As the world returns to normalcy post-Covid-19, cancer has resurfaced as the leading cause of insurance claims, according to Liberty's 2022 statistics. Last year, Liberty paid out R6.98 billion in claims, a decrease from R10.12 billion in 2021, mainly due to the reduction in Covid-19-related claims. Cancer accounted for 28.8% of claims, followed by cardiovascular diseases, respiratory disorders, strokes, and renal disorders.
🩺 Breast cancer represented 49% of cancer claims for females, emphasizing the need for regular check-ups and adequate coverage. Prostate cancer accounted for 31.5% of cancer claims for males.
🧠 Mental health claims continue to increase, with suicide claims comprising half of all mental health-related claims. Depression and anxiety accounted for 16% of such claims. Long-term effects of the pandemic, including mental health issues, are expected to persist.
📉 Retrenchment claims decreased in 2022 compared to the peak of the pandemic. Most claims were from the 35-44 age bracket, reflecting the impact of economic challenges on mid-life professionals.
🎓 Liberty's EduCator helped support children's education during family upheavals, with R33,747,000 paid out in education-based claims in 2022.
👩💼 Women remain underinsured, with men accounting for 68% of claims for death, disability, and critical illness. Societal shifts and the increasing role of women as breadwinners highlight the need for women to prioritize life insurance.
💼 Corporate claims decreased by 25% in 2022, primarily due to the easing of the Covid-19 pandemic. Critical illness claims increased as individuals underwent screenings following strict lockdown conditions in 2021.
💯 94.8% of claims submitted in 2022 were paid, demonstrating the importance of full disclosure and transparency in the application process. Clients' understanding of the benefits of disclosure increased, leading to higher claim payouts.
💰 Liberty's ADDLIB cash-back program rewards qualifying clients with cash payouts every 5 years. In 2022, R125 million was paid out to almost 21,000 clients, with the largest single payout being R1.3 million.
💡 These insights highlight the value of long-term insurance and the significance of comprehensive financial planning with a trusted Financial Adviser to manage unexpected life events.