Liberty has revealed it paid out a staggering R12 billion in death, disability, and income protection claims during 2024—an 11.8% increase from the previous year. The payouts benefited over 120,000 individuals and highlight the critical importance of financial protection against life-altering events.
By EWN
Significantly, the majority of claims—64.8%—were made by male clients, even though Liberty’s client base is nearly evenly split between men and women. The insurer suggests that this may reflect an older average age among male policyholders, with men more likely to have reached the age where disability and death-related claims become more common.
The average claim amount was R260,000, most of which fell under Liberty’s Lifestyle Protector offering. The average age of claimants was 64 for men and 60 for women, but younger policyholders were also impacted—25% of male claims and 35% of female claims came from those under 55.
Liberty also reported a marked rise in both critical illness and disability claims. This trend reinforces the need for inclusive and accessible insurance products, particularly for people living with disabilities who may face additional barriers to securing adequate cover and support.
As the insurance industry responds to growing claims volumes and changing demographics, it remains essential to ensure that disability coverage is not only robust but equitably accessible for all South Africans.
