While the State covers most Long Term Care outlay in Australia, the Federal Government’s response to the Productivity Commission report of 2011, the Living Longer, Living Better (LLLB) package of April 2012, has confirmed that individuals who have the means will be required to contribute more than in the past to the cost of care (albeit with certain limits).

Private Long Term Care Insurance (LTCI) markets exist in several other countries (notably the US and France) but the product is absent in Australia.  There are many possible reasons for this, one of which is supply-side reluctance.

This survey will approach relevant senior officers of life insurers, life reinsurers and major financial services consultants active in the Australian market to explore their attitudes to LTCI in the past and looking forward. 

The aims are to:

• Gain an understanding of insurer attitudes towards LTCI in Australia
• Stimulate meaningful reflection as to whether LTCI is a viable private insurance product in the Australian marketplace
• Ultimately, open a dialogue between suppliers and purchasers