Latest news with #R6.62
The Citizen
23-06-2025
- Business
- The Citizen
Momentum Life pays out R6.6 billion in claims in 2024
The latest claims statistics from Momentum Life Insurance shows that an insured event can happen at any time in your life. Momentum Life Insurance paid out R6.6 billion in 2024, with suicides again being one of the main reasons for unnatural death. Since launching its Myriad product in 2002, Momentum Life Insurance has paid out R77.9 billion in claims. Joretha Bothma, head of product development, underwriting and claims at Momentum Life Insurance, says the 2024 claims report reveals a 99.8% payout rate on valid life cover claims. Death claims at Momentum Life Insurance were consistently driven by health trends, she says. Cancer and cardiovascular disease remained the leading causes of death claims in 2024, accounting for nearly 60% of all life cover payouts. 'These trends reflect broader health patterns in South Africa and reinforce the importance of maintaining comprehensive cover well into later life.' For critical illness claims, cancer was the leading cause of claims at 45%, with cardiovascular, nervous system and musculoskeletal conditions rounding out the top four claims' causes. Bothma says, interestingly, women tend to claim at younger ages than males. 'They tend to claim critical illness benefits during their prime working years, often when they are juggling significant family responsibilities and careers.' 'This highlights the importance of financial protection during this life stage, as a critical illness can have a substantial impact on family finances. The financial support from a critical illness payout can help alleviate some of the burden, allowing families to focus on recovery rather than worrying about financial stability.' ALSO READ: Sanlam pays out R6.62 billion in death and disease claims Youngest and oldest claimants at Momentum Life According to the claims statistics, the youngest claimant was just 18, a sobering reminder that serious illness can strike at any age. Many claims were also paid to older clients, reinforcing the value of keeping critical illness cover intact later in life. The death claim paid out to the oldest member was for a man who died at 92 from a stroke. 'The importance of early uptake and long-term retention of critical illness cover cannot be overstated, especially as conditions such as cancer and cardiovascular disease continue to dominate claim causes,' Bothma says. The top four causes for payouts between lump sum disability and income protection are consistent across benefit types, with musculoskeletal conditions topping the list, followed by nervous system, cancer and psychiatric or mental-related conditions. Nafeesa Gaida, head of claims at Momentum Life Insurance, says the youngest claimant for both lump sum disability and income protection was just 18, a survivor of a motor vehicle accident that left him paralysed. 'This case underscores how life-altering events can happen without warning, even at a young age, highlighting the importance of securing cover early.' The oldest claimant was an 84-year-old client who receives monthly payments for prostate-related disability on his income impairment benefit. Gaida says this again highlights the long-term nature of financial protection and the importance of sustaining it throughout life. ALSO READ: Why trust is so important when it comes to life insurance Claims for terminal illness and unnatural death The youngest person to receive a payout for terminal illness was a woman of 33 who suffered from squamous cell carcinoma, and the payment for the oldest claimant was for a man of 79 who had liver cancer. For child critical illness, 33% of the claims paid out were for endocrine or metabolic system illness, while 15% were for cancer and 13% for congenital conditions. 'Disability and income protection benefits extend far beyond essential monetary payouts. They provide a vital financial breathing space, allowing clients to focus entirely on their recovery.' Claims for unnatural death were topped by accidents (39%), suicide (28%), surgery (16%) and murder (15%). A total of 81% of the claims for unnatural death were for men and only 19% for women. The largest death claims since 2010 were for a man of 49 who died due to surgery in 2010 with a claim paid out for R101 million, a man of 36 who died in an accident in 2013 with a payout of R36 million and a man of 72 who died from a gunshot in 2023, with a payout of R117.2 million.
