Insurance Group Old Mutual says it has seen more consumers taking underwritten life insurance, especially since the onset of COVID-19.
The company released interim results for the first half of the year on Tuesday.
2022 Old Mutual Insure Interim Results!
Despite a challenging first half of the year, characterised by unprecedented flooding in KZN, OM Insure delivered a stable set of financial results.
Thank you to our customers, intermediaries and employees for your ongoing support. pic.twitter.com/d8sX4XoSAN
— Old Mutual Insure (@OldMutualInsure) August 30, 2022
The company says it operated under challenging microeconomic conditions with high inflation and supply chain disruption.
Its insurance section was the hardest hit business unit in the first half of the year, impacted mainly by the KwaZulu-Natal floods.
It also recorded lower sales in Old Mutual international.
Managing Director of Mass & Foundation Cluster at Old Mutual, Clarence Nethengwe says, “We also see customers on the upper mass side buying underwritten life and I think that is related more to COVID-19. So most people have realised life is short and anything can happen and are starting to buy underwritten life in our space. And so currently, we are doing about 1 200 of underwritten [life cover] in our space on a weekly basis from a zero base, we never provide that and that has improved.”