Cancer is the leading cause of insurance claims
Trailing closely behind cancer as the leading cause of deaths in SA, are cardiovascular diseases which made up 24,3% of claims last year.
Cancer cells.
Cancer accounted for almost 30% of claims received last year.
This is according to the leading insurance firm Liberty’s Kresantha Pillay, who, speaking in Bloemfontein, Free State, said that in 2018, 27,9% of all claims made by the insurer’s customers were related to the disease.
Trailing closely behind cancer as the leading cause of deaths in South Africa, are cardiovascular diseases which made up 24,3% of claims received last year, followed by respiratory diseases, cardiovascular disorders and finally, renal disorders.
Prostate cancer is the leading cause of death in cancer-related claims for men, while it is reported that breast cancer is the leading cause of cancer claims in women.
In her presentation, Pillay reported that for men, about 32,3% of all cancer claims were prostrate-related. Other cancer types that make up a large number of cancer-related claims in men are colon and renal cancer, followed by lung cancer and gastro-intestinal cancer. While for women, 49,4% of cancer claims were breast cancer related, followed by colon and rectal cancers, lymphoid, thyroid, and then cervical cancers.
Pillay said in the last year, the company made over risk claims payouts amounting to R4,7 billion, in which is the insurer’s largest payout to date. These payouts were made to over 28,453 individuals and a trend that featured in her presentation also showed that over the last five years, the company’s claims payouts doubled from R2,3 billion in 2013 to R4,7 billion as reported in 2018.
Pillay said this jump is indicative of a growth in the number of consumers in the market.
– OFM News
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