Life insurers settled 95.6% of all death claims in 2024 and paid out R39.5 billion in benefits to beneficiaries of life and funeral policies .
These life insurers are members of the Association for Savings and Investment South Africa (Asisa). The Asisa annual death claims payout statistics for 2024 show that life insurers processed 914 258 death claims against individual life, credit life, funeral and universal life policies.
The statistics also show that 873 825 of these claims were paid and 40 433 claims were declined due to reasons such as dishonesty, fraud, or contractual exclusions, including suicide within the first two years after taking out the policy.
Fully underwritten life policies are only issued if the individual policyholder has completed a full underwriting process, which involves a comprehensive assessment of the life insured’s health and medical history.
In 2021, Asisa started collating claims payout statistics for all types of life policies (fully underwritten and partially underwritten), as well as funeral policies.
