For the $44 billion life insurance industry, mental health is proving to be one of its greatest challenges.
One in five Australians will experience at least one bout of mental illness and, according to the World Health Organisation, by 2030 depression will be the biggest health burden, economically and sociologically.
It is understood that mental health claims against CommInsure represent 21 per cent of claims by volume and a whopping 24 per cent of claims paid by dollar value.
It is clear that the life insurance industry is scrambling to cope with Australia’s burgeoning mental health crisis.
And there is evidence that insurers, in trying to reel in mental health-related costs, are unfairly denying people coverage or rejecting claims – often on the basis of flimsy diagnoses or outdated beliefs about mental illness.
The case of a former Commonwealth Bank employee provides a chilling insight into how the bank’s insurance arm delays and dodges paying legitimate mental health claims – even one from one of its own. To read more about the story of Matthew Attwaters case of mental health CLICK HERE.
The 17th International Mental Health Conference will be held at the brand new Sea World Resort Conference Centre on the Gold Coast, QLD from the 11 -12 August 2016.
You are invited to join us as we address the conference theme “Guiding the Change” across the broad spectrum of mental disorders.