INSURANCE CLAIM STATISTICS

Insurance Claim Statistics

Life insurance is an important part of holistic financial planning yet it’s a topic so many people don’t want to talk about. Maybe it’s because we think it’s something that only happens to other people, or because it’s associated with the unpleasant thoughts of having to deal with the loss of a loved one or having to leave loved ones behind.

However, it is unfortunately a sad reality we have to deal with, and knowing that we don’t have to worry about the financial impact of an unfortunate life event, at least gives us a little bit of comfort.

Liberty recently released their Claims Statistics for 2015 and the numbers are quite thought provoking! Let’s have a closer look.

In 2015 claims to the value of R3.566 billion were paid, broken down as follows:

  • R 2.48 billion (70%) was paid for life protection
  • R 678 million (19%) was paid for critical illness protection
  • R 407 million (11%) was paid for income protection

Overall, the top 5 claims causes constitute 64.9% of all claims paid, broken down as follows:

  • Cancer – 9%
  • Cardiac and cardiovascular conditions – 1%
  • Central nervous system conditions and strokes – 0%
  • Respiratory diseases and disorders – 2%
  • Motor vehicle accidents – 7%

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With the number of accident on our roads, it’s hardly surprising that motor vehicle accidents are among the top claims causes for younger people. Claims as a result of illness increase in proportion to accidental causes as you age.

This year Liberty broke the statistics down per age group, providing more insight into what other people like you are buying and what they have claimed for:

 1. Young Achievers 21 to 34 years old

 40.1% of claims paid to young achievers are attributable to the top 3 causes:

young_achievers

2. Young Parents 35 to 44 years old 

45% of claims paid to young parents are attributable to the top 3 causes:

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3. Established Providers 45 to 54 years old

56.7% of claims paid to established providers are attributable to the top 3 causes:

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4. Empty Nesters 55 years old and above

58.8% of claims paid to empty nesters are attributable to the top 3 causes:

empty_nesters

To gain more insight on what other people like you have claimed for, visit http://www.claimsexplorer.liberty.co.za/#/

We are committed to making a difference in our customers’ lives. Helping them understand their risk needs is our priority. Please contact Vista Wealth Management to find out how we can help you.