The Australian Institute of Health and Welfare (AIHW) noted that 1 in 5 Australians between the ages of 16 and 85 experienced a mental health disorder. The term mental illness or mental disorder covers a wide spectrum of mental health and behavioural disorders, which can vary in both severity and duration.
Considering the number of people in Australia who suffer from a mental illness and the wide spectrum in mental health and behavioural disorders, in 2019 we amended how we underwrite clients with regards to mild cases of mental health.
The aim with the approach was to improve the insurability of mild cases of depressive and anxiety disorders and actuarially justifying the offering of disability cover with a loading or at standard rates without a mental health exclusion.
Our approach is based on a holistic assessment which incorporates the biological and psychosocial risks factors within the combined evaluation of the risk of a relapse of severe symptoms.