Zurich Brings Reassurance Amid Rising Health Risks in the Middle East

Key highlights at a glance:

1. Key health risks: Cancer (47%) and heart attack (38%) top the list for customer benefits paid
2. Notable age trends: The average age for customers claiming for critical illness is 48 and the average age for life cover claims is 50, highlighting the need for early protection and prevention measures
3. Increasing health risks vs. insufficient protection: Many claimants were underinsured, as 88% of customers who suffered a critical illness had coverage of USD 200,000 / AED 735,000 or less
4. Zurich's commitment: USD 102 million / AED 375 million paid in benefits to Middle East in over 35 countries
5. Customer testimonial: Chyira, a Zurich Middle East customer, shares her story

DUBAI, United Arab Emirates, April 16, 2019 /PRNewswire/ -- Zurich Middle East ('Zurich') has released its 2019 Customer Benefits Paid Report, based on claims insights from January 2016 to December 2018. The report highlights the key health risks in the region and why the time to take up life insurance is now.

Key health risks

Cancer (47%) and heart attack (38%) remain the top two health concerns in the Middle East for both life and critical illness claimants.

Cancer is the primary cause of critical illness benefits paid to women (81%) while heart attack is the primary cause of critical illness claims from men (56%). Accidents are among the primary causes of death among men in the UAE, Bahrain and Qatar (12%).

Notable age trends

Against the backdrop of the Middle East's relatively young population, health eventualities are occurring at a relatively young age. The average age of Zurich customers claiming critical illness benefit is 48 years, while life claimants are aged 50, highlighting the need for early protection and preventative measures. 

Increasing health risks vs. insufficient protection

Zurich Middle East has paid out USD 102 million (AED 375 million) in customer benefits over the past three years, a 27.5% increase compared to the previous period. There is a prevalence of health risks within the region and they are occurring at an increasing rate.

As this reflects the growing importance of protection, the right amount of cover must be considered. Many claimants are underinsured, as 88% of customers who suffered a critical illness had coverage of USD200,000/AED735,000 or less. With critical illness claimants being only 50 years on average, this amount is not enough to cover key needs such as family income replacement and post-operative care expenses, highlighting the importance of having adequate levels of financial protection at the outset.