Home / Healthcare/ AIA research reveals Sri Lanka facing critical illness ‘financing gap’

AIA research reveals Sri Lanka facing critical illness ‘financing gap’


Comments / {{hitsCtrl.values.hits}} Views / Tuesday, 10 July 2018 00:00


  • AIA Healthy Living Index 2018 also shows a sharp decline in the number of people who are satisfied with their health 



AIA Group (AIA) has found that people in Sri Lanka face a considerable ‘financing gap’ where savings, current levels of insurance and government health provisions may not be enough to pay for the treatment for critical illnesses (such as cancer, heart disease, diabetes or other serious conditions).

The findings are part of the latest AIA Healthy Living Index Survey (The Survey), the fourth since 2011, which highlights the prevailing health trends, motivations and concerns for individuals and communities across Asia-Pacific. 

In Sri Lanka, 41% of people are concerned about the potential costs of critical illness. When asked to estimate the cost of treatment for heart disease they expect they would have to bear, over one-fifth (21%) estimate an amount that would have serious financial implications for them.

The concern is justified when the expected financing gap is taken into account. For cancer treatment, respondents who think they would not be able to afford treatment expect an average shortfall of 83% of the costs they would have to bear. Across people who cannot afford treatment in Sri Lanka, the financing gap for heart disease is 75% and for diabetes 92% of direct costs. 

Overall, people’s satisfaction with their health and habits in Sri Lanka has declined since the previous AIA Healthy Living Index in 2016. Some 77% of respondents are satisfied with their health, down from 89% in 2016. 

Some 35% of people in Sri Lanka rate themselves positively on the amount of exercise they are getting - down twenty-eight percentage points since 2016. Thirty-five% are satisfied with their frequency of medical check-ups – down 41 percentage points from 2016.

The results are likely to reflect changing expectations about ideal healthy lifestyles and behaviours as much as changing habits. Along with a drop-in satisfaction levels, people are less likely to behave more healthily. On average, respondents in Sri Lanka claim to do 1.4 hours of exercise each week – a decrease from 2.1 hours claimed in 2016. 

Healthy habits can be hard to sustain among Sri Lankans. Only 49% of those who have ever adopted a weight loss scheme continue to use one now. And just 30% of those who have ever joined a gym or fitness class have gone to one in the past four weeks. Meanwhile, technology is proving a positive force for change. Most (56% of all respondents in Sri Lanka) consider health and activity tracking technology to be easy to use and 56% think these devices motivate positive changes in behaviour. That said, only 1% of those surveyed in Sri Lanka have ever tried an activity tracker. 

Commenting on the Survey, AIA Sri Lanka CEO Pankaj Banerjee said, “Most people underestimate the financial impact that a serious illness has on their assets and savings…both in terms of being able to afford the best care and in recovery from a serious illness. It is therefore vitally important for people to be conscious of the need to make healthy lifestyle habits while also ensuring to be well prepared to handle any eventualities. As an insurer, this is where AIA can help, with products, propositions and programs that help you live healthier, longer, better – so you can make the most of life.” 

The AIA Healthy Living Index surveyed 11,000 adults in 16 of our markets and was commissioned by AIA and conducted by IPSOS, a leading consumer research company.

 


Share This Article


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Bright star Imran Khan could well go the way of his predecessors

Saturday, 21 July 2018

Imran Khan, the Pakistani cricket star, anti-corruption crusader and politician, appears to be within reach of his cherished goal of winning the 25 July Pakistan National Assembly (NA) elections and becoming Prime Minister.


Top Cola brand crashing globally; lesson for Sri Lanka

Friday, 20 July 2018

We have heard the age old adage, if a brand is not in line to the trends of a customer, they will cease to exist over time.


Religion and politics: a tale of two hypocrisies

Friday, 20 July 2018

It was the best of times, it was the worst of times; it was the age of wisdom, it was the age of foolishness; it was the epoch of belief,


Sri Lanka’s Trade Information Portal – Bringing local traders one step closer to the global market

Friday, 20 July 2018

Sri Lanka’s traditional lacework famously known as Beeralu is slowly moving into the spotlight of the global fashion industry


Columnists More