Analyzing Trends in Life Risk Claims: Insights from Petrie Marx

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In this interview, Petrie Marx, Product Actuary at Sanlam Risk and Savings, discusses the recent increase in life risk claims from young individuals and delves into the past year's claims experience.

Petrie provides an overview of the claim statistics for 2022 in the retail affluent market segment, emphasizing that Sanlam paid approximately 6.4 billion rands in claims, mostly related to death and funeral claims. He notes a positive trend of increasing claims from wider benefits or living benefits, indicating that financial advisors are focusing on more comprehensive financial protection.

The conversation explores the impact of COVID-19 on claim trends, with a decline in mortality and sickness claims. Cardiovascular causes emerged as a major claim category, and Petrie underscores a noteworthy trend of younger clients making claims, particularly for severe illness, income protection, and disability benefits.

The interview concludes with an examination of claims from medical professionals during the pandemic and an outlook on returning to normal claim patterns while monitoring potential long-term effects. Petrie emphasizes the role of early risk coverage and how claim statistics reflect the tangible difference the industry makes in people's lives.