Liberty expects rise in COVID-19 death claims

File: In its latest results, Liberty says its preparing for more death claims related to COVID-19.

File: In its latest results, Liberty says its preparing for more death claims related to COVID-19.

AFP/Michele Spatari

JOHANNESBURG - Financial services provider Liberty lost over R2-billion in earnings in the first half of the year.

This is in line with its forecast.

In its latest results, the company says its preparing for more death claims related to COVID-19.

READ: COVID-19 in SA: 345 new deaths reported

Liberty has established a pandemic reserve of R3-billion which will be used for excess mortality, excess withdrawals and policy lapses as well as increasing expenses because of the virus.

Lockdowns have been imposed in all of the countries that the company operates in, causing tough trading conditions.

Death and disability payments made by Liberty in the past six months increased by just over five percent, to R5.3-billion. The company says it's starting to see an increase in death claims due to COVID-19.

READ: COVID-19: SA death toll over 8,000

Despite foreseeing continued tough trading conditions, Liberty says it is well-capitalised to carry out its mandate to clients.

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Source
eNCA