JUST IN: Old Mutual reports Q1 higher than expected Covid-19 death claims

LIFE insurer, Old Mutual, has used more than half of the R4 billion worth of provisions to settle Covid-19 related death claims in the three months to the end of March, saying the fallout of the second wave of infections was worse than initially anticipated.

The second wave of the pandemic has led to an increase in excess death claims, with about R2.7bn in pandemic-related claims recorded in the first quarter.

In an operational update on Friday, Old Mutual said only R1.3bn worth of reserves was left in the kitty and it was monitoring the situation amid emerging signs of a third wave of infections. – Business Day