The Insurance Association of Jamaica (IAJ) says the majority of death claims in the industry are now coming from critical illnesses such as cancers, cardiovascular disease and diabetes, which has triggered a change in life insurance habits over the past three years.

Vice-president of the association, Vernon James says 25 per cent of new policies bought are for critical illnesses, which provide protection against these ailments.

“These conditions can now be managed with the advances in medical science and health care but require resources as the treatments such as chemotherapy — and radiation is expensive,” he pointed out at a recent health seminar held for underwriters and claims administrators, at Terra Nova All-Suite Hotel in Kingston.

The forum is held every two years to bring industry professionals up to date with developments in health and medicine in the island.

He said the country must take insurance more seriously as death, disability and illness can significantly impair the financial resources of even the wealthy, and drive those in lower income categories into poverty.

“Get insurance protection before it is too late. Early detection against these NCDs (non-communicable diseases) are the best defence, and as the Ministry of Health has been preaching we should all seek to know our vital health statistics before we run into the danger zone,” he cautioned.

Last year the industry paid out $20 billion in group health benefits, but only 20 per cent of Jamaicans have health insurance, more than half of whom are public sector workers.

http://www.jamaicaobserver.com/news/critical-illnesses-eating-up-insurance-death-claims_168755