Middle East consumer report reveals that financial planning is critical to managing today's evolving health risks
- The seventh edition of
- The report identified that cancer among women and heart attack and stroke among men are the leading causes of critical illness and life cover claims
- COVID-19 was identified to be the second highest cause of life cover claims after heart attack and stroke
- 52% of total customer benefits were life cover claims while 47% within living benefit claims were attributed to critical illness
- Over the last three years, the company paid customer claims amounting to
According to the report, cancer was the leading cause of critical illness benefits paid (48%) over the three-year period. Lifestyle diseases such as heart attack and stroke were the leading causes of life cover benefits paid (35%), followed by COVID-19 (24%).
Overall, men accounted for two-thirds or 66% of critical illness claims and women were 34% of the claimants. Men also accounted for the larger share of life cover claims representing 78% and women 22%. Cancer was the leading cause of both critical illness (84%) and life cover claims among women (41%), while among men, heart attacks and strokes were the leading sources of both critical illness (62%) and life cover claims (41%).
Speaking on the results of the report,
Due to the variations by gender, age and lifestyle choices among the claimants, the report also confirms that insurance needs must be assessed at an individual level. Every family member must have their unique insurance cover and protection solutions that go well beyond standard medical insurance.
"Our vision is to empower the community to be ready for life. As a response to supporting customers when they need us the most, we ensured that as many as 98% of life claims were paid out." Varghese added.
The youngest child claimant for critical illness benefits was four years of age, with the youngest adult claimant aged 29 years and the average age for critical illness claims 49 years. The average age was 54 years for life cover claims, with the youngest claimant aged 28 years.
Over the three-year period, the highest critical illness claim made was
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SOURCE Zurich International Life
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