South Africans are roasting Momentum after it refused to pay R2.4 million to the family of a man who died in a hijacking because he didn’t disclose having high blood sugar levels.
Nathan Ganas was killed in March 2017 outside his Durban home.
His widow, Denise Ganas has now taken the matter to court.
Let's say for example that you took out a contract when you were young, you had heart problems that you weren't aware of and didn’t disclose that, and if you pass away from heart problems later on in life, clearly the claim will be valid because you weren't aware of it. This is clearly an issue of did the client act in good faith when he took out the contract. Good faith means that you actually disclose appropriately and then we can act on that.
— Johann le Roux, Momentum CEO of Life Insurance
No, we will not pay out. We need to stick to our policy. We need to protect the integrity of our industry.
— Hillie Meyer, CEO of MMI
The Money Show’s Bruce Whitfield interviewed consumer journalist Wendy Knowler.
Listen to the interview in the audio below (and/or scroll down for quotes from it).
It just does seem so utterly unfair to the consumer who knows very little about how insurance works… it’ doesn’t sit well…
— Wendy Knowler
Yes, you can tick all the legal boxes… but the point is the man has died a victim of crime protecting his family… The company hasn’t done anything legally wrong…
— Wendy Knowler
Overshare with your insurer… even tell them what medication you’re on…
— Wendy Knowler
They [insurance companies] all operate in the same way around non-disclosure…
— Wendy Knowler
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