In a first for Hong Kong, insurer FWD rolls out coverage for mental illnesses such as anxiety

A local insurance company controlled by tycoon Richard Li Tzar-kai has launched a new product that addresses the gap in mental health services in the city, offering coverage for mental illnesses such as anxiety and mild depression. 

FWD, which is owned by Li’s Pacific Century Group, along with minority shareholder Swiss Re, on Thursday unveiled a critical illness plan covering 10 types of mental disorders – and around 60 severe diseases, becoming the first insurer to do so in Hong Kong. 

Such private medical insurance plans can help alleviate demand on the overburdened mental health care system in Hong Kong, where 330 psychiatrists are working in the public sector, or 4.5 psychiatrists per 100,000 people, according to the Hospital Authority.

“Mental illnesses are excluded by most medical insurance schemes,” said Chan Kin-por, chairman of the Finance Committee in the Legislative Council, during a phone interview. “Consumers now have a choice.”

Around 1 million people in Hong Kong, or a seventh of the city’s population, suffer from mental illnesses, according to research by the Chinese University of Hong Kong.

The most common disorders were mixed anxiety and depression, the research showed.