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More claim disability during crisis

Mar 11 2010 09:18 Nellie Brand-Jonker Print this article  |  Email article

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Cape Town - In difficult economic times more disability claims are submitted in South Africa.

On Wednesday two South African actuaries presented their research report on the subject to the International Congress of Actuaries, which is being held in Africa for the first time

Paul Lewis and Karl Schriek of General Reinsurance Africa won the prize for the best paper on Africa that was delivered at the congress. More than a thousand people from hundreds of countries are in attendance.

Lewis said that it was the first research done in South Africa to test the relationship. The information on which it is based was obtained from five of South Africa's large insurance companies.

The model showed that in 2008 and 2009 disability claims increased 7% and 11% respectively.

Schriek said that, depending on the long-term impact of this financial crisis, disability claims over the coming four to five years could be 10% higher.

According to Lewis, one of the reasons for the increase is fraudulent claims. In extreme cases, he says, it is unqualified fraud, but it's more often subtle and people merely exaggerate their conditions.

Some claims are submitted to augment a claimant's income.

- Sake24.com

For business news in Afrikaans, go to Sake24.com.

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