Cancer is leading cause of critical illness 84% amongst women in ME finds Zurich Life
Zurich International Life, part of Zurich Insurance Group, has released the seventh edition of its Customer Benefits Paid Report for the Middle East. The report, generated from living and life cover benefits claims made to Zurich between January 2019 to December 2021, aims to raise awareness and educate customers about the need for life insurance and critical illness protection to ensure greater financial preparedness and security.
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, Wilson Varghese, Head of Operations, Zurich, said, “Our customer base is a cross-section representing the wider UAE community in all its diversity. Our findings can be extrapolated as a reflection of changing health risks faced, especially after the pandemic. It is critical for people with financial dependants to protect themselves and their loved ones – I usually liken life insurance to taking a financial vaccine. It is equally important that we all get proactive about our health. An active lifestyle, healthier diet and regular health checks are essential to identifying and reducing risk factors while enjoying a better quality of life.”
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 USD 1 Million and the single largest claim for life cover USD 5.93 Million. Overall, the company paid out USD 144 Million in critical illness claims 47%, life cover claims 52%, and permanent and totality disability and hospitalisation claims 1% between January 2019 to December 2021.
