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COM­PILED BY NEESA MOOD­LEY

CityPress - - Business -

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.

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