Zurich has held its first mental health roundtable, discussing key trends and areas for greater collaboration in the life insurance industry.

Australia and New Zealand CEO Justin Delaney says, based on the insurer’s data, mental health is a critical issue. 

About one-quarter of life insurance applications to Zurich include a disclosure for a mental health condition, and it was the third most common cause of claims last year.

Mental health drives almost one in five claims, and for some Zurich retail life insurance products the proportion is more than one-third, making it one of the most common reasons for claim.

“As a leading global insurer and one of the largest retail life insurers in Australia, Zurich continues to witness the rising and profound impact of mental health issues across the breadth of our diverse customer base,” Mr Delaney said.

“The rich discussion and shared insights from [the recent] forum are an encouraging sign. No one wants insurance to be a barrier to individuals seeking and receiving the appropriate advice or care.

“We hope and expect this biannual roundtable will act as an important advisory mechanism, promoting more meaningful engagement and understanding across both the mental health and life insurance sectors to support improved resilience.”

Alison Calear, co-head of the Centre for Mental Health Research at the Australian National University, says studies show the prevalence of mental health conditions continues to rise, particularly for young Australians.

“The drivers of poor mental health and the changes required to improve it remain very complex,” she said. “Forums like this are an incredibly important opportunity to share unique insights and perspectives in order to adequately address this growing issue.”

Daisy Brooke, CEO of the Mental Health Professionals Network, was also at the roundtable and says it was a fantastic opportunity for stakeholders to collaborate and share insights.