IN A CLAIMS experience analysis, Discovery Group Risk has reported claim payouts of R2.1 billion in the year to June 2021, which reflected a 42 percent increase compared to the previous year.
Guy Chennells, the head of products for Discovery Employee Benefits said, “Large shifts were observed within both the total number and value of claims paid with the biggest increases being observed within our death benefits.”
A total of 8 840 claims were paid out in 2021. Discovery also said the value of life cover and funeral cover benefit claims almost doubled in the reporting period.
“Covid-19 was the main cause of death across males and females with the second highest being respiratory diseases for females and heart and artery conditions for males … Surprisingly, motor vehicle accidents accounted for most of the increase despite lockdown restrictions. The number of suicides also increased, attesting to the strain on mental wellbeing caused by the pandemic,” Chennells said.
“Suicides by month showed an upward trend with peaks roughly correlated to stricter lockdown periods. Males still account for most suicides, but females saw an increase this year. Interestingly, most suicides occurred within the financial services industry for 2020 and 2021, and the rate of suicide increased the most within the youngest age band 0 – 30 when comparing to last year,” Chennells said.
PERSONAL FINANCE