RISK COVER : SA’s life insurers see claims surge as illness hits working incomes
South Africans are not only dying. They are surviving cancer, strokes, disability, mental health conditions and long-term impairment, and the financial cost of living through these events is becoming harder for households to absorb.
South African life insurers are experiencing a significant increase in claims due to a rise in individuals surviving serious illnesses and disabilities. This trend indicates that while people are living longer after conditions like cancer, strokes, and mental health issues, the financial burden of managing these long-term health challenges is growing for households. The ability of families to cope with the ongoing costs associated with these survivable but debilitating conditions is being tested.
This situation highlights the increasing strain on household finances and the evolving role of life insurance in covering not just mortality, but also the long-term costs of living with chronic illness and disability.
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