IOL News
05-06-2025
- Health
- IOL News
Rising cancer claims highlight health challenges in South Africa
Sanlam's latest claims data reveals a worrying trend of rising cancer and cardiovascular claims in South Africa, highlighting the impact of lifestyle diseases and the ongoing effects of the Covid-19 pandemic on health screenings. Cancer remains a leading cause of severe illness claims, accounting for 54% of total payouts in this category- a 30% increase from 2023, according to Sanlam. According to the group, notably, prostate cancer claims among men have doubled, while breast cancer claims among women have risen by 33%. Cardiovascular conditions were responsible for 20% of death claims and 17% of disability claims. Sanlam says the sharp rise in cancer and cardiovascular claims points to shifting health challenges affecting South Africans today, with lifestyle diseases becoming increasingly prevalent. According to the group, conditions such as heart disease, certain cancers, musculoskeletal disorders, and mental health issues are contributing to a growing claims burden. Marion Morkel, chief medical officer at Sanlam underscores the knock-on effect of the pandemic, which resulted in delayed screenings and late-stage diagnoses. 'Cancer claims under the Severe Illness category rose by 30% year-on-year – prostate claims doubled in men, and breast cancer claims rose 33% in women. These increases, while concerning, are partly the result of the knock-on effect of the Covid-19 pandemic, with proactive screenings having been delayed for several years.' Sanlam says South Africa's hypertension rates remain among the highest globally, serving as an early warning sign for heart disease and stroke. Stroke and musculoskeletal disorders have risen sharply among women, including those under 50, reflecting a worrying trend. Morkel emphasises the importance of early detection, urging South Africans to take charge of their health metrics, including blood pressure, cholesterol, glucose, and BMI. 'Regular screenings and self-checks – especially for breast cancer – are essential. For heart health, know your numbers: blood pressure, cholesterol, glucose, and BMI. And once you reach your mid-40s to early 50s, make regular check-ups a priority.' This information is included in Sanlam's claims data which also reveals gender disparities in disability and income protection claims. 60% of disability claims were filed by men, while 61% of sickness income claims were filed by women—20% of whom claimed for pregnancy- and childbirth-related conditions. Severe illness claims were evenly split across genders, reinforcing the universal nature of health risks. The claims data shows that Sanlam Risk and Savings has paid out a staggering R6.62 billion in individual insurance claims in 2024, marking a 9.24% increase from the previous year. 'The World Health Organisation recommends that annual health screenings and checks start in our 30s, and we urge South Africans to prioritise these as part of their yearly routine," Morkel says. Sanlam's claims statistics for 2024 reveal record-high payouts, with R5.47 billion allocated to death and funeral claims, R501.6 million to disability, loss of income, and impairment claims, and R650.3 million to severe illness and injury claims. Over the past six years, the insurer has disbursed more than R36 billion in claims, making 2024 one of the highest payout years outside the Covid-19 peak in 2021. Rhoderic Nel, Sanlam Risk and Savings chief executive points to a troubling trend—more younger individuals filing claims. 'Currently about 24% of all living benefit claims are from clients younger than 35 years old, with increases being seen in income protection claims (up from 15% in 2022 to around 25% in 2024). It's a sobering reminder that life-changing illness can strike at any age. Being financially prepared isn't something to delay – it's something to start now.' Nel stresses that each claim represents more than just a policy number—it's a life, a family, and a future. 'Every claim we pay is a promise kept. Behind each one is more than a name or contract number, it's a family, a story, a future changed. That's why our claims philosophy is rooted in fairness and compassion. People need support quickly, so we're constantly striving to reduce the time it takes to settle claims," says Nel. As health and financial risks evolve, Sanlam's data highlights the importance of financial preparedness. 'This isn't just about payouts. It's about helping people stay on their feet when life takes an unexpected turn," says Nel. PERSONAL FINANCE
IOL News
05-06-2025
- Health
- IOL News
Rising cancer and heart disease cases drive R6. 62 Billion payout by one of South Africa's largest insurers
The latest data point to shifting health challenges facing South Africans today Image: Freepik Cancer, heart disease, and other lifestyle-related conditions contributed to a significant increase in insurance claims in 2024, with Sanlam Risk and Savings paying out R6.62 billion up 9.24% from the previous year. According to the company, the latest data 'point to shifting health challenges facing South Africans today – evidenced by increases in claims for illnesses like heart disease, certain cancers and musculoskeletal disorders, and mental health concerns.' Key 2024 claims statistics R5.47 billion in death and funeral claims R501.6 million in disability, loss of income, and impairment claims R650.3 million in severe illness and injury claims Over the past six years, Sanlam has paid out more than R36 billion in claims, with 2024 ranking among the highest annual totals second only to the Covid-19 peak in 2021. Cancer accounted for 54% of all severe illness claims, with the number of cancer-related claims rising 30% year-on-year. Prostate cancer claims in men doubled Breast cancer claims in women rose 33% Cardiovascular conditions made up 20% of death claims and 17% of disability claims. Sanlam paid out more than 99% of all death claims in 2024, with the highest single claim reaching R36.2 million Dr Marion Morkel, Sanlam's Chief Medical Officer, pointed out that lifestyle diseases are becoming a major driver of claims. 