Concerning levels of mental wellbeing have been identified among selected countries, underscoring the need for intervention and attention in this critical area. This emphasizes the role of insurers and employers in addressing these concerns to enhance overall consumer wellbeing. Nearly three quarters of consumers globally see mental wellbeing as their top concern, according to a survey* conducted by GlobalData, a leading data and analytics company.
GlobalData’s latest report “Thematic Intelligence: Health & Wellness in Insurance”, reveals that mental wellbeing is a top concern for 73.1% of consumers globally. Mental health conditions such as stress and anxiety are of particular concern, as they are often stigmatized, leading to barriers in open discussions and accurate reporting of such issues. Despite the prevalence of mental health challenges, insurance coverage and support for mental wellbeing have historically fallen behind physical health services.
Vietnam and Nigeria emerge as the most concerned countries, 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.”
Furthermore, the report also highlights the importance of businesses supporting their employees’ overall health and wellbeing, with a notable emphasis on financial security, mental health, and physical wellness. An uptick in the prioritization of providing employees with mental health and wellbeing initiatives from 21.6% in 2022 to 23.9% in 2023 has been observed, indicating a positive trend in employers providing support to their workforce.
Additionally, 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 wellbeing.
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.”
*GlobalData’s 2024 Q1 Global Consumer Survey was conducted in 42 countries with a total number of respondents of 23,097
