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Worst-ever death claims lay bare pandemic’s toll on SA

Mortality payouts almost doubled to a record for Momentum Metropolitan coronavirus ripped through the country.
Image: Bloomberg

Mortality payouts almost doubled to a record for South Africa’s fourth-largest insurer by market value as the coronavirus ripped through the country.

Momentum Metropolitan Holdings Chief Executive Officer Hillie Meyer said on Wednesday that the company’s life insurance businesses paid out R10.7 billion ($746 million) in death claims in the year ending in June, compared with an average of R5.6 billion annually over the three years preceding the pandemic.

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The firm suffered total mortality losses of R2.8 billion and has added to its reserves after a third wave of Covid-19 infections drove up the number of deaths in its main market. South Africa has the highest number of confirmed coronavirus deaths in Africa, with an official death toll of more than 83 000.

“We have seen that vaccinations not only reduce infections, they also protect people from severe symptoms and hospitalisation, and improve their chances of survival,” Meyer said in a statement. “A faster rollout of the vaccination programme and achieving the stated objective to vaccinate 70% of the population, will certainly help to curb the pandemic to manageable proportions.”

While a vaccination rollout is underway, the nation of about 60 million people is bracing for a fourth wave of infections to hit by December. Fellow South African insurer Discovery has said the severity of the country’s virus outbreak has turned out to be about five times worse than in the UK.

South African life insurers settled claims worth R47.6 billion in the year through March after the deaths of more than one million policyholders, which represents an increase of 309 733 from the same period a year earlier.

Excess deaths in the nation are expected to surpass 250 000.

Despite its abnormally high level of mortality claims, Momentum Metropolitan said it made progress in boosting sales and will pay a dividend of 40 cents per ordinary share for the year.

© 2021 Bloomberg

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Where are the “It are just the flue” and the “where did the flu can like to go” crowd these days?

Race bait

Not a race. But keep playing that card.

Don’t group us with your lot please.

See what happens when the key people are made to work from home.

Shhh. Go get your shots.

Look what the adverse reaction did to you. Next week your hair will curl.

So many lies in this steaming pile:
“South African life insurers settled claims worth R47.6 billion in the year through March after the deaths of more than one million policyholders”
All cause deaths for the year to end June 2021 less than 700k according Statssa, what am I missing here.

“We have seen that vaccinations not only reduce infections, they also protect people from severe symptoms and hospitalisation, and improve their chances of survival,” Meyer said in a statement.
What is your proof of this claim, all actual empirical data contradicts your bloviating.

“A faster rollout of the vaccination programme and achieving the stated objective to vaccinate 70% of the population, will certainly help to curb the pandemic to manageable proportions.”
Just like three weeks to flatten the curve.
You people sicken me, I live in hope that you will receive your comeuppance in the near future for the manner in which you have betrayed your country.

Year through March, who was vaccinated by end March? Currently only 11 percent of you are fully vaccinated. Now. In mid SEPTEMBER.

If this is the level of intellect from the kitchen talkers, then how can you hope to have any credibility? Stick to talking about commercial vehicles.

Astounding that you achieved the 33% pass rate. Or perhaps you still busy with it.

First the pharma companies rake in billions, now the insurers trying to get onto the band wagon!

End of comments.

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