Australian health trajectory underperforms global peers: Swiss Re

The covid pandemic took a significant toll on wellbeing in advanced markets, with Australia topping the most impacted list as more than a third of Australians say their mental and physical health declined in the past year, a Swiss Re poll found.

Swiss Re’s 2022 Global Covid Consumer Survey found only 16% of Australians polled reported an improvement in both categories while 39% experienced a decline in their mental health and 34% in their physical health. That topped Japan, Germany, France, the UK and US.

“The pandemic has taken a significant toll on mental and physical wellbeing in advanced markets. This was most prominent in Australia and the UK,” Swiss Re said. “With respect to physical health status alone, consumers in Australia, Poland and Mexico seem to have been most impacted, with one in three survey respondents stating their condition worsened during the pandemic.”

The results point to a growing role for insurers to help customers find avenues to improve their mental resilience, it says.

The survey of 11,000 consumers globally also found those polled in Australia, the UK and Germany placed higher emphasis on mental wellbeing to be the top concern for those aged under 50, particularly 18-29 year olds, followed by getting enough sleep and a healthy diet.

Participants older than 50 valued more regular exercise and limited exposure to harmful substances over mental wellbeing.

Healthy sleeping habits were important across age groups.

“This could reflect the anxiety induced by repeated virus outbreaks and the resulting high unemployment rates, particularly among the young,” Swiss Re said. “With age, self-care priorities shift towards physical health.

“That these self-care goals evolve with age is an opportunity for insurers to design cover and services targeted to needs of consumers in different stages of life.”

Asked if they took any medical steps to protect your mental health in the past 24 months, 43% in Australia had – compared with just 27% in Japan – with a quarter consulting a doctor, 17% a specialist and 14% downloading a health & wellness app.

Swiss Re says that globally, the pandemic has led to more online insurance purchases and a greater willingness to share personal health data, especially among the younger generation.

“We must collectively respond to their changing preferences by meeting their expectations of us – multiple digital touchpoints, new products for the new normal, and more efficient underwriting,” Swiss Re CEO Reinsurance Asia Paul Murray said.

Globally, 40% of those covered by insurance said they felt insecure with their existing level of coverage. Those in Australia and Germany felt most secure, with 39% saying so.