COVID definitely had a major impact on life insurance claims. COVER discuses the trends with George Kolbe, Head of Life Insurance Marketing and Sibusiso Khumalo, Head of Technical Marketing at Momentum.
- Almost half death claims were due to COVID
- In 2020 6% were income claims were COVID related but in 2021 it jumped to 20%
- Life insurance policy payouts became complex during COVID when the life insured passed away along with the beneficiaries of the policy