Claims Statistics for 2014
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go360 Risk Summit 2015 Claims statistics 2014 Stephen van Niekerk 1 R130 BILLION Largest death claim R22 million Largest death claim R22 million Largest disability claim R10 million Largest critical illness claim R4.7 million Largest income disability claim R315 000 pm Risk claims 2014 Disability R299 156 783 Critical illness R382 890 011 Death R1 970 108 967 Income disability R84 970 541 Total paid R 2.73bn Repudiated claims Reasons for repudiated claims No Ombudsman rulings against Myriad in 2014 Major causes of death 35% 12% 9% 5% 20% 9% Cardiovascular system Cancer Respiratory system Unnatural Central nervous system Endocrine and metabolic Causes of unnatural deaths Critical illness claims Major causes of critical illness claims 37% 14% 6% 3% 20% 4% Cancer Cardiovascular system Central nervous system Musculo- skeletal Visual Gastro- intestinal Skin 3% Lump sum disability claims Major causes of disability claims 21% 12% 8% 6% 15% 6% Musculo- skeletal Cancer Nervous system Psychiatric/ Mental Accidental Cardio-vascular Surgery 5% Income disability claims Causes of income disability claims 25% 9% 8% 6% 11% 8% Musculo- skeletal Surgery Fractures & Hospitalisation Cancer Accidental Respiratory Psychiatric/ MentalÂ 5% Some interesting observations Myriad âlivingâ benefits increase 2013 2014 46 cents 65 cents Big 4 Down from 78% to 71% Major causes of critical illness claims 37% 14% 6% 3% 20% 4% Cancer Cardiovascular system Central nervous system Musculo- skeletal Visual Gastro- intestinal Skin 3% Lower than industry repudiations 0.4% Momentum 1.0% Industry 1.1% 0.5% 2012 2013 For every R1 paid in disability How much did we pay in critical illness cover Technical claims analysis Technical claims analysis Terminal illness claims stand out again R82 million Relevance of income disability 25% 9% 8% 6% 11% 8% Musculo- skeletal Surgery Fractures & Hospitalisation Cancer Accidental Respiratory Psychiatric/ MentalÂ 5% Death claims by age Critical illness claims by age Disability claims by age Income disability claims by age Are you covered under the most recent and updated benefit? Total cost of living product philosophy R200 million Cost of âliving productâ claims 2014 R25 million Momentum Interactive discounts R1 Billion Discounts Retirement Booster allocations â R450 million Thank you