What does SA claim for? Some results will surprise you
One of South Africa's biggest life insurers has released its annual claims record for 2017
Cancer was the leading cause of lifestyle claims to Liberty in 2017 followed by cardiac and cardiovascular conditions, SA’s biggest life insurer reported on Thursday.
Liberty head of risk product development Henk Meintjes said cancer affected all the age groups, making up 16% of claims for people in their 20s and 30s.Cancer was responsible for about a quarter of “lifestyle protection claims” and cardiac claims made up a fifth of them. These are paid to people after a critical illness diagnosis or treatment.
Gauteng had four times more brain cancer claims than KwaZulu-Natal, and more suicide than road accident claims.About a fifth of all claims from young parents, a quarter from “established providers” and a quarter from “empty nesters” were submitted for cancer. Female breast cancer, prostate cancer and colon cancer were the top three.Most of the R4.46-billion Liberty claim payments last year were for the death of a client (called life protection), at R3.24-billion.Lifestyle protection payments amounted to R691-million of the total.
The most common cause of claims from millennials was retrenchment, making up 17% of their claims.
More than a quarter of Northern Cape claims came from farmers and 80% of Limpopo’s claims were for life cover, the provincial analysis showed.The patterns were similar to the 2016 claims of another life insurance giant, Old Mutual (no 2017 statistics are available).
Old Mutual’s cancer claims increased from 57% to 64% from 2015 to 2016, and overall their claim payouts amounted to R4.03-billion in 2016.
Cardiovascular disorders were the top cause for severe illness claims for men in 2015 but cancer took over as the number one cause of claims at Old Mutual in 2016.
Their claims for cardiovascular disorders dropped last year, from 20% in 2015 to 13%.Old Mutual protection product head Jaco Gouws stated: “For the past few years, the ‘Big 4’ illnesses (i.e. cancer, heart attack, strokes and coronary artery bypass graft) have been making up more than 80% of all our severe illness claims.”
Liberty reported that cardiovascular cases were responsible for most of the claims paid to men last year.
They were the “second most common cause” for claims in young parents (13%), established providers (20%) and empty nesters (22%).Strokes or central nervous disorders also contributed significantly to claims, accounting for claims from 8% of young parents, 8% of established providers and 7% of empty-nesters.
The five most frequently stated occupations of claimants were business people (13%), managers (10%), directors (8%), administrators (3%) and housewives (3%).
The insurer declined 8.6% of claims for not meeting their requirements and 1.6% of claims were refused due to non-disclosure.