Discovery Life has released its 2024 claims report, revealing R11.5 billion paid to clients.
This includes:
- R6.85 billion in individual life claims:
- R3.4 billion for life cover
- R1.5 billion for severe illness
- R933 million for disability
- R673 million for income protection
- R2.4 billion in Shared-value rewards (health & financial incentives)
- R2.3B i billion Group Risk payouts
Sylvia Steyn, Head of Claims, emphasises: “We paid 99.3% of claims, reinforcing our commitment to clients when they need it most.”
Living Benefits Outpace Death Claims
Discovery Life pays over 60% of benefits to living clients—far above the industry average (20-30%). Highlights include:
- R3.1 billion in living benefits (illness, disability, income protection)
- R2.4 billion in Vitality-linked rewards
- First-ever R1 billion Cash Conversion payout in 2024
Gareth Friedlander, Deputy CEO, notes: “Engaged Vitality members have 57% lower mortality risk, creating value we return as rewards.”
Cancer Trends: Early Detection Saves Lives
2024 Data Shows:
- Top cause of death for women (35%)
- Most common severe illness (51% women, 37% men)
- Leading disability cause (34% women, 30% men)
Screening Rates Rise:
- Mammograms up 14%
- Colorectal tests up 29%
- Prostate exams up 19%
Dr. Maritha van der Walt, Chief Medical Officer, explains: “Early-stage claims rose 62% since 2020, while late-stage disability claims dropped 16% – proof screening works.”
Key Risk Insights
- 1 in 5 deaths from unnatural causes
- 35% suicides, 23% car accidents
- Mental health and safe driving programs critical
- Older clients need severe illness cover
- 28% of severe illness claims from clients over 60 (vs. 11% a decade ago)
- R275 million paid for repeat claims—some clients claimed over 10 times
- Offshore protection adds security
- Dollar Life Plan paid $34 million since 2014 -19% extra value due to USD payouts.
Conclusion: Protect Your Future Today
Discovery Life’s 2024 claims data emphasise the importance of:
- Comprehensive life & illness cover
- Early health screenings
- Vitality engagement for lower risk & rewards
- Offshore protection for financial resilience
“Secure your future – act now to ensure coverage aligns with evolving risks.”
