In 2018, Sanlam paid out R3,9b in claims: R3,2b were for life cover, R329m for income cover and R323,5m for trauma and injury. The company also maintained its more than 99% admittance of death claims for the fifth consecutive year, of which 25% were linked to cardiovascular disease.
Karin Muller, Chief Executive of Sanlam Individual Life, notes that some of the 2018 statistics presented concern and she draws attention to the predominant illnesses and injuries faced by South Africans – and the corresponding importance of insurance.
“Our claims statistics provide crucial current and historical data that enables us to identify upward trends. This year, we found cardiovascular disease to be 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.”
She continues, “Accidental death (18%) was the second leading cause of death claims on our 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.”
More trends from this year’s claim statistics include:
Breakdown of claims from 2018: