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Mental Well-being Tops Global Concerns, Insurers Urged to Prioritize Support

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A significant concern for mental well-being has been identified among selected countries, highlighting the urgent need for intervention and attention in this critical area. Insurers and employers play a crucial role in addressing these issues to enhance overall consumer well-being. According to a survey conducted by GlobalData, a leading data and analytics company, nearly three-quarters of consumers worldwide consider mental well-being their top concern.

GlobalData’s latest report, “Thematic Intelligence: Health & Wellness in Insurance,” reveals that mental well-being is a top concern for 73.1% of consumers globally. Mental health conditions like stress and anxiety are of particular concern due to their stigmatization, which creates barriers to open discussions and accurate reporting. Despite the prevalence of mental health challenges, insurance coverage and support for mental well-being have historically lagged behind physical health services.

Vietnam and Nigeria Lead in Mental Well-being Concerns, Urging Global Focus on Mental Health Initiatives

Vietnam and Nigeria show the highest levels of concern, with 99% (67.0% extremely concerned) and 91.2% (63.5% extremely concerned) of consumers expressing some degree of concern about their mental wellbeing, respectively. Factors such as societal pressures, economic instability, and limited access to mental health resources contribute to these heightened levels of concern.

Guillaume Anns, Insurance Analyst at GlobalData, comments: “The disparities in concern levels across countries highlight the critical need for prioritizing mental health and wellness initiatives globally. Insurers, employers, and governments must collaborate to increase access to mental health services, raise awareness, and create supportive environments for individuals seeking help.”

The report also underscores the importance of businesses supporting their employees’ overall health and well-being, with a notable emphasis on financial security, mental health, and physical wellness. There has been an increase in employers prioritizing mental health and wellbeing initiatives, from 21.6% in 2022 to 23.9% in 2023, indicating a positive trend in employer support.

Mental Well-being

GlobalData Survey Highlights Need for Improved Mental Health Support from Insurers

GlobalData’s 2023 SME Insurance Survey reveals a concerning trend where both employers and employees assign lower priority to soft support services, such as employee assistance programs and digital wellness tools, provided by insurers to enhance mental and emotional well-being. Anns continues: “This presents an opportunity for insurers to improve communication strategies and promote the benefits of these services effectively to both employers and employees, emphasizing their positive impact on overall wellbeing and productivity.”

Anns concludes: “The survey findings underscore the critical need for increased focus on mental health and wellness initiatives globally, with insurers playing a pivotal role in supporting employers and individuals in addressing these concerns. By investing in mental health programs and fostering a supportive work environment, insurers and businesses will see the benefits. It will enhance employee wellbeing, productivity, and overall societal health within a business and could result in fewer and less severe claims relating to mental health for insurers.”

 

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Resource: GlobalData, June 24, 2024

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