Prudential Insurance Claims Payout 2023 and the Importance of Reviewing Your Insurance Policies

Welcome to Prudential’s Insurance Claims Payout 2023.

In addition to a summary of recent claims payout by Prudential Insurance in Malaysia, we highlight the significance of regularly assessing and updating your insurance coverage. We’ll also share some valuable insights and tips to ensure you have sufficient protection for your healthcare needs.

Amount paid by claim type from January to June 2023

Let's begin by looking at the amount paid by claim type from January to June 2023. Prudential disbursed a substantial sum of RM1.13 billion in claims during this period.

This figure represented a 22% increase from the previous year, with most of the claims falling under the medical category, followed by critical illness, personal accident, disability (TPD), and death claims.

Medical claims

Medical claims remain the top category in terms of claim payouts in 2023. In fact, in the first half of 2023, RM826 million was paid out for medical expenses. This represents a significant increase of 30.4% compared to the same period in 2022.

Top 5 medical claim payouts

The top five medical claim payouts of 2023 included:

Claim Type	Amount Paid (RM)	Cases
Breast Cancer	RM28,507,916	5,314 cases
Gastritis	RM21,391,725	6,715 cases
Ischemic Heart Disease	RM24,804,947	2,692 cases
Acute Gastroenteritis	RM17,220,647	6,116 cases
Cataract	RM27,171,180	6,009 cases

Breast cancer remains the highest claims payout for medical insurance, with a 19.3% increase in claims compared to the previous year. The rising cost of medical treatments and hospitalisations is a growing concern, with an estimated average medical inflation rate of 10-15% yearly.

Critical illness claims

Critical illness claims account for a significant portion of the total claim payouts. In the first half of 2023, Prudential paid out RM123 million for critical illnesses, which was a 5.4% increase from the same period in 2022.

Top 5 critical illness claims payout

The top five critical illness claims payouts in 2023 included:

Claim Type	Amount Paid (RM)	Cases
Cancer Disease	RM75,446,400	1,067 cases
Heart Disease	RM29,022,023	381 cases
Stroke	RM7,038,832	97 cases
Brain Disease/Injury	RM2,926,631	50 cases
Kidney Disease	RM5,235,430	172 cases

Cancer diagnoses continue to rise, with a 13% increase in claims during the first half of 2023. It is worth noting that there has been a significant increase in younger cancer patients, particularly in the 21 to 40 age group.

Personal accident claims

Personal accident claims involve unexpected events resulting in bodily injury or death. Prudential paid RM15 million for personal accident claims in the first half of 2023. This was a 12.9% increase from the same period of 2022.

While personal accident claims may not be as common as medical or critical illness claims, they are still essential when reviewing your insurance policies.

Disability (TPD) claims

Disability claims, specifically Total and Permanent Disability (TPD), provide coverage for individuals who cannot work due to a permanent disability. Prudential paid out RM5.4 million for disability claims in the first half of 2023. Having disability coverage is crucial for protecting your financial stability in the event of a disabling condition.

Death claims

Death claims provide financial support to the beneficiaries of policyholders who have passed away. In the first half of 2023, Prudential Insurance paid out RM160 million for death claims, which was a 3.8% increase from the same period in the previous year.

Top 5 causes of death payout

The top five causes of death claim payouts in 2023 included:

Cause of Death	Amount Paid (RM)	Cases
Heart Disease	RM41,090,138	358 cases
Accident	RM14,237,036	124 cases
Cancer Disease	RM36,759,011	487 cases
Pneumonia	RM12,821,897	141 cases
Sepsis	RM7,101,595	132 cases

How to ensure that you have sufficient insurance coverage?

Now that we have discussed the claims payout by Prudential in the first half of 2023 let's explore how one can ensure to maintain sufficient insurance coverage.

Regularly reviewing your insurance policies is crucial to keep up with changing healthcare needs and rising medical costs. Here are some tips to help you:

Assess your current coverage: Review your insurance policies to understand the extent of coverage provided. Evaluate if it meets your current healthcare needs and consider any potential gaps in coverage.
Consider medical insurance plans: Prudential Insurance offers a range of unique medical insurance plans that provide comprehensive coverage for medical expenses. Explore options such as PRUHealth and PRUValue Med to find a plan that suits your needs.
Evaluate medical booster options: Medical inflation is a growing concern, and it is vital to protect yourself against rising healthcare costs. Consider adding medical booster options like PRUValue Med Booster or PRUMillion Med Booster to enhance coverage and protect against medical inflation.
Review policy riders: Policy riders provide additional coverage for specific needs. Assess if you require riders such as critical illness riders, personal accident riders, or disability income riders to enhance your protection.
Consider your life stage: Your insurance needs may vary depending on your life stage. Consider factors such as marital status, dependents, and financial obligations when reviewing your coverage.
Seek professional advice: Consulting with a Prudential Wealth Planner can help you navigate the nuances of insurance coverage and ensure that you have the right protection in place.

Remember, insurance coverage is not a one-time decision. Regularly reviewing and renewing your policies is vital to adapt to changing circumstances and protect yourself and your loved ones.

Conclusion

Prudential's insurance claims payout for 2023 reflects the company's commitment to providing financial security to its policyholders. Understanding the payout statistics is essential to appreciate the value of your insurance coverage.

Regularly reviewing your insurance policies and aligning them with your evolving needs is a proactive approach to protect you and your loved ones. Remember, insurance is not just a financial investment; it's an investment in peace of mind.

Find out more about Prudential’s Claims Payout 2023 here.