Suicides have cost group life insurers more than $200 million over a five-year period, at an average cost per claim of $120,410, a new study shows.

The research by SuperFriend and IFS Insurance Services examined data from 13 industry super funds and six major group life insurers, covering 4.1 million members.

Mental illness-related total and permanent disability (TPD) claims cost $147.9 million, with an average cost per claim of $82,960.

Mental illness and suicide comprised about 10% of all insurance claims within super.

Suicides accounted for nearly 26% of male death claims in the 25-34 age group, while 25% of all female TPD claims in the same age group related to mental illness.

SuperFriend is a non-profit mental health foundation formed by the Industry Super Funds group and its insurers.

CEO Margo Lydon says mental health and suicide are risk management issues.

“Mental illness-related claims are one of the few insurance claim types that a [super] fund and its insurer can influence, lessen and ideally prevent if detected early,” she said. “By providing participating funds with tailored reports that track their results against the benchmark, this research aims to help funds better understand and identify where issues are happening.”

Ms Lydon says funds and insurers can use the data to develop early intervention strategies.

“The project does not aim to answer why certain trends have occurred.

“It provides the most detailed analysis yet of what is happening and where it is happening in terms of mental illness and suicide claims.”

Ms Lydon says the research shows the need for member and employer engagement and education, plus early intervention, rehabilitation programs and wellness initiatives.