This bi-annual forum is part of Zurich’s broader strategy to improve mental health outcomes for policyholders and respond to the increasing prevalence of mental health conditions in Australia.
Discussions at the roundtable centred on Zurich’s initiatives to use artificial intelligence (AI) in identifying key mental health factors affecting customers. The forum also examined recent academic research and explored the complex drivers behind the rising incidence of mental health issues in Australia.
Attendees focused on how the life and health insurance sectors can better support individuals facing these challenges, with an emphasis on enhancing customer resilience and outcomes.
Zurich CEO for Australia & New Zealand Justin Delaney noted the significant impact of mental health issues on individuals and the broader economy.
“Mental health is obviously a critical issue for individuals, our society, and the broader economy,” he said. “Zurich continues to witness the rising and profound impact of mental health issues across the breadth of our diverse customer base.”
Zurich’s life insurance claims data for 2023 underscores the growing impact of mental health conditions on policyholders.
Mental health was the third most common cause of claims, accounting for 18% of all claims, following musculoskeletal conditions and cancer. The average payout for mental health claims was $118,000. The data also revealed gender differences, with women more likely to file claims related to mental health issues.
These trends are consistent with Zurich’s “Cost of Care” report, which highlighted the substantial lifetime costs associated with managing mental health conditions. The report underscored the importance of early intervention and comprehensive support for those affected.
The significance of the roundtable was echoed by Professor Alison Calear, co-head of the Centre for Mental Health Research at the Australian National University (ANU).
She pointed out the increasing prevalence of mental health conditions among Australians and stressed the need for such forums to facilitate the sharing of insights and the development of effective strategies.
“Research shows that the prevalence of mental health conditions continues to rise, particularly for young Australians,” she said. “The drivers of poor mental health and the changes required to improve it remain very complex.”
Participants in the roundtable also included Belinda Elworthy, CEO of Gotcha4Life Foundation, and Dr Daisy Brooke, CEO of the Mental Health Professionals Network (MHPN), who both emphasised the importance of collective action in addressing mental health within the insurance industry.
The rise in mental health claims is also a key topic at the upcoming Australian Insurance Law Association (AILA) National Conference.
Speakers at the event will discuss the increasing number of psychiatric injury claims, a trend partly driven by reduced stigma around mental health and expanded access to telehealth services during the COVID-19 pandemic.
