Magazine date:
Jun 2007 According to Life Offices Association (LOA), which represents 95% of the country's companies, the life class of business has reported 20 000 cases of fraud whose damage amounted to 1 billion ZAR (143 million USD) in the recent four years. For 2006 alone, fraud cases rose to 2 844.
Meanwhile, life insurance companies have disbursed 19 billion ZAR (2.7 billion USD) in decease and disability compensations for 2006.