How South Africans citizens are killing relatives with Life Insurance fraud

For years, South Africa has been a hotbed for fraudsters. The life insurance sector, in particular, has seen a rise in fraud attempts and malpractice.

According to Ernst & Young’s 2018 Global Insurance Fraud Survey, around 61% of the top 30 insurers based in South Africa reported that they were hit by fraudulent claims last year.

This was up from only 41% two years ago. It is estimated that this type of fraud represents as much as 10% of South Africa’s total direct premium income.

South Africa has become a hotbed for life insurance fraud

In South Africa, life insurance fraud is a serious issue. According to the Financial Services Board (FSB), the country has one of the highest rates of fraud in the world, with many cases involving middle-class professionals who bribe doctors and coroners to ensure their loved ones’ deaths are given as natural causes.

The scam has become so widespread that it’s even being used as an alternative means of funding retirement: rather than saving up for years or taking out loans, some people are simply bribing doctors to declare them dead early so they can start receiving their payouts early. The FSB has responded by introducing new regulations aimed at curbing this practice, but it hasn’t stopped people from trying.

Scammers tend to be from the middle class

While some scammers may be from the lower class, most are from the middle class. This is because middle-class people have a much greater access to doctors, lawyers and judges than lower-class people do.

The scammers bribe doctors and coroners

The next step is to bribe doctors and coroners to falsify the death certificate. This is done by lying about the cause of death, time of death, or even where you have died. For example, a person may die in hospital but their family will claim that they died at home.

In many cases, doctors are bribed to falsify medical records so as to hide any symptoms that might show signs of poisoning or other unnatural causes of death.

Coroners can also be bribed to falsify reports on how long it took for your loved one’s body to decompose after his/her death (this information helps determine whether someone has been poisoned).

The country’s insurable population is rising

As a country, South Africa has some of the highest life expectancies in the world. Life expectancy for a person born in 2016 is around 66 years.

This is largely due to advancements in medicine and technology that allow people to live longer, but it also means that there are more old people who will draw on their retirement funds or need help with medical expenses as they get older.

A growing middle class makes up much of this insurance market, as many people have been able to save money and invest it into their futures instead of spending all they earn every month on day-to-day living costs. A large number of these new investors are actually young professionals who have just received their first salaries after completing college—a stark contrast from previous generations where most workers had little opportunity for financial independence until later in life (if at all).

There is no quick fix to the problem

It’s a growing problem that the government has acknowledged. And while there may be some quick fixes to help reduce the number of murders happening in South Africa, there is no end-all solution to this issue.

The issue at hand needs to be addressed by everyone in South Africa if it is ever going to be properly resolved.

The South African life insurance market is growing, but so is the amount of fraud.

The growing market has been driven by a number of factors, including the country’s population growth and economic growth.

The economy has been boosted by the government’s expansionary fiscal policies, which include low interest rates and state-led infrastructure investment. These factors have benefited life insurance companies as well as their customers: more people want to buy life insurance policies because they feel secure knowing that if something were to happen to them or someone close to them, there would be an adequate payout in place – especially given how expensive funerals can become in South Africa. However, this increased demand has also led some people looking for an easy payday – many of whom are either opportunistic or financially desperate – to try their hand at committing fraud when applying for or receiving payouts from these policies

The insurance industry continues to grow in South Africa, but it’s also seeing an increase in fraud. While the future of this market may seem bleak due to growing scams and a lack of regulation to prevent them, there are several ways that companies can protect themselves against fraudsters. One way would be through more intensive training for staff members so they can recognize when someone is attempting to commit insurance fraud. Another way is by implementing stricter policies on who qualifies as an “insured” person, which would reduce the number of people attempting life insurance scams and increase the success rate for legitimate claims.