Critical illness cases accounted for nearly half of Prudential's claims payouts in Hong Kong in the first half of this year, according to data released by the insurer.
As part of its ongoing drive to help customers assess and plan their medical protection, Prudential launched its latest “2024 H1 Individual Life Claims Report”. The report examines customer claims data across three major categories – critical Illness, hospitalisation and death – while featuring an in-depth study on the main health issues that affect the public today to help individuals better understand and evaluate their own health protection needs.
Among claimants for critical illness insurance payouts, 49% of the policyholders were aged between 31 and 50, reflecting the acute need for critical illness coverage among the middle-aged. Cancer was the main cause of critical illness claims (61%).
However, the Health Awareness Study showed that nearly three out of five (59%) Hongkongers have yet to purchase any critical illness insurance, and an overwhelming majority (82%) have not arranged any cancer insurance.
The claims report also highlighted that digestive diseases were the leading cause of claims submitted through Prudential’s medical expenses direct billing service and hospitalisation claims during the first half of this year, representing 40% and 22% of the total, respectively. Yet the study found that only 55% of Hong Kong respondents expressed concern about liver/digestive system health, suggesting that many Hong Kong residents downplayed the severity of minor ailments.
Prudential handled over 66,000 claims cases in 1H2024, up 7% year-on-year. Claims cases for the medical expenses direct billing service rose by 38%, while hospitalisation claims surged dramatically by around 60%. Despite the continuous rise in claims, the average processing time is significantly shorter, with the average handling time for critical illness and death claims being cut by nearly 28%.