Heart attack and stroke for men and cancer for women top reasons for insurance claims
Zurich International Life’s latest claim statistics reveals that heart attack and stroke were the most common reasons for life and critical illness cover claims by men in the Middle East, while cancer was the leading cause for life and critical illness cover claims by women. Their claims data shows that the majority of claims made by men are from those aged 40 and above, whereas for women, the majority of claims were paid to women in their 30s. The findings were presented as part of the Middle East Claims Statistics and Insights – Jan 2014 to Dec 2016, which Zurich has published annually since 2011. Zurich continues to be the only life insurance provider in the Middle East to issue yearly claims statistics specific to the region.
Substantial variation between insurance claims patterns for condition, gender and age.
The total value of claims Zurich paid out from Jan 2014 to Dec 2016 in the Middle East was just under AED 250 million (USD 67 million), with the largest life cover payout being AED 5.5 million (USD 1.5 million). The Zurich data shows significant variation in the causes of premature death and critical illness by condition. For life insurance, almost half (48%) of male claims were due to heart attack and stroke with a quarter (26%) from cancer, while for women, half of the claims (50%) were for cancer and 19% were for cardio vascular disease. When it comes to critical illness, over two-thirds (68%) of claims for men were paid out due to cardio vascular disease while four out of five (81%) claims paid out to women were for breast and cervical cancer. In general, statistics show that the majority of the claimants (73%) were men, which is reflective of the portfolio gender split of Zurich, revealing that women remain underinsured in the region.
Higher expectations of health and longevity
Findings from a recent report by Zurich reveal that 97% of UAE residents considered themselves to be healthy, with 88% believing they would remain healthy for the next five years. However, Zurich’s claims records demonstrate that the youngest claimants for life cover is 27, while for critical illness, it is 29 years.
Helping customers with the claims process
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