The insurer says an increase in Covid-19 infections and complications was behind the spike in claims
Covid-19 infections and related complications resulted in life insurer Bidvest Life recording the highest number of claims in its 27-year history in 2021.
The insurer’s newly released claims report showed claim volumes increased by 44% in 2021 compared with 2020. Covid-19 infections and complications were the main reasons for the spike, says Nic Smit, acting chief product and pricing actuary.Life cover was responsible for 4% of claims, and critical illness 2%.
Nearly two-thirds of claims were made by people under the age of 45, and fractionally more males than females claimed for income protection. The youngest policyholder to claim an income protection benefit was 18 — a high school student who sustained a rugby injury.The main driver of critical illness claims in 2021 was cancer, and what’s positive is that 50% of those claims were diagnosed at Stage 1 – showing the importance of early detection.
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