18 April 2024, Johannesburg - Discovery Life published its 2023 claims experience showing positive trends in earlier detection of severe illnesses, influenced by an increase in health screenings, and significant decrease in COVID-19 claims.
As the world starts putting COVID-19’s high mortality claims behind it, the insurance industry is battling a wave of uncertainty. While Discovery Employee Benefits paid a total of R1.94 billion in death and disability claims through its Group Risk benefits between 1 July 2022 and 30 June 2023, the group affirms that it’s been very complicated to predict death and disability claims in the period.
While the worst appears to be behind us in terms of the climbing infections, high death rates and the economic impact of the global coronavirus outbreak, deaths due to cardio-metabolic (heart and nervous system) and cancer-related conditions are now strikingly high in this post-COVID world. This is according to annual Group Risk claims data released by Discovery Employee Benefits.
Discovery Life paid out more than R1 billion to date in cash rewards to clients for leading healthy lifestyles, of which more than R400 million was paid out in 2014. Encouraging and rewarding healthy living is the cornerstone of Discovery’s insurance offering.
Discovery Life paid out close to R2 billion in claims to South Africans or their estates in 2013, and more than R10.3 billion to date since Discovery Life was established in 2000.