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Liberty has released its claim statistics for last year, revealing startling trends and paying out the highest amount in claims in the insurance giant’s history.
The company, which announced the statistics at an event held in Johannesburg this week, paid out R4.7 billion in claims last year, R200 million more than the year before and R2.7 billion more than a decade ago.
The payouts equated to an average of R18.8 million per working day for the entire year to 28 453 individuals and their beneficiaries.
Liberty’s executive for customer and adviser experience, Johan Minnie, said the increase in survival claims was seen across the country, indicating the importance of including lifestyle protection in your long-term insurance cover.
“Traditionally, life insurance has been more appropriately described as death insurance because the policy pays money to beneficiaries at the policyholder’s death.
“However, advances in medical technology and early diagnosis of critical illness are resulting in more people recovering from adverse events. Now claimants and their beneficiaries need to manage the cost of survival,” he said.
Read: The state of cancer services: Are oncologists a dying breed in SA
Thabani Nkwanyana, Liberty’s lead specialist medical officer, said the figures revealed that cancer remained the highest cause of claims related to critical illness, death and disability.
“The reality of a cancer diagnosis is that the treatment and recovery after a diagnosis can take many years. We’re seeing more cases in which the patient doesn’t die from cancer – the chances are they’ll contract another condition that requires further medical care.
“This results in a significant financial effect on households in terms of family lifestyle, work and the ability to earn an income.”
Prostate cancer, he said, was the most prominent cause for claims by men at 32.3%; breast cancer made up nearly 50% of cancer claims for women.
Colon and rectal cancer are the second most common cancer claims in men and women at 14.3% and 7.5%, respectively.
“Suicide-related claims increased from 78 in 2017 to 152 last year and made up 2.51% of all claims.
“Gauteng had the highest number of suicide-related claims at 39.4%.
“Young parents had the highest suicide rate at 36.7%, followed by empty nesters at 35%, established providers at 25% and young achievers at 3.3%,” he said.
The figures showed that Gauteng province made up 31.2% of all motor vehicle claims in the country.
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