The impact of mental illness in our community has never been greater. October is Mental Health Awareness Month and we
at the FSC and KPMG Australia, on behalf of our life insurers, are releasing
some new facts and figures around the load of mental illness when it comes to TPD claims: Total & Permanent Disability claims. Today mental illness is the leading cause of TPD claims in Australia – 24 per cent of claims paid. TPD claims are significantly more complex to assess than other claims. Despite this – of all TPD claims that are finalised KPMG Aust. found that 88 per cent of claims were paid, and when it comes to mental illness, that’s even higher at 91 per cent. These are all new statistics based on data gathered from life insurers in Australia for the first time and they are unsurpassed anywhere in the world. We will continue to gather and analyse even more granular data which will help
inform the development of better products and services when it comes to
life insurance and also inform better policy development particularly when it
comes to mental illness.