DISCOVERY LIFE PAYS R10.5 BILLION TO CLIENTS IN 2023

Kaya Biz

GUEST – Kashmeera Kanji - Discovery Life Head of Market Analytics, Research & Development
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. In 2023, Discovery Life paid claims to the value of R8.4 billion across both Group Risk and Individual Life policies. The company paid R6.45 billion in claims for individual life policies.
This consisted of 8,912 unique claims, which includes R3 billion in death claims. R1.5 billion was paid through the Severe Illness Benefit, R1 billion under the Capital Disability Benefit, R613 million under the Income Continuation Benefit, and R298 million under various other benefits. This brings the total value of claims paid under individual life policies to over R53 billion to date. Discovery Life also paid out R2.1 billion in Shared-value benefits, rewarding clients for managing their health and finances well, bringing the total paid to clients in the year to over R10 billion. Kaya FM