“Cancer is one of the main drivers of claims in Life & Health insurance. Every year, more than 20 million people are diagnosed with cancer and about 10 million people die from it worldwide. How can we address this increasing challenge of cancer? There are links between metabolic risks and many kinds of cancer, such as tumors in the uterus, pancreas, colorectum, breast, ovaries, and stomach, among others. Metabolic risks include high insulin levels (insulin resistance) and type 2 diabetes, obesity, and lack of physical activity.” — John Schoonbee, Global Chief Medical Officer, SwissRe.
The stark reality of cancer’s impact, as articulated by John Schoonbee, is a pressing concern not only globally but also in South Africa. Here, the fight against cancer is critical, with the disease representing a significant burden on our healthcare system, as well as on the lives of individuals and families.
The Cancer Landscape in South Africa
In South Africa, cancer is a leading cause of mortality, affecting people across all demographics. According to the Cancer Association of South Africa (CANSA), cancer incidence rates in the country are on the rise. It is estimated that one in four South Africans will be diagnosed with cancer in their lifetime. With over 100,000 new cases diagnosed each year, the need for effective cancer prevention, early detection, and treatment strategies has never been more urgent.
The most common cancers in South Africa include breast, cervical, prostate, colorectal, and lung cancer. These cancers are not just medical challenges; they also have profound social and economic implications. For instance, breast cancer remains the most prevalent cancer among South African women, with a significant number of cases diagnosed at an advanced stage due to limited access to screening and healthcare facilities.
Your Health: The Ultimate Investment
In the realm of finance, we understand that investments are made with the expectation of a return. But when it comes to health, the stakes are even higher. Without health, one’s capacity to enjoy life or even continue working and supporting loved ones is compromised. As financial professionals, we must recognize that the most critical investment any individual can make is in their health.
When people are denied medical treatment despite having invested in medical insurance or aid, it can lead to catastrophic financial consequences, not to mention the emotional and physical toll on the individual and their families. This is where the financial services, healthcare, and retirement industries can make a profound impact through strategic partnerships.
Championing Project ASK: A Beacon of Hope
Whether you are a financial planner or advisor, a group Human Resource Manager managing employee benefits or an ordinary member of a medical aid, it can often be overwhelming to see a claim rejected and not have the tools or expertise to respond in an informed manner.
One initiative that is making a tangible difference in the fight against cancer is Project ASK, spearheaded by not-for-profit advocacy group Campaigning for Cancer. Project ASK focuses on advocating for patients who have been denied access to life-saving cancer treatment. The initiative provides critical support by navigating the complex healthcare system to secure the necessary treatment for patients who would otherwise be left without options.
In 2023 alone, Project ASK handled 94 cases. Of these:
- 48 patients successfully gained access to treatment which was previously denied
- 10 cases were abandoned by patients
- 5 patients tragically passed away
- 29 cases were deemed to have no likelihood of success
These numbers highlight both the challenges and the successes of the initiative. Every case where access to treatment is secured represents a life potentially saved and underscores the importance of such advocacy efforts.
A Call to Action
Combined annual spending across the public and private healthcare sectors now top R500bn per annum in South Africa. While there is a degree of awareness around the impact of Cancer on both individuals and the economy, there is still much work to be done.
Financial professionals, particularly those in the healthcare and retirement sectors, have an opportunity to partner with initiatives like Project ASK to establish support resources for their clients and stakeholders. By doing so, they can ensure that their clients, who have diligently invested in their health through medical aid and insurance, receive the treatment they deserve.
Emma Montocchio is head of Decusatio Impact Investment Solutions, a South African advisory business supporting impact projects across healthcare, energy and water.
