sanlams-claims-payouts Sanlam’s claims payouts

At Sanlam, our first priority is to ensure that our clients and their loved ones are properly covered for the financial impact of life’s most challenging moments. This means we’re serious about paying valid claims.

To put our money where our mouths are: Sanlam settled 99% of all death and funeral claims last year, paying out a total of R4.75 billion in claims. Of this, R3.97 billion was paid for death and funeral claims, R398.9 million for disability, loss of income and impairment, and R386 million for severe illness and injury.

When it came to pandemic-related claims, Sanlam paid out R458.95 million last year. Following the second wave, this figure was surpassed to reach a total of R622.66 million in COVID-19-related claims paid by the end of the first quarter of this year.

Petrie Marx, Sanlam Life Product Actuary, says beyond the public interest in pandemic-related claims, it’s critical to note that cancer remains the main cause of severe illness claims. In the past six years, cancer claims have accounted for 60% of all the severe illness claims paid annually. He says Sanlam has also seen trends from previous years continue, like the continued rise in breast cancer in women.

“The pandemic has increased awareness of the importance of having a sound financial plan in place, should the unthinkable happen,” says Marx. “Sanlam will always endeavour to honour the promise we make when our clients take out cover with us. We want you to be able to live with confidence, safe in the knowledge that we will help you to protect your future and the futures of those you love.”