CLAIM STATISTICS INSIGHTS 2015

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1 CLAIM STATISTICS INSIGHTS 2015

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3 CLAIM STATISTICS INSIGHTS Insights to help you choose We are committed to making a difference in our customers lives. Helping you understand your risk needs is our priority. Providing you with the insights to make appropriate choices is non-negotiable to us, which is why we were the first to publish our claim statistics in 2006 and have done so ever since. R25 billion in claims paid over the last ten years 2006 R1.13 billion 2007 R2.39 billion 2008 R2.03 billion 2009 R2.22 billion 2010 R2.57 billion 2011 R2.60 billion 2012 R2.33 billion 2013 R2.72 billion 2014 R3.02 billion 2015 R3.57 billion In 2015 the biggest claim paid was R67 million. Since 2003 Liberty has been the largest writer of new risk business for 12 years in a row, according to the Swiss Re Individual Market Risk Volumes Survey.

4 3 CLAIM STATISTICS INSIGHTS 2015 Delivering on our commitments In 2015 we paid claims to the value of R delivering on our commitment to protect you, your family and your business against life s uncertainties R2.48 billion was paid for life protection R678 million was paid for critical illness protection R407 million was paid for income protection R3.57 billion Top 5 claim causes constitute 64.9% of all claims 24.9% Cancer Cardiac and cardiovascular conditions Central nervous system conditions and strokes Respiratory diseases and disorders 3.7% 6.2% 8.0% 22.1% Motor vehicle accidents

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6 5 CLAIM STATISTICS INSIGHTS 2015 Who do you identify with? This year we show our statistics by customer group, providing more detailed insight into what other people like you are buying and what they have claimed for. Young achiever You live life by your own terms and have the freedom to follow your own path. As you progress from your early twenties to thirties, you are establishing your career and are excited to apply the knowledge you have gained to make a positive impact in the world. You have grown up using the web and technology in your daily life. Building your personal wealth is your priority. Young parent You may be starting a family of your own and now realise that there is more to life than your personal ambition. You are consumed by the experience of taking responsibilities for another be that a spouse or a child. Sometimes you are forced to put your future plans on hold as you juggle your day-to-day priorities.

7 CLAIM STATISTICS INSIGHTS Established provider While at the peak of your career, you want to ensure that your family s needs are well taken care of. You may find yourself stressing about providing the best for your family. You are fascinated by how fast technology is evolving and how fast your children adapt to these changes. You are starting to worry about providing for a comfortable retirement. Empty nester You are experiencing a new sense of freedom as you start to wind down your career, simplify your life and realise your children are capable of standing on their own two feet. There are suddenly more hours in a day and you enjoy the time to reconnect with your spouse or plan that holiday you always wanted to go on. To gain more insight on what other people like you have claimed for, visit

8 7 CLAIM STATISTICS INSIGHTS 2015 Providing cover that suits your needs Our risk cover solutions ensure that your commitments to your dependants are met when you no longer can. Grouped into four main categories, our benefits are designed to: Pay a lump sum to your beneficiaries in case of your untimely death with life protection. Help you maintain your quality of living by providing a cash payment following the diagnosis of a critical illness or impairment with lifestyle protection. Protect your future income against unforeseen disability with loss of income protection. Help keep your cover in place by paying your premiums in times when you are unable to do so with policy protection. Benefits bought in 2015 Life protection Loss of income protection Life protection was the most popular benefit, purchased by 9 out of 10 customers in % 43% of customers bought fully comprehensive cover. Lifestyle protection Distribution of claims The majority of claims paid were for life protection, amounting to R2.48 billion - 70% of the total amount paid and 57% by number of claims. The amount paid towards lifestyle protection increased by 50% compared to 2014 although the proportion of claims remained similar. This indicates that the average claim amount for lifestyle protection increased. Claims paid by benefit category Claims paid by gender Life protection 57% Lifestyle protection 28% Loss of income protection Policy protection 14% 1% 71% 29% 0% 25% 50% 75%

