The decline of 26% in death claims last year is one of the reasons South African life insurers have emerged well-capitalised post-2022, despite a tough operating environment.
A recent study shows that South Africa’s 14.3 million income earners had only enough life and disability insurance to cover 45% of the total insurance needs of their households. And the average South African household would be forced to cut living expenses should the earner die or become disabl.