COMPILED BY NEESA MOODLEY
EAST RAND DECLARED A CATASTROPHE ZONE
The East Rand has been declared a natural catastrophe zone by insurers after heavy rainfall and flash floods caused extensive damage to vehicles and property in the vicinity of Linksfield and the Gillooly’s interchange on Wednesday last week.
Mandy Barrett, manager of personal lines marketing and sales at Aon SA, says that by lunchtime on November 10, more than 150 claims had already been lodged in Aon’s call centre, and they continue to pour in.
“Some insurers have set up facilities at salvage yards for vehicles that were submerged to be immediately assessed. Huge property losses have also been incurred, especially in the vicinity of the Jukskei River, which burst its banks. While it’s still too early to quantify the extent of the damage, expectations are that it will be significant and that claims handling will be kicked into high gear to deal with the influx,” she says.
According to Aon SA, in the past four years, weather-related claims have cost the insurance industry a staggering R2.5 billion in losses.
MORE CASES OF DIABETES IN RETIREMENT
The number of South Africans who suffer from diabetes is rising, and about 15% of South Africans above the age of 50 suffer from the disease.
Deane Moore, CEO of Just Retirement SA, says it costs government about R12 350 in healthcare costs per patient who suffers from diabetes.
“It is understandable then that Finance Minister Pravin Gordhan has chosen to levy a 20% sugar tax on sweetened beverages from April 1 2017. With medical inflation at about 10% to 12% – far above general inflation – it is common sense that ever more pensioners are feeling it in their pockets,” he says.
MALE CANCER CLAIMS ON THE RISE
Claims figures from Hollard Life consistently show that across critical illness, death and disability income benefits, cancer is the second most claimedfor disease, after heart disease. And of all the male cancer claims, 70% are for prostate and colon cancer.
Other cancers that are not exclusive to men, such as colon/bowel cancer, are increasing in male claims statistics, and are competing head-on with the incidence of prostate cancer.
“Statistics show that the lifetime risk for prostate cancer is one in 26, according to the National Cancer Registry, while testicular cancer is the most common cancer in young men aged between 15 and 39.
Susan Gonnermann, head of claims at Hollard Life, says: “It’s important to know that both prostate and testicular cancers have a very good cure rate if detected and treated early.”
Ryan Chegwidden, product and technical head at Hollard Life, emphasises the importance of understanding the implications of cancer for your financial security, an often emotional and challenging conversation to have with a financial adviser.
“However, given the prevalence of cancer in our modern lifestyles, it’s an important conversation to have with a professional adviser who can help formulate a financial plan,” he says.