South African life insurers paid out historic indemnities in 2021

According to the Association for Savings and Investment South Africa (ASISA), South African life insurers settled a total of 608 billion ZAR (38.1 billion USD) claims in 2021. It is the highest amount ever spent in one year.

This figure includes life, disability, serious illness, income security and pension claims.

Despite these historic payouts, ASISA believes that the life industry is sufficiently capitalized and well positioned to fulfill its commitments to the insured.

In 2021, the funds held by insurers stood at 351 billion ZAR (22 billion USD), nearly twice the required solvency amount.