The South African life insurance industry has more than double the legally required reserve buffers in place and is therefore well positioned to deal with the COVID-19 fallout over the coming months. The Association for Savings and Investment South Africa (ASISA) today released the new long-term insurance statistics gathered from ASISA members in line with the new regulatory reporting requirements introduced by the Insurance Act of 2018.
Hennie de Villiers, deputy chair of the ASISA Life and Risk Board Committee, says the statistics show that the life insurance industry held assets of R3 trillion at the end of 2019 while liabilities amounted to R2.7 trillion. De Villiers says this left the industry with free assets of R373 billion, which are more than double the reserve buffer required by the new Solvency Capital Requirements (SCR).
Read more about how the industry is equipped to deal with the impact of the COVID-19 on the ASISA website.