Absa Life set aside R423 million for Covid-19 provision at the end of 2021 for the fourth and fifth waves. The company said it predicts that the fifth wave will hit South Africa in late April 2022 and it will be less severe than the fourth wave. The insurer said its claims increased by 49% in 2021 due to Covid-19 deaths and retrenchment claims. Absa Life said that continuing to offer retrenchment cover and the payment of Covid-19 death claims, seems to have helped it win over more consumers. Absa Life grew new business volumes by 45% in 2021.
