Samsung Life Insurance, Average Cancer Death Benefit per Person 38 Million KRW... Lung Cancer Most Common

Liver Cancer Ranks 2nd in Cancer Death Insurance Claims
12 Trillion Won Paid in Cancer Insurance Over 10 Years

Samsung Life Insurance announced on the 17th that from 2010 to last year, the total amount paid for various cancer-related insurance claims, including cancer diagnosis, surgery, and death, amounted to 12.2708 trillion won.

[Asia Economy Reporter Oh Hyung-gil] Samsung Life Insurance has recently paid nearly 12.3 trillion won in cancer insurance claims over the past 10 years.

Samsung Life Insurance announced on the 17th that the total amount paid for various cancer-related insurance claims, including cancer diagnosis, surgery, and death, from 2010 to last year, amounted to 12.2708 trillion won.

By type of cancer insurance claims, diagnosis insurance claims were the highest over the 10 years at 6.7852 trillion won (55.5%), followed by death insurance claims at 2.2195 trillion won (18.1%), and cancer surgery costs at 1.398 trillion won (11.4%). Additionally, about 320,000 customers were diagnosed with cancer, and 73,000 customers received death insurance claims.

Samsung Life Insurance’s cancer diagnosis and death insurance claims have been steadily increasing. The number of cancer diagnosis insurance claims increased by 24%, from 29,000 cases in 2010 to 36,000 cases in 2019. During the same period, the number of cancer death insurance claims also rose by 13%, from 6,785 cases to 7,643 cases.

The average cancer diagnosis insurance claim and cancer death insurance claim per person have also increased. Samsung Life Insurance’s average cancer diagnosis insurance claim per person rose nearly 15%, from 19.58 million won in 2010 to 22.48 million won in 2019. During the same period, the average cancer death insurance claim increased by 63%, from 23.3 million won to 38 million won.

Regarding cancer diagnosis cases, for men, stomach cancer, colorectal cancer, and thyroid cancer were the most common, while for women, thyroid cancer, breast cancer, and colorectal cancer were the most frequent.

Most cancer diagnoses increased, with pancreatic cancer and lung cancer diagnoses rising sharply for both men and women. Pancreatic cancer diagnoses increased by 119% for men and 173% for women, while lung cancer diagnoses rose by 76% for men and 128% for women.

Separately from cancer diagnoses, the number of cancer death insurance claims was highest for lung cancer, liver cancer, and stomach cancer. Liver cancer, which ranked first with 1,327 cases in 2010, decreased annually to 1,110 cases last year. In contrast, lung cancer cases increased by 26.6% during the same period, reaching 1,432 cases and ranking first in deaths.

There were also significant differences by gender. Men had higher deaths from liver cancer, lung cancer, and stomach cancer, while women had higher deaths from breast cancer, lung cancer, and stomach cancer.

According to the National Cancer Center, although there are differences by age and cancer type, the average annual socioeconomic burden is estimated to be between 50 million and 60 million won. Compared to these cancer insurance claim statistics, the coverage is still insufficient.

A Samsung Life Insurance official said, "With advances in medicine increasing cancer survival rates and the government strengthening coverage for severe diseases, the direct medical cost burden is decreasing, but considering the economic burdens such as leave of absence, unemployment, and business closure caused by cancer onset, sufficient coverage should be prepared," adding, "It is necessary to prepare not only for costs arising from surgery and long-term care but also for the economic difficulties that may occur to families due to income interruption."

This content was produced with the assistance of AI translation services.