Why South Africa's Protection gap keeps widening - a conversation on underinsurance and the value of advice

In this episode, Arno Jansen Van Vuurent, Head of Product: Retail Marketing at Old Mutual, unpacks the findings behind the company's latest claims experience and the 2025 ASISA Gap Study. Old Mutual has paid nearly R100 billion in claims since 2002, with more than 94% of claims honoured historically, yet the conversation reveals that many South Africans, including those earning above R30,000 a month, remain underinsured by millions of rand.

Old Mutuals Head of Product: Retail Marketing, explains why life-cover adequacy for higher earners sits near 49%, why cancer and living-benefit claims are reshaping risk, and why the protection gap can't be closed with products alone. The discussion makes the case for outcomes-based advice, regular reviews, and modular cover that adapts across life stages.

• Old Mutual has paid close to R100 billion in claims since 2002, honouring more than 94% of claims historically (some categories above 97%)
• Even among South Africans earning over R30,000/month, life-cover adequacy sits at roughly 49% and disability adequacy in the high thirties
• The average shortfall for this higher-income group exceeds R3 million for life cover and R5 million for disability cover
• Severe-illness and disability claims span all ages:  the oldest claimant was 82, alongside claimants in their twenties
• Cover uptake is rising, but required protection is growing faster, so the gap is widening rather than closing

For the full data and figures, read our written analysis of the protection gap