File image: IOL

CAPE TOWN - The Association for Saving and Investment South Africa has, this week, released an update showing R5.6 billion given to traced claimants and beneficiaries.

The statement by the association says more than 37 000 policyholders, investors, and beneficiaries were traced and united with their financial belongings worth of R5.6 billion in 6 months, period starting 1 July 2016 to 31 December 2016. 

At the end of December last year, there were 130 740 cases of unclaimed assets in long-term insurance policies and collective investment scheme portfolios worth R4.4 billion, the statement revealed.

It is said that this is the first report since the Standard on Unclaimed Assets was being revised to include other segments of the industry. Senior Policy Adviser at ASISA, Rosemary Lightbody says "We are still in the process of refining reporting templates with the aim of being able to provide a more detailed breakdown of figures by early next year".

ASISA says it has a system in place designed to assist members of the public who need help with finding out whether a deceased person had an insurance policy or tracing policies where the policyholder is not sure of the insurer’s details.

Lightbody urges consumers to ensure that they update their contact details at the relevant financial institutions, so that assets are paid to rightful onwers when they are due.

-BUSINESS REPORT ONLINE