In bringing you financial peace of mind. Our reason is you.
At Prudential, your peace of mind is our priority, reflecting our unwavering commitment to be there when it matters most.
In 2024, we paid RM2.78 billion in claims for medical, critical illness, personal accident, death and total permanent disability, standing by our customers through life’s uncertainties.
Amount Paid by Claim Type
Medical Claims Payout
Overview:
- The top 5 diagnoses were Heart Disease, Breast Cancer, Cataract, Pneumonia, and Gastritis.
- Heart Disease is the top claimed medical condition and is the leading cause of hospitalisation, with treatment costs rising 18% over the past 5 years.
- 30% of cataract-related claims were paid to individuals under 60, highlighting a notable incidence among younger age groups.
Critical Illness
Claims Payout
Overview:
- The top 5 diagnoses were Cancer Disease, Heart Disease, Stroke, Kidney Disease, and Brain Disease/Injury.
- Critical illness is affecting people at younger ages, with 19% of claims paid to those aged below 40.
- 13% of cancer claims were paid to individuals aged below 40.
Death Claims Payout
Overview:
- The top 5 diagnoses were Cancer Disease, Heart Disease, Infectious Disease, Accident, and Old Age.
- Deaths due to sepsis, is on the rise, accounting for 50% of infectious disease claims paid, with total payouts reaching RM24 million.
- Cancer and Heart Disease remain the top killer, contributing 24% and 18% claims paid out respectively.
Understanding The Rise In Medical Inflation
Medical inflation in Malaysia is projected to rise from 14.9% to 16.4% in 2025, ranking third highest in Asia Pacific. This is driven by two key factors:
1) Rising Hospitalisation Demand
- 1 in 8 Malaysians required hospital care in 2024 - expected to increase to 1 in 6 by 2029.
Why the rise?
- Non-Comunicable Diseases (NCDs): Heart disease, cancer, diabetes, and chronic respiratory conditions remain top health burdens.
- Infectious Diseases: Tuberculosis, dengue, HIV, and COVID-19 continue to resurface.
- Earlier Onset: Serious illnesses are affecting younger Malaysians — 30% of cataract claims are from those under 60; 13% of cancer claims from those under 40.
2) Rising Treatment Cost
Average treatment cost rose 43% from RM7,000 (2019) to RM10,000 (2024) — projected to hit RM14,000 by 2029.
Key drivers:
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Ageing population: 15% of Malaysians will be 60+ by 2030.
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Costly medical tech: High prices for imported drugs and treatments.
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System inefficiencies: Fraud, waste, and abuse in cashless healthcare facilities.