Heart Attack Dominates Middle East Life Insurance Claims
According to New Zurich Study
Zurich International Life has unveiled the findings of its Customer Claims Paid Report 2024, highlighting the prevailing trends in life and critical illness insurance claims across the Middle East region.
Over the past three years, Zurich International Life, a division of Zurich Insurance Group, has disbursed AED772.8 million ($210 million) in individual and group life claims in the Middle East region.
The report, based on data from 2021 to 2023, reveals a striking shift in the Middle East’s insurance claim landscape regarding Zurich’s clientele.
For the first time, living benefits claims have exceeded life insurance claims. Living benefits, which provide financial support to policyholders during illness or injury, accounted for 56% of total claims, reflecting a growing emphasis on holistic customer support.
Deepak Gaur, Head of Claims & Corporate Operations at Zurich, said: “Heart attacks, strokes, and cancer continue to be the leading causes of both death and critical illness claims, underscoring the urgent need for comprehensive insurance coverage.
“Our report emphasises the importance of transparent communication with insurance advisers to ensure individuals make informed decisions about their financial future.”
Insurance Role
From Zurich’s perspective, the rise in living benefits claims highlights the critical role of insurance in safeguarding individuals’ financial stability during challenging times.
Heart attacks, strokes, and cancer collectively comprised 92% of critical illness claims and 60% of life insurance claims, illustrating the profound impact of these health conditions on Zurich policyholders’ lives in the Middle East.
Furthermore, the report reveals notable gender disparities in claim patterns, with women accounting for 44% of death claims and 80% of critical illness claims. Cancer emerged as the primary concern for female policyholders, highlighting the need for gender-specific insurance solutions that address unique health risks.
The average age of life cover claimants decreased to 53, underscoring the importance of insurance coverage across all life stages. With the youngest critical illness claimant being just two years old and the oldest 84, Zurich emphasises the universal necessity of insurance protection.
Zurich advises individuals to carefully assess their current and future financial obligations to ensure adequate coverage. Seeking guidance from a financial adviser is crucial in navigating insurance options tailored to individual needs, considering age, health status, and dependents.
“At Zurich, we are committed to providing timely support to our customers when they need it most,” said Gaur. “We promise to settle claims within 72 hours of receiving all required documents, offering peace of mind and reliable protection for policyholders and their loved ones.”
Featured image: According to Zurich International Life’s study, heart attacks and strokes comprised 92% of critical illness claims and 60% of life insurance claims in the Middle East region. Credit: Towfiqu Barbhuiya
