Zurich International Life Limited: 8 out of 10 UAE Residents Worry about the Impact of Serious Illness on Savings
- 'The Critical Illness Survey Report' commissioned by Zurich International Life and YouGov gathered responses from more than 500 UAE residents on how they would cope financially if faced with a severe illness
- As many as eight out of 10 respondents were either very or extremely worried that becoming seriously ill would deplete their savings
- More than six out of 10 respondents were very or extremely worried about falling victim to a serious illness in the future
- More than half of the respondents believed they would only be able to manage financially for up to three months if faced with a serious illness
DUBAI, UAE, Feb. 2, 2022 /PRNewswire/ -- Zurich International Life (Zurich), part of Zurich Insurance Group, and YouGov, a market research agency, have released the 'Critical Illness Survey Report' which gathered responses of 502 employed UAE residents aged between 24 – 45 years and without dependents on how they would cope financially should they be diagnosed with a serious illness.
The report also sought to raise awareness of the adverse impact of a critical condition such as cancer or a heart attack on financial security, especially among young professionals. According to the research, more than six in 10 respondents were very or extremely worried about falling victim to a serious illness in the future.
Almost eight out of 10 respondents were either very or extremely worried that becoming seriously ill would deplete their savings with more than half of the respondents stating that they believed they could only manage for up to three months financially faced with a loss of income due to a serious illness.
Dr Khatchik Kinoyan, Chief Underwriter at Zurich International Life, commented, "We commissioned this survey to understand perceptions around financial security in the unfortunate event of suffering any form of critical illness, a growing concern among a very high percentage of young professionals. The process of diagnosis, treatment and recovery from a critical illness could take a long time. A serious illness like cancer or heart attack may result in a prolonged treatment and recovery period. During this time, one may be unable to work which may result in a reduction or loss of income."
The survey findings also identified that only four out of 10 expect to be able to keep their current job or continue to run their business in case of a lengthy treatment or recovery phase with more than half requiring a family member to fly to the UAE to care for them while they recover.
Dr Khatchik continued, "We are conscious that these are difficult situations with implications on physical and emotional but also financial health. We are committed to delivering a brighter future built on informed optimism. Critical illness protection can provide a layer of financial security in scenarios where the majority of medical insurance provided by employers will often only cover treatment costs."
Critical illness protection pays out the insured sum to replace income and provide financial security during a prolonged treatment and recovery period if diagnosed with a severe illness. The money can also cover ancillary costs associated with the illness (such as flying in a family member) and lifestyle changes that employers or personal medical insurance do not cover.
Notes to editor:
A nine-question survey of 502 UAE residents in October 2021 was conducted using the YouGov's proprietary panel as online interviews. Participants were aged 24 – 45 years and either single or married with no children.
Highlights from survey
- 71% of female and 58% of male respondents were either extremely or very concerned about getting a serious illness such as a heart attack or cancer.
- 73% of female and 59% of male respondents know someone who has been diagnosed with a serious illness (67% overall).
- 55% of all respondents believe they would only be able to financially manage up to 3 months off work if they became seriously ill.
- 77% of all respondents were either extremely or very worried that becoming seriously ill would deplete their savings.
About Zurich Insurance Group
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 55,000 employees, it provides a wide range of property and casualty and life insurance products and services in more than 215 countries and territories. Zurich's customers include individuals, small businesses and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company Zurich Insurance Group Ltd (ZURN) is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) programme which is traded over the counter on OTCQX. Further information about Zurich is available at https://www.zurich.com/en
About Zurich International Life Limited
Zurich International Life Limited is a part of Zurich Insurance Group and established in the Isle of Man, which is licensed by the Isle of Man Financial Services Authority with established and registered branches in the UAE licensed by the Central Bank of the UAE, Bahrain licensed by the Central Bank of Bahrain and the Qatar Financial Centre authorised by the Qatar Financial Centre Regulatory Authority. In the UAE, it is registered (Registration No. 63) under UAE Federal Law Number 6 of 2007, and its activities in the UAE are governed by such law. Further information about Zurich International Life is available at https://www.zurich.ae/
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SOURCE Zurich International Life Limited
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