The Insurers Federation of Egypt has recommended a comprehensive review of the design of insurance products to include mental health coverage as an integral part of medical insurance, life insurance and income protection against disability.
In its weekly bulletin issued on 15 February, the IFE said that the ultimate goal is to create flexible solutions that balance the growing needs of the insured and the financial solvency of companies.
“Mental health is no longer just a secondary medical issue, but has become a fundamental pillar of economic and social stability that should top the list of priorities for the insurance sector. Moreover, the role of insurance companies today goes beyond the traditional function of compensation to creating a safe environment that ensures the sustainability of human productivity,” the bulletin said.
The future of the insurance industry is closely linked to the shift from a loss-response approach to a proactive prevention approach. This necessitates that companies adopt the latest digital technologies and health applications that enable early intervention and immediate monitoring of mental health disorders, added the IFE. This approach transforms insurance companies into active partners in the mental health sector.
According to the bulletin, on the technical level, the emphasis is on the importance of joint work to collect and analyse data related to psychological risks more accurately and systematically. The availability of strong and comprehensive databases is the key to enabling actuaries to set fair and scientifically sound pricing.