Zurich claims paid in 2023

You probably don’t spend too much time thinking about the valuable protection cover you have in place. You take out your plan and then you put it out of your mind – it’s one less thing to worry about! Well, that is until you need to make a claim. It’s then that you will be glad of the protection plan you have in place.

In 2023, we paid over €87 million in life and serious illness claims and close to €9 million in income protection claims.

Yet it’s what’s behind the numbers that really matters. Paying claims is about people, it is about you. This is why when we receive a claim, each claim is dealt with individually by our dedicated specialists, ensuring that we deliver an honest and fair outcome for every customer. By sharing our claims record we aim to give insights and give you confidence that Zurich is fully committed to being there for our customers at a time when you need us most.Life insurance claims

Life insurance or life cover pays a lump sum to your family or other beneficiaries if you pass away. It is the simplest form of protection available, and it is usually taken out to provide for your family or to pay off your mortgage in the event of death. The most common reasons for insurance claims related to loss of life in Ireland are heart attack, respiratory illness, stroke, and cancer.

In 2023, we paid out €65.1m in death claims and the average age of claimants was 67. Cancer is the principle cause of death – it accounted for 41% of claims in 2023. Cancer and heart-related deaths together accounted for 56% of all life claims.

Serious illness claims

Serious illness cover is a type of insurance policy that pays out a cash lump sum if you get one of the many serious illnesses covered by the plan. Cancer cover is a specific type of serious illness insurance, which covers particular cancer diagnoses only. A cash lump sum paid to you could help remove some of the financial and emotional stress associated with a serious illness – to enable you to take the time off work, to help pay for specialist treatment and/or even to help cover day-to-day household bills such as childcare.

At Zurich, we focus on the strength of our serious illness definitions, and our view is that this is the most important element of any serious illness contract. We’ve always focused on the ‘big three’ – cancer, heart and stroke. Illnesses in these three categories alone accounted for 81% of all our serious illness claims in 2023.

At Zurich, cancer accounts for 66% of all serious illness claims. However, for women, cancer is the cause of 85% of serious illness claims of which over half related to breast cancer. Zurich paid out over €25 million in serious illness claims in 2023.

Income protection claims

If you are unfortunate enough to fall ill or become injured and are unable to work during the term of your plan, you may be eligible to receive a monthly income until you are well enough to work again.

Income protection from Zurich also includes valuable additional benefits such as back-to-work services, a hospital cash benefit and essential activities benefits. The core of our income protection proposition is that it gives you financial resilience, so that you can still pay off your mortgage, cover your household bills and take care of your family when you are unable to earn an income due to injury or illness.

In 2023, Zurich supported over 363 individual claimants and their families, and we are currently paying close to €674,000 per month in income protection claims.

The leading causes of claim for income protection are mental health conditions, cancer, and musculo-skeletal conditions. The vast majority of claimants for mental health related conditions are in their 30s or 40s. Claimants in their 50s and 60s are more likely to claim for musculo-skeletal conditions or cancer.

At Zurich we believe that financial resilience should be at the heart of every financial plan. Financial resilience is underpinned by your income, which is why income protection is so important. Income protection not only protects your current income but also your future income. When you retire, you’ll rely on your pension to replace this income, but to ensure adequate funding at retirement you are dependent on your income now. This is why income protection is key.

Making a claim

Protecting your income or buying life cover is probably not the first thing you think about when planning your financial future. Although life insurance might not be your top priority, it is something you should think carefully about. People get life insurance so that they and their families are protected should they become seriously ill or die, so even though we might not like to think about it, it’s worth considering.

A financial advisor will answer any of your questions and talk you through your options. You can find a financial advisor near you with the Zurich Financial Advisor Finder or our Financial Planning Team can also provide you with more information.

If you need to make a claim, filling out forms, making phone calls and dealing with paperwork will be the last thing on your mind. So, where we can, we have simplified the process. Information on how to make a claim is available here.  

Source: Zurich Life, May 2024