Sanlam foresight pays virus claims
New accounting standards for life assurers have also opened a debate about how much they can carry by way of pandemic reserves
Its competitors have had to set aside billions of rands in extra provisions to help them pay out on Covid-related death claims, but Sanlam said this week it did not need to go that route - thanks in part to a pandemic reserve it had set aside long before the world knew of Covid.
Sanlam, which is SA's largest life assurer, increased headline earnings by 3% to R4bn for the six months to end-June, during which it paid out R8bn in mortality claims. Cumulatively it has paid out R22bn since the beginning of 2020...