FMI CEO, Brad Toerien.
South African life insurers remain ‘100% committed’ to paying out all genuine claims, but are cracking down on attempted fraud and dishonesty as the number of irregular claims continues to climb. Brad Toerien, chief executive of life insurer FMI, a division of Bidvest Life Ltd, said there had been a significant increase in fraudulent claims in South Africa in recent years, costing the industry and policyholders more than R1 billion in 20171. According to industry body ASISA, the number of fraudulent death claims jumped from 444 in 2016 to 2111 in 2017 – an increase of 4 times in just one year. (more…)
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