Discovery inc benefits8/15/2023 However, during this endemic period, death claims due to motor vehicle accidents and as a percentage of death claims have increased by as much as 18% between 20. There was a temporary reduction in motor vehicle fatalities due to reduced driving activity during COVID-19 lockdown periods. The report reveals that the full spectrum of unnatural death claims is broken down as 30% motor vehicle accidents, 30% other accidents, 24% suicide, and 16% due to crime events. Unfortunately, life claims due to unnatural conditions have also increased with the return of pre-pandemic behaviours,” says Friedlander. “Our shared data with the Discovery Insure and Vitality Drive, reveals that our clients’ driving has recovered to just shy of pre-pandemic levels - but slightly lower as people drive less to work to adapt to hybrid working. Discovery Bank spend trends data shows increased travel more than pre-COVID-19 levels, partly driven by the cost of travel. Physical activity has encouragingly leapt by 67% since 2020 according to Vitality data. Discovery’s own data from across the group supports this. “As we move beyond the pandemic people are starting to really live their lives again and move back into pre COVID-19 kinds of activity,” says Friedlander. The 2022 claims experience also reveals an increase in claims related to unnatural causes. At late stages, both conditions have a 30% and 31% survival rate, respectively,” shares Van Der Walt. ![]() “For instance, early-stage-diagnosed breast cancer has a 95% survival rate, and similarly, early-stage prostate cancer has a 99% survival rate. Regular screenings are crucial for improving breast, prostate, cervical and colon cancer survival rates, where early detection is possible and could vastly improve the health outcomes of clients.” “As much as 47% of our severe illness cancer claims are for those where health check screenings are already an established practice at a population level. Early detection of most health conditions, especially severe illnesses like cancer, remains critical for reducing risk and improving outcomes,” Van Der Walt adds. ![]() “This serves as a stark reminder for us all to maintain our health through annual routine check-ups. Now, after the reduction in screening during the pandemic, we’re seeing the impact of late-stage diagnoses,” explains Discovery Life Chief Medical Officer, Dr Maritha Van Der Walt. “Cancer has always been high on the list of reasons for severe illness claims. Distinct parallels can be drawn between Discovery’s observed health screening deficit and a higher severity diagnosis in severe illness claims. “Another side effect of the pandemic is the considerable decrease in health screening,” says Friedlander. Long-COVID isn’t entirely understood but the risk is expected to continue for the foreseeable future and presents another reason for South Africans to ensure that they have sufficient long-term risk cover in place.” ![]() “The impact of the pandemic on clients has shifted.” Friedlander explains, “We are now processing more claims for living benefits than for life cover. The reduction in COVID-19-related death claims was offset by increasing morbidity trends, reflecting the changing nature of risk related to COVID-19 as it shifts from pandemic to endemic state.”ĭiscovery Life clients continued to experience the impact of COVID-19 in a post-pandemic world.ĭiscovery Life’s data supports the evidence that COVID-19 is demonstrating significantly lower mortality risk, but the longer-term impact of the illness and the pandemic are expected to persist, with research from the Economist suggesting that global mortality remains elevated by 5% when compared to pre-pandemic levels.ĭuring 2022, Discovery Life paid out a total of R626 million for COVID-19-related individual life claims. While COVID-19 is no longer a global health emergency, the residual effect of the pandemic is evident in the increased claims for living benefits such as Severe Illness, Capital Disability, and Income Protection compared to the previous year.ĭiscovery Life Deputy Chief Executive, Gareth Friedlander explains: “Despite the total value of claims reducing from R11.79 billion (2021) to R9.1 billion, as a result of fewer COVID-19-related death claims, Severe Illness pay-outs rose by 16%, Disability by 38% and Income Protection by 6%. ![]() These pay-outs comprised of R9.1 billion in individual life and group life claims and R1.9 billion in PayBack and Cash Conversion payments to clients for managing their health and wellness. Discovery Life’s annual claims review reveals a total of R11 billion was returned to its clients in 2022 in claims linked to uncertain, life-altering events and shared-value benefits.
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