Life insurance firms forced to make increased payouts due to Covid-19 deaths
(WorldNews Africa)

Cape Town - With a national death toll of over 41000 since March last year, life insurance companies in South Africa have paid out hundreds of millions of rand in claims from clients who have died from Covid-19. While experts from the industry say that claims for fatalities were initially relatively low with most claims being for sickness and income protection, claims for death and funeral benefits have since increased to make up the majority. These trends reflect the acceleration of the pandemic. Product Actuary at Sanlam Petrie Marx said: “Between March and August 2020, Sanlam Individual Life paid out R144 million in death and...