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- Critical illness is often viewed as a healthcare challenge, but Allianz Life Insurance Malaysia Berhad (Allianz Life) is calling on Malaysians to recognise it as a financial issue as well, warning that many families remain vulnerable to the economic consequences of serious illnesses long after treatment ends.
The position was outlined at Allianz Life's ‘Beyond Survival: The Journey from Setback to Comeback’ Media Forum, which brought together industry leaders, healthcare advocates and members of the media to discuss the growing financial burden associated with critical illnesses such as cancer, stroke and autoimmune diseases.
Speaking at the forum, Allianz Life Chief Executive Officer, Giulio Slavich, said that while medical advancements have improved survival rates, many Malaysians are unprepared for the financial impact that follows a critical illness diagnosis.
"Critical illness is no longer solely a health issue. For many families, it becomes a financial crisis. Medical treatment may save a life, but the loss of income, depletion of savings and ongoing financial commitments can create lasting challenges throughout the recovery journey," he said.
The concern is supported by Allianz Life's claims experience. In 2025 alone, the company paid RM1.33 billion in claims to Malaysian families, reflecting the significant financial support required when illness and unexpected life events occur.
The data also shows that critical illnesses are becoming more prevalent and are affecting Malaysians at increasingly younger ages. Since 2022, cancer-related critical illness payouts have risen by 29%, stroke payouts by 95%, and heart disease payouts by 22%.
The findings also challenge the traditional perception that critical illness primarily affects older individuals or sole income earners. Allianz Life recorded claims from an 18-year-old university student diagnosed with blood cancer, a 30-year-old graphic designer suffering from kidney disease and a managing director diagnosed with colon cancer.
According to the insurer, 43% of critical illness claimants were women, while 31% were below the age of 40, highlighting that critical illness can impact individuals across all stages of life.
"These statistics remind us that critical illness is not limited to any one group. It affects students, young professionals, entrepreneurs and parents alike. Anyone with a financial life to protect should consider how they would cope if their income were interrupted for months or even years," Giulio added.
The forum also featured insights from Dr. Murallitharan Munisamy, Managing Director of the National Cancer Society Malaysia (NCSM), who highlighted the changing face of cancer in Malaysia and the growing importance of early prevention and awareness.
As Malaysia grapples with rising healthcare costs, medical inflation and increasing incidence of critical illnesses, Allianz Life believes greater awareness and financial preparedness are essential to helping families build long-term resilience.
In line with this commitment, Allianz Life recently launched HealthCover Prime, its latest critical illness solution designed to provide Malaysians with stronger financial protection against the long-term impact of serious health conditions.
Developed in response to evolving customer needs and emerging claims trends, HealthCover Prime aims to support individuals through more than just the treatment phase, helping them manage the financial challenges that often accompany recovery, income disruption and lifestyle adjustments following a critical illness diagnosis.
For more information on HealthCover Prime, visit HealthCover Prime
(L to R) Giulio Slavich, Chief Executive Officer, Allianz Life Insurance Malaysia Berhad; Tammy Lee, Chief Claims and Health Solutions Officer, Allianz Life Insurance Malaysia Berhad; Dr. Murallitharan Munisamy, Managing Director, National Cancer Society Malaysia and Ooi Haw Yun, Chief Product Officer, Allianz Life Insurance Malaysia Berhad in a group photo.
Giulio Slavich, Chief Executive Officer, Allianz Life Insurance Malaysia Berhad delivering his speech at the forum.
Release ID: 89202563
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