Critical illness can cost Malaysians up to RM1.2mil, says Allianz Life
KUALA LUMPUR: Treatment for critical illnesses and related expenses can cost between RM800,000 and RM1.2 million in complex cases, according to Allianz Life Insurance Malaysia Bhd.
In Malaysia, the cost of treating critical illnesses can reach up to RM1.2 million, according to Allianz Life Insurance Malaysia Bhd. CEO Giulio Slavich. The financial burden goes beyond just medical expenses, as patients may face additional costs such as caregiver fees, loss of income, and prolonged therapy. Allianz data reveals that cancer-related claims have surged by 29% since 2022, while stroke and heart disease payouts have risen by 95% and 22%, respectively.
Cancer is the leading diagnosis for critical illness claims, with breast and colon cancers showing consistent growth. Slavich highlights a false sense of security among Malaysians and an underestimation of the overall financial impact of critical illnesses. He emphasizes that one in five Malaysians could face financial hardship due to medical expenses, while six in ten might struggle to raise RM1,000 in an emergency.
Slavich points out that the country's protection gap is exacerbated by the financial burden often extending beyond hospitalization. He stresses that ongoing treatment can incur significant costs, along with potential income loss. Rising medical inflation further compounds the issue, increasing the price of treatment and recovery.
Allianz Life has introduced HealthCover Prime, a health protection solution aimed at offering broader financial security against healthcare and critical illness risks. The insurer is also expanding its Discovery Health platform to support prevention, healthcare navigation, and recovery.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