9 CLAIM STATISTICS INSIGHTS Claims paid by benefit category to each customer group The proportion of loss of income protection claims is the highest for young achievers compared to other groups. Among young parents and established providers, lifestyle protection makes up a more significant proportion of claims as the likelihood of critical illnesses increase. Empty nesters needs for income and lifestyle protection reduce as they approach retirement and settle their outstanding debts. Life protection Lifestyle protection Loss of income protection Policy protection Young achievers 18% Young achievers 36% Young parents Established providers 27% 42% 28% 17% 47% 32% 32% 30% 43% 3% 2% 30% 2% 3% 39% 2% 2% 1% 1% 36% 28% 9% 21% 8% 26% 17% 41% 46% Young parents Established providers 61% 70% Empty nesters Empty nesters Claims for natural causes change with age Motor vehicle accidents are among the top claims causes for young achievers. Claims as a result of illness increase in proportion to accidental causes as you age. Young achievers Young parents Established providers 61% 27% 12% 76% 19% 5% 88% 8% 4% Empty nesters 91% 6% 3% Natural causes Unnatural causes Motor vehicle accidents

10 9 Young achievers You live life to the fullest and are driven to succeed. Your future income is your biggest asset and protecting it should be a key priority. You have a wide range of potential risk cover needs originating from buying your first house, getting married or starting a family. What young achievers bought in 2015 Young achievers recognise the importance of income and lifestyle protection. They also appreciate that life protection can be used to settle outstanding debts should they pass away. Recognising their broad insurance needs, 53% bought a policy which incorporated all three benefit categories. Life protection 53% Loss of income protection Lifestyle protection What young achievers claimed for in 2015 The majority of claims paid for young achievers were for loss of income protection, mostly due to retrenchment. Claims paid by benefit category Claims paid by gender Life protection 29% Lifestyle protection 31% Loss of income protection Policy protection 38% 2% 62% 38% 0% 25% 50% 75%

11 10 58% of claims paid to young achievers are attributable to the top 5 causes 15.9% Retrenchment 13% 12.3% 21% 13% Cancer 16% 11.9% Motor vehicle accidents was the third largest claim cause overall and the main claim cause for men. 12% 5% 8% 7% 9.7% 14% 9% Central nervous system conditions and strokes 8.3% Musculoskeletal diseases and disorders Distribution of claims for each cause by benefit category 86% of all retrenchment claims led to a payment under loss of income protection and the balance under policy protection. Most cancer claims are paid under lifestyle protection. Life protection Lifestyle protection Loss of income protection Policy protection Retrenchment Cancer Motor vehicle accidents Central nervous system conditions and strokes Musculoskeletal diseases and disorders 0% 20% 40% 60% 80% 100%

12 11 Young parents You are more established in your career and despite earning a stable income, you may be experiencing increasing household expenses. The realisation that you are responsible for the lives of others adds more pressure and further increases the importance of having comprehensive risk cover in place. What young parents bought in 2015 Your need for comprehensive cover usually has to be balanced with the level of cover that you can afford. You are driven to provide for your family and look after their financial wellbeing. You may already have income protection and therefore increasing your life cover may be a priority. Life protection Loss of income protection 9 out of 10 young parents bought life protection and 44% bought a policy which incorporated loss of income, lifestyle and life protection. 44% Lifestyle protection What young parents claimed for in 2015 The majority of claims paid for young parents were in respect of lifestyle protection and life protection. This reflects the fact that the incidence of critical illnesses becomes a reality as you get older. Claims paid by benefit category Claims paid by gender Life protection 35% Lifestyle protection 35% Loss of income protection Policy protection 27% 3% 62% 38% 0% 25% 50% 75%

13 12 60% of claims paid to young parents are attributable to the top 5 causes 22.5% 15% Cancer Largely driven by female breast cancer claims. 20% 14.5% Cardiac and cardiovascular conditions was the biggest risk factor for men. 34% 8.0% 9% 6% 5% Central nervous system conditions and strokes 8.0% Retrenchment 6% 12% 12% 6% 7.4% Musculoskeletal diseases and disorders Distribution of claims for each cause by benefit category More than half of claims paid as a result of cancer and cardiovascular conditions were made under lifestyle protection. Life protection Lifestyle protection Loss of income protection Policy protection Cancer Cardiac and cardiovascular conditions Central nervous system conditions and strokes Retrenchment Musculoskeletal diseases and disorders 0% 20% 40% 60% 80% 100%

