Liberty Insurance highlights importance for insurance statistics
They say it ensure transparency and accountability.
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As a means to ensure continued transparency and accountability, Liberty published its claims statistics, allowing the insurance industry to view its records.
According to the group, payouts surpassed the R2.2 billion in 2009.
Out of that sum over half (R1.3 billion) was paid out in death claims to beneficiaries of those policyholders who had life insurance.
Nearly R500 million was paid out to policyholders who lost their ability to earn an income through disability and illness, and who had the sense to take out dread disease and disability insurance.
This type of insurance policy ensures that patients can continue living their lives as before, without losing income.
The importance of making these records public was highlighted by Liberty, in a bid to show just how many lives they managed to touch with the payouts.
"Every well established insurance company keeps a detailed record of the number and amount of claims that it honours each year," said the Head of Risk Products at Liberty, Neelan Porthan.
"These statistics should be used to highlight to consumers the importance of those monthly insurance payments, which are often grudge payments," he added. "These figures show that an insurance premium could be the best investment one could ever make."
Liberty was the first insurance company in South Africa to make this type of information public.
The group believes that the claims paying record of an insurance company is key information for advisors to use in their advisory capacity, as well as a sign to consumers that the group takes its transparency obligations very seriously.
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