According to the just-released claim statistics of Sanlam, cardiovascular disease was the leading cause of death claims. “This aligns to the Heart Foundation’s 2017 report, which identified that 18% of deaths in South Africa are caused by heart disease and strokes – that’s 225 fatalities a day, with ten adults suffering a stroke every hour,“ Karin Muller, Chief Executive of Sanlam Individual Life shared.
Muller further explained that accidental death (18%) was the second leading cause of death claims on their Matrix risk product; 39% of these were attributed to motor vehicle accidents. Cancer (25%) was the biggest factor behind lump sum disability claims in 2018. As for previous years, cancers and tumours were also the main cause for severe illness claims. Bones, back and connective tissue issues accounted for most (30%) income protector claims – a figure that hasn’t changed since 2017.
In 2018, Sanlam paid out R3.9b in claims: R3.2b was for life cover, R329m for income cover and R323.5m for trauma and injury.
Click here to view and read the breakdown of claims from 2018.
These statistics again emphasise the critical role the industry, and specifically, product providers and advisers, play in making a positive difference in the lives of ordinary citizens when confronted by traumatic events. One sometimes wonder whether enough credit for this is given, in contrast to the negative coverage provided on specific incidents which are then blown out of proportion on social media. Editor.
