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Middle East: Heart attack and cancer remain top causes for claims

Source: Middle East Insurance Review | Jun 2018

Cardiovascular disease and cancer remain the top causes for claims, with 71% of women claiming due to cancer, and 52% of men claiming on cardiovascular disease, said Zurich International Life in a report based on its analysis of claims data for 2015 to 2017.
 
   The insurer said the data shows its claims experience corresponds strongly with the region’s leading causes of premature death and critical illness. The data also shows Zurich paid AED273m ($74.3m) in critical illness and life cover claims, up 20% from the previous period, 2014 to 2016.
 
   Commenting on these figures, Zurich Middle East’s chief underwriter and head of claims Rohan Chittal said, “Since publishing our claims statistics in 2011, we have seen a steady increase in critical illness and life cover claims. This reflects the demographic shifts in health within the region with an increasing prevalence of obesity, diabetes, tobacco use and heart disease in this region.”
 
   The average age of customers claiming compensation for critical illness is 48 and the average age for death claims is 50, according to the report. “If we assume our customers were to retire at 65, that’s 15 years of a loss or reduction in earnings. This highlights the need for protection and the valuable role insurance can play in the financial protection of our customer’s families and businesses,” he said.
 
   A review of the amount of cover selected by Zurich’s customers also showed that underinsurance is a pressing issue. Many claimants were underinsured, with two thirds of death claims and 81% of critical illness claims under $200,000. In addition, most of Zurich’s claimants were under the age of 60 with young families to support. M 
 
AED1 = $0.27
 
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