Life Insurers Urge Government Action on Mental Health Funding
Life Insurers Urge Government Action on Mental Health Funding
0
Life insurers in Australia have joined forces with mental health advocates to press the federal government to honour its $1 billion pledge for mental health initiatives.
The Council of Australian Life Insurers (CALI) is among the key signatories of an open letter organized by Australians for Mental Health, urging swift action on funding allocation.
The open letter applauds the Albanese government for its significant financial commitment aimed at enhancing mental wellbeing services across the country. It emphasizes the urgency of activating this funding to enable broader access to mental health care for Australians in need. "A thriving economy relies on a comprehensive approach to mental health as an integral component of national wellness," the letter asserts.
As the government prepares to convene a three-day economic roundtable, the letter calls for a collaborative response to the ongoing mental health crisis. It advocates for enhanced resources in both public and private care systems, focusing on early treatment measures. Additionally, bolstering the mental health workforce is highlighted as a critical area for investment.
Christine Cupitt, CEO of CALI, highlights the economic benefits of prioritising mental health interventions. "Addressing the mental health crisis could emerge as the most impactful productivity reform in Australia this decade," Cupitt states, emphasising the role of life insurers in upholding the nation's financial safety net. However, she notes that people often seek insurance support after depleting other options, making recovery and return to work significantly challenging.
Statistics reveal the gravity of the issue, with mental illness ranking among the top causes of temporary and permanent disability for Australians under 30. The Productivity Commission underscores the economic impact, estimating mental health issues cost the national economy as much as $220 billion annually.
This campaign for immediate governmental action reflects a broad consensus within the financial and health sectors that timely investment in mental wellness is both a societal need and an economic imperative.
Published:Tuesday, 19th Aug 2025 Source: Paige Estritori
The Australian Securities and Investments Commission (ASIC) has released findings from a recent review, revealing persistent deficiencies in the direct sales practices of the life insurance industry. Despite heightened scrutiny following the Hayne Royal Commission, challenges remain in several key areas, including product design, sales strategies, remuneration, and customer complaint handling. - read more
Life insurers in Australia have joined forces with mental health advocates to press the federal government to honour its $1 billion pledge for mental health initiatives. The Council of Australian Life Insurers (CALI) is among the key signatories of an open letter organized by Australians for Mental Health, urging swift action on funding allocation. - read more
The Insurance Council of Australia (ICA) has expressed strong support for a Victorian initiative proposing a resilient homes scheme, akin to those currently operating in New South Wales and Queensland. This recommendation emerged from a comprehensive inquiry into climate resilience conducted by Victoria's Legislative Council Environment and Planning Committee, which presented 93 findings alongside 82 recommendations this week. - read more
A recent ruling mandates an insurance broker to pay nearly $300,000 in compensation to a client after an insurer, QBE, declined a fire claim and cancelled the policy due to nondisclosures. The fire, which occurred in October 2022, severely damaged the commercial premises. QBE asserted that they would have denied coverage had they known about asbestos on the property, among other unreported issues. - read more
An insurance dispute arose when a driver was refused coverage for car damage after evidence showed involvement in multiple collisions, contrary to her claim. Initially, the woman filed a claim with Hollard Insurance, stating her car had collided once with another vehicle. However, the situation took a turn when forensic data from in-car technology revealed two separate impacts occurring 11 minutes apart. - read more
Plant and equipment insurance is a specialized type of coverage designed to protect your crucial assets. This insurance typically covers machinery, tools, and various equipment used in the operations of your business. It ensures that, in the event of damage or theft, you won’t face major financial setbacks. - read more
When it comes to running a business, insurance is one of those things that often gets overlooked. However, understanding the different types of insurance is crucial for protecting your business assets and ensuring your peace of mind. Among the many options available, plant and equipment insurance is vital for businesses that rely on machinery and various tools. - read more
Plant and equipment insurance is a specialized form of coverage designed to protect the tools and machinery that businesses rely on for their operations. This type of insurance typically covers various assets, including construction machinery, agricultural equipment, and industrial tools. By safeguarding these critical assets, you can ensure that your business continues to run smoothly even in the event of loss or damage. - read more
Plant and equipment insurance is a specific type of policy designed to protect the tools, machinery, and equipment that businesses rely on for their operations. This insurance safeguards against various risks, ensuring that your essential assets are not a financial burden during unforeseen circumstances. - read more
When it comes to running a small business, particularly in sectors like construction, having the right insurance is essential. This is where plant and equipment insurance comes into play. It protects your valuable machinery and tools, allowing you to focus on your projects without the constant worry of potential financial loss. - read more
Knowledgebase
Underwriting: The process by which an insurer determines the risk of insuring a client and decides the terms of coverage.
