A survey by GE Frankona Re highlights claims patterns for critical illness
Females are claiming on their critical illness (CI) policies at a much earlier age than men, according to GE Frankona Re.
The reinsurer's annual critical illness claims survey found that 49% of women who are claiming on their policy are under the age of 40, compared with 34% of men. Paul Casey, marketing analyst at GE Frankona Re, said: 'Women tend to make claims for cancers much earlier than men, who tend to claim for things like prostate cancer much later in life. But, men are more likely to make a claim after the age of 40 for conditions related to heart disease.'
The survey also found differences between the causes of claim between the sexes. Around 90% of claims related to heart disease are from men, yet 65% of claims for multiple sclerosis and 55% of cancer claims are from women. Casey said: 'The differences have been there for a while and we have been aware of it for several years. However, when you put claims 'on risk' it always takes a while to filter through into claims. I think we have reached a platform that now reflects the state of the market.'
The number of claims for the 'big five' conditions of cancer, heart attack, stroke, coronary artery surgery and multiple sclerosis fell from 94% of all claims to 90%. Casey expects the increase in the number of claims for other diseases to continue. 'The number of conditions covered by critical illness has increased over the years from a core few to around 34 or 36 depending on the provider. So the rising incidence of claims for these is just reflecting the change in the possible types of claim.'
