractual promises made to customers. According to Gareth Friedlander, a member of the ASISA Life and Risk Board Committee, the life insurance industry held assets of R3.93 trillion at the end of June 2023, while liabilities amounted to R3.6 trillion. This left the industry with free assets of R364 billion, more than double the reserve buffer required by the Solvency Capital Requirements (SCR).
Beneficiaries and policyholders received R287.1 billion in claims and benefits from South African life insurers in the first half of 2023. The payments would have reached these beneficiaries and policyholders at a time of great need – following a tragic life event like death or disability or a life stage change like retirement.
The long-term insurance statistics released by the Association for Savings and Investment South Africa (ASISA) for the first six months of this year show that despite the significant pay-outs, life insurers remain well-capitalised and in a solid position to honour the long-term contractual promises made to customers. According to Gareth Friedlander, a member of the ASISA Life and Risk Board Committee, the life insurance industry held assets of R3.93 trillion at the end of June 2023, while liabilities amounted to R3.6 trillion. This left the industry with free assets of R364 billion, more than double the reserve buffer required by the Solvency Capital Requirements (SCR).