'The World Health Organisation recommends that annual health screenings and checks start in our 30s and we urge South Africans to prioritise these as part of their yearly routine," she said. 'Cancer claims under the severe Illness category rose by 30% year-on-year – prostate claims doubled in men and breast cancer claims rose 33% in women. These increases, while concerning, are partly the result of the knock-on effect of the Covid-19 pandemic with proactive screenings having been delayed for several years.' Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ The data also showed a rise in stroke and musculoskeletal disorders among women, including women in the younger age groups (pre-50). Rhoderic Nel, Sanlam Risk and Savings Chief Executive said currently about 24% of all living benefit claims are from clients younger than 35 years old, with increases being seen in income protection claims. 'Currently about 24% of all living benefit claims are from clients younger than 35 years old, with increases being seen in income protection claims (up from 15% in 2022 to around 25% in 2024). It's a sobering reminder that life-changing illness can strike at any age. Being financially prepared isn't something to delay – it's something to start now.' IOL Business Get your news on the go, click here to join the IOL News WhatsApp channel
The Citizen
03-06-2025
- Business
- The Citizen
Sanlam pays out R6.62 billion in death and disease claims
Sanlam paid out 9.24% more than in 2023, with a sharp increase in cancer claims, while cardiovascular claims showed an uptick. Sanlam Risk and Savings has paid out R6.62 billion in 2024 for claims for deaths and diseases, with lifestyle-related conditions taking a growing toll. The statistics point to shifting health challenges facing South Africans today, evidenced by increases in claims for illnesses such as heart disease, certain cancers, musculoskeletal disorders and mental health concerns. Dr Marion Morkel, chief medical officer at Sanlam, says the increase in claims for diseases which have a good prognosis when detected early puts the spotlight on the importance of regular screenings and checks. 'The World Health Organisation recommends that annual health screenings and checks start in our thirties, and we urge South Africans to prioritise these as part of their yearly routine.' ALSO READ: Liberty pays out R600 million for two-pot retirement system in 2024 What the claims statistics show for deaths and diseases The claims statistics show that: R6.62 billion was paid across all claims, including R5.47 billion in death and funeral claims; R501.6 million in disability, loss of income and impairment claims and R650.3 million in severe illness and injury claims. Over the past six years, the group has paid out more than R36 billion in claims, with 2024 being one of the highest annual claim totals aside from the Covid-19 peak in 2021. Cancer accounted for 54% of all severe illness claims, up 30% in the number of cancer claims from 2023. Prostate cancer claims in men doubled, while breast cancer claims in women increased by 33%. Cardiovascular conditions made up 20% of death claims and 17% of disability claims. Sanlam paid more than 99% of all death claims. The highest claim was R36.2 million. Morkel says lifestyle diseases came through very strongly in the claims data, with cardiovascular disease and cancer the top two causes of death and disability. 'Cancer claims under the severe illness category increased by 30%, while prostate cancer claims doubled in men and breast cancer claims increased by 33% in women.' 'These increases, while concerning, are partly the result of the knock-on effect of the Covid-19 pandemic when proactive screenings were delayed for several years.' ALSO READ: How to ensure that your future life insurance claim is paid out Claims statistics also show increase in strokes among women She points out that this year's data also shows an increase in stroke and musculoskeletal disorders among women, including women in the younger age groups under the age of 50. 'While much of the data mirrors that of other countries, South Africa's high blood pressure rate is among the highest in the world, an early indicator of heart disease and stroke.' 'Regular screenings and self-checks, especially for breast cancer, are essential. For heart health, know your numbers: blood pressure, cholesterol, glucose and BMI. And once you reach your mid-40s to early 50s, make regular check-ups a priority.' The claims statistics also show: Disability claims skewed male, with 60% filed for men, compared to 40% for women. Sickness income claims had a higher representation of female clients (61% female vs 39% male), with 20% of total claims for women for being pregnancy and childbirth. Severe illness claims were relatively gender-balanced (52% female, 48% male), reinforcing the universal health risks across both genders. ALSO READ: Why trust is so important when it comes to life insurance Also many claims from younger people Rhoderic Nel, chief executive of Sanlam Risk and Savings, says currently about 24% of all living benefit claims are from clients younger than 35, with increases in income protection claims (up from 15% in 2022 to around 25% in 2024).' 'It is a sobering reminder that life-changing illness can strike at any age. Being financially prepared is not something to delay but something to start now.'
