New insurance data on mental health revealed

21 March 2019
| By Oksana Patron |
image
image
expand image

The Financial Services Council (FSC) has revealed new life insurance data on mental health as part of its four-year industry-funded data project.

Sally Loane, FSC’s chief executive, said that the project aimed to provide the life insurance industry with a better tool to articulate the number of claims paid and would provide it with a better approach to the collection of aggregate industry data.

According to the Australian Prudential Regulation Authority (APRA) data, $10 billion was paid out across all categories of claim annually.

“Under life insurance disability claims, mental health accounts for 20 per cent, which is second only to accidents,” Loane said.

“Population studies show 22 per cent of all disabilities in Australians result from a mental health condition, similarly, FSC figures show 20 per cent of all disability claims are due to mental health condition.”

The was being collected by KPMG on behalf of the FSC, with data collected from 19 FSC life insurance members contributing.

Life insurance categories included the following:

  • Death;
  • Trauma;
  • Total & permanent disability (TPD);
  • Insurance protection (IP);
  • CCI; and
  • Funeral and accident.
Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

21 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

21 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

22 hours ago