Momentum pays out R750 million in Covid-19 related death claims
JOHANNESBURG - INSURER Momentum has paid out about R750 million in Covid-related death claims.
It said yesterday that this did not, however, reflect the overall value of paid-out Covid-related claims since the onset of the pandemic, as it refers only to one life insurance product range.
“Therefore, the total value of Covid death claim payouts by Momentum is expected to be even more significant,” it said.
George Kolbe, the head of retail life insurance marketing at Momentum, said the numbers relating to both the number of claims and the rand value of the payouts were dramatically higher during the second wave of infections, with the financial services group recording a 205 percent increase in the rand value of payouts and an increase of more than 140 percent in the number of Covid-19 death claims in the second wave compared with the first.
Kolbe said in terms of gender Momentum saw about two times more Covid-related death claims coming through for male clients as opposed to females, while most claim payouts during this time were related to clients between 60 and 80 years of age.