14 13 Established providers While you may be seeking more adventure, looking after your dependants and securing a comfortable retirement are equally important to you. Although many established providers may have already secured essential insurance cover earlier, the increase in disposable income and quality of life for you and your family are worth protecting. What established providers bought in 2015 Most established providers bought life protection to ensure their loved ones are well looked after. Many also chose to buy income protection and lifestyle protection, acknowledging the impact which accidents and illnesses could have on their own lifestyles. Life protection Loss of income protection 1 in 3 bought a policy which incorporated loss of income, lifestyle and life protection. 33% Lifestyle protection What established providers claimed for in 2015 Fewer retrenchments and the increasing risk of health problems means that income protection claims make up a smaller proportion of overall claims compared to younger lives. While death made up 44% of claims, the relative risk of suffering a critical illness is the most significant for established providers where it makes up 37% of all claims. Claims paid by benefit category Claims paid by gender Life protection 44% Lifestyle protection 37% Loss of income protection Policy protection 17% 2% 66% 34% 0% 25% 50% 75%

15 14 65% of claims paid to established providers are attributable to the top 5 causes 26.9% 23% Cancer Prostate cancer is the most prevalent cause for men and breast cancer for women. 21.1% Cardiac and cardiovascular conditions was the biggest risk factor for men. 35% 5% 6% 10% 28% 8.7% Central nervous system conditions and strokes 8% 6% 4% 4.3% Motor vehicle accidents 1% 4.3% Musculoskeletal diseases and disorders Distribution of claims for each cause by benefit category Altogether, 98% of claims for motor vehicle accidents were paid under life protection, compared to young achievers where it led to proportionally more loss of income protection claims. Life protection Lifestyle protection Loss of income protection Policy protection Cancer Cardiac and cardiovascular conditions Central nervous system conditions and strokes Motor vehicle accidents Musculoskeletal diseases and disorders 0% 20% 40% 60% 80% 100%

16 15 Empty nesters You are looking forward to your golden years knowing that your dependants are now well established and becoming increasingly independent. As you work hard to settle any outstanding debts, your focus is shifting to protecting your retirement savings and the increasing cost of medical care. What empty nesters bought in 2015 There is a reduced need for income protection as you approach retirement although an impairment or critical illness could still have a significant impact on your lifestyle. The associated costs of a caregiver and other assistive devices also threaten to erode your savings. This has led many empty nesters buying additional income and lifestyle protection. Life protection 11% Loss of income protection Only 1 in 10 empty nesters bought a policy with all three benefits due to the fact that many already have comprehensive cover. Lifestyle protection What empty nesters claimed for in 2015 With empty nesters needs for income and lifestyle protection reducing we see fewer claims for these benefits compared to other groups. Claims paid to men relative to women increased in comparison to other customer groups, partly due to a historic bias for men to buy life insurance. Claims paid by benefit category Claims paid by gender Life protection 68% Lifestyle protection 23% Loss of income protection Policy protection 8% 1% 75% 25% 0% 25% 50% 75%

17 16 70% of claims paid to empty nesters are attributable to the top 5 causes 25.6% Cancer Prostate cancer is the most prevalent cause for men and breast cancer for women 23% 25.3% 33% Cardiac and cardiovascular conditions 4% 8% 8% 28% 7.9% Respiratory diseases and disorders 7.6% 16% 8% 8% 4% Central nervous system conditions and strokes 3.6% Urogenital disorders Distribution of claims for each cause by benefit category Altogether 9 out of 10 claims paid as a result of respiratory diseases and disorders were made as a result of death. Life protection Lifestyle protection Loss of income protection Policy protection Cancer Cardiac and cardiovascular conditions Respiratory diseases and disorders Central nervous system conditions and strokes Urogenital disorders 0% 20% 40% 60% 80% 100%

