Mental illness must be addressed holistically, says Allianz Malaysia

Insurance cannot solve the problem alone, says CEO

Mental illness must be addressed holistically, says Allianz Malaysia

Insurance News

By Gabriel Olano

Amid calls from Malaysian government agencies for insurers to begin covering mental illnesses, Allianz has said that they can only do so much regarding the issue.

“This is an issue that we are looking at and will have to look at because society not only in Malaysia is suffering badly from this issue,” Allianz Life Insurance Malaysia CEO Joseph Gross was quoted as saying by The Star. “What do you define as mental illness? It starts when you are really burning out as a child to get good grades to get to university. This is madness but it is where the world is moving to at large.”

Gross was speaking at a press conference following Allianz Malaysia’s annual general meeting.

“It is a societal issue,” he added. “But you can’t just put it to the insurance companies to solve it. This is not going to happen. You need the medical profession, the government authorities and insurance companies to start looking at solutions. Will there be a full-fledged medical coverage for mental illnesses? Maybe yes, maybe no. I think with anyone who runs a serious insurance company: I don’t think so.”

Gross also said that there might be some companies that will use the mental health issue as a marketing gimmick, and he assured the public that Allianz will not be one of those companies.

Allianz Malaysia CEO Zakri Khir concurred, acknowledging that the insurance industry has no answers to the issue as of now.

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