Cancer and lifestyle-related conditions have returned as the leading drivers of claims payouts, according to life insurer Liberty’s latest statistics, with cancer making up 28.8% of claims, followed by cardiovascular disease and disorders (22.4%), respiratory issues (11.9%), strokes (6.5%) and renal disorders (5.9%).
Breast cancer accounted for 49% of cancer-related claims for women and prostate cancer for 31.5% of all approved cancer claims for male clients.
The Standard Bank-owned group said it paid out R6.98bn in retail claims in 2022 to about 31 808 people and their beneficiaries, amounting to R26.85m every working day – a 31% drop from the R10.12bn paid out in 2021, reports BusinessLIVE.
This was attributed to claims related to Covid-19 that fell to R449m last year from R3.47bn in 2021, with David Jewell, Liberty’s executive for retail solutions, saying secondary effects of the pandemic had emerged in the form of chronic illnesses. “The long-term effects will take many years to work their way fully through claims experience.”
Mental health
“Cancer and cardiovascular diseases give us an indication of the challenges facing society,” said Dr Dominique Stott, Liberty’s chief medical officer. The pandemic’s mental health effect was also reflected in its claims data, suicide accounting for about half of such claims and depression and anxiety for 16%.
Liberty’s data also mirrored findings by the Association for Savings and Investment SA (ASISA) showing that women are marginally less covered than men for death and disability: 68% of claims for death, disability and critical illness were from men, particularly those over 65, though that was possibly a function of historic gender imbalances in which men tended to be breadwinners and financial decision-makers in households.
Liberty’s claims data showed a more balanced ratio of females to males in younger age groups as social change resulted in more women becoming breadwinners and the heads of single parent households.
See more from MedicalBrief archives:
Sickness claims hint at long-term impact of Covid
A worrying drop in antenatal and follow-up visits during lockdown
Cancer claims shoot up as COVID focus takes eye off other deadly diseases