Liberty pays out R12bn in death, disability and income protection claims in 2024 - the bulk to men

The Money Show's Stephen Grootes is joined by Andrew Methmann, Liberty's chief specialist for risk pricing.

Life insurer Liberty paid out R12 billion in death, disability and income protection claims in 2024, it says.

These payouts were made to more than 120,000 beneficiaries, with a higher proportion of overall claims coming from male clients than in previous years.

The majority of claims came from the insurer’s Lifestyle Protector cover, with an average payment of R260 000 to each person or their families who claimed during the year.

Claims from men accounted for 64.8%, while for women it was 35.2%.

The Group notes that its client base is split almost equally between men and women, speculating that one of the reasons for this gap could be that a larger proportion of these men are older and more likely to claim. 

The average age at claim was 60 for women and 64 for men. However, 25% of claims were from male clients under 55 and 35% for female clients under 55.

“Our personal risk claim payouts show an increase of 11.8% from 2023. This demonstrates our range of risk protection benefits and the true value delivered by insurance and corporate benefits in a time when South Africans are overburdened by life’s challenges."

Liberty

Critical illness and disability claims are among the areas that saw big increases, says Andrew Methmann, Liberty's chief specialist for risk pricing.

"We did see increases in claims across the board but spec for waht we call LIVING benefits. We're very proud to be able to offer this risk protection to these clients in these times of need that they are going through."

Andrew Methmann, Chief Specialist: Risk Pricing - Liberty Group SA

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