Consumer report unveils leading causes of life and critical illness claims in the Middle East

The impact of critical illnesses continues to be felt in the Middle East, as heart attack, stroke, and cancer continue to be the most common reasons for insurance claims – a report just released by Zurich International Life (Zurich), part of Zurich Insurance Group, has revealed.

The report, generated from living and life cover benefits claims made against Zurich International Life retail policies between January 2020 and December 2022, disclosed that over the three-year period, Zurich has paid claims totalling over $160 million (Dh587.58 million). This, according to the report, is a 23 per cent increase compared to $144 million (Dh528.82 million) from 2019 to 2021.

According to the 2023 Customer Benefits Paid Report, almost 60 per cent of all life-cover claims were due to heart attack and cancer. For women, 43 per cent of life cover claims were due to cancer while for men, heart attack and stroke were the leading cause, accounting for 40 per cent of life cover claims. The report also found that the youngest age of a death claim was 27 years, while the oldest was 80, with an average age of 54.

The report moreover highlighted that higher incidences of obesity, diabetes, and smoking, coupled with high cholesterol levels, contribute significantly to the high number of cases of heart attacks and strokes among men.

“Securing your financial future involves both living a healthy lifestyle and having a well-thought-out financial plan for the unknown. Our report identified that one out of every four claims was made within the first three years of taking out a policy; more than 85 per cent of these were from customers who were accepted at standard rates. Having a safety net is crucial, particularly as we see a majority of claims from people well within their working years, still holding material family responsibilities. This report is aimed at starting this all-important conversation about financial planning and securing the future for those who matter most,” said Wilson Varghese, General Manager and Head of Operations at Zurich.

According to the report, heart attack, stroke, and cancer were among the top three claims in the critical illness segment, accounting for over 90 per cent of claims.

For men, roughly three in every five critical illness claims were due to heart attack and stroke. For women, 85 per cent of the critical illness claims were due to cancer, and 45 per cent of these cancer claims were due to breast cancer alone. The report also revealed that the youngest age of a critical illness claimant was 27 years, while the oldest was 84 years, with an average age of 49 years, or about 16 years prior to retirement.

Underlying factors such as out-patient treatment and therapies not covered by your health insurance, the financial burden of supporting a family member during post-surgery recovery, prolonged periods of unemployment, and necessary living adjustments can all have a significant impact on your financial situation, emphasising the importance of taking early action to be financially prepared.