18 17 How cancer may affect you Cancer is the leading cause of claims paid in 2015 across genders, although the type of cancers leading to claims differ between men and women. It may lead to loss of income due to the inability to work, necessitate expensive lifestyle changes or lead to death. Our comprehensive benefits can cover you for all eventualities. 1 in 4 claims paid were as a result of cancer. Top 4 cancers for men Proportion of male cancer claims Top 4 cancers for women Proportion of female cancer claims Prostate cancer 19% Skin cancer 6% Colon and rectal cancer 5% Brain cancer 5% Breast cancer 34% Colon and rectal cancer 5% Endometrial cancer 5% Skin cancer 5%

19 18 1 in 5 claims received from men were due to cancer. Proportion of cancer claims by customer group Distribution of cancer claims by benefit category Young achievers 13% Young achievers Young parents Established providers Empty nesters 15% 23% 23% Young parents Established providers Empty nesters 0% 5% 10% 15% 20% 25% 30% 35% 0% 20% 40% 60% 80% 100% Life protection Lifestyle protection Loss of income protection Policy protection 1 in 3 claims received from women were due to cancer. Proportion of cancer claims by customer group Distribution of cancer claims by benefit category Young achievers 12% Young achievers Young parents Established providers Empty nesters 34% 35% 33% Young parents Established providers Empty nesters 0% 5% 10% 15% 20% 25% 30% 35% 0% 20% 40% 60% 80% 100% Life protection Lifestyle protection Loss of income protection Policy protection

20 19 Effects of heart-related conditions Cardiac and cardiovascular conditions are the second largest claims cause for These conditions affect genders differently and the severity thereof changes with age. In 2015 men had experienced more heart-related conditions than females. Our comprehensive benefits can provide you with cover for cardiac and cardiovascular conditions no matter how it affects you. 1 in 5 claims paid were as a result of cardiac and cardiovascular conditions.

21 20 1 in 4 claims received from men were due to cardiac and cardiovascular conditions. Proportion of cardiac and cardiovascular claims by customer group Distribution of cardiac and cardiovascular claims by benefit category Young achievers 9% Young achievers Young parents Established providers Empty nesters 20% 28% 28% Young parents Established providers Empty nesters 0% 5% 10% 15% 20% 25% 30% 35% 0% 20% 40% 60% 80% 100% Life protection Lifestyle protection Loss of income protection Policy protection 1 in 10 claims received from women were due to cardiac and cardiovascular conditions. Proportion of cardiac and cardiovascular claims by customer group Distribution of cardiac and cardiovascular claims by benefit category Young achievers 6% Young achievers Young parents Established providers Empty nesters 6% 8% 16% Young parents Established providers Empty nesters 0% 5% 10% 15% 20% 25% 30% 35% 0% 20% 40% 60% 80% 100% Life protection Lifestyle protection Loss of income protection Policy protection

22 21 CLAIM STATISTICS INSIGHTS 2015 Committed to paying claims We are committed to provide you with full security in the knowledge that we are committed to paying all valid claims. Unfortunately some claims submitted to us in 2015 were invalid for a number of reasons. 96.1% Claims submitted that are valid claims and have been paid. 3.2% Condition claimed for did not meet the claims requirements specified in the policy documents. 0.5% Policyholder did not disclose important information at the application stage of the policy. 0.1% Claim event was specifically excluded in the policy documents. <0.1% Deferred claims, where it is not yet clear whether the claim is valid or not and a claim cannot be made until this is determined.

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24 For more information please contact your Liberty financial adviser or broker, contact our call centre on or visit Liberty Liberty Group Limited Registration number 57/02788/06 Ameshoff Street, Braamfontein PO Box 10499, Johannesburg 2000 Disclaimer The information contained in this document does not constitute advice by Liberty. Any legal, technical, or product information contained in this document is subject to change from time to time. This document is a summary of the features of the products as at the time of publication. If there are any discrepancies between this document and the contractual terms and conditions, the latter will prevail. Any recommendations made must take into consideration your specific needs and unique circumstances. Risk products are underwritten by Liberty Group Ltd. Liberty Group Ltd is an Authorised Financial Services Provider in terms of the FAIS Act (no 2409). Liberty Group Ltd All rights reserved.

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