, part of Zurich Insurance Group (Zurich), has just revealed their claims payouts, reaching US$210 million across individual and group life claims. Their recent highlights the major causes of life and critical illness claims. This year, individual claims amounted to US$170 million, compared to last year’s US$160 million, necessitating a closer examination of individual lifestyle choices.
The rise in claims for life and critical illness cover is primarily attributed to heart disease and cancer, which have alone accounted for 60% of life claims. The report is based on living and life cover benefits claims made against Zurich’s retail and group life policies between 2021 and 2023 and highlights a notable shift in the distribution of insurance claims. Surprisingly, the report revealed that claims for living benefits surpassed life insurance claims for the first time, amounting to 56% of the total claims, a 6% increase compared to last year.
“People must carefully assess their personal lifestyle choices, examine the potential associated risks and accordingly create a life plan to protect the future of their loved ones,” said Deepak Gaur, Head of Claims & Corporate Operations at Zurich. “Transparency in communication with your insurance adviser is paramount, to ensure informed decision-making when planning your finances. This will ensure individuals receive the best protection for themselves and their families,” he added.
Living benefits ensure that your loved ones have.
