The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has highlighted mental health issues within the insurance sector following recent findings from a 2024 wellbeing survey.
The survey’s insights align with a broader trend in the Asia-Pacific (APAC) region, where consumer demand for mental health coverage in insurance policies is increasing, as indicated by new data from YouGov.
The wellbeing survey gathered feedback from over 1,100 insurance professionals, revealing that 90% feel the industry is viewed negatively by the wider Australian public. This perception has impacted 22% of respondents’ self-esteem, with 48% reporting that job-related stress and anxiety have led to a deterioration in their mental health over the past year.
ANZIIF acknowledged the unique pressures that insurance professionals face, including public scrutiny and the need to respond to crisis situations.
CEO Katrina Shanks emphasised that everyone has a responsibility to support each other’s mental health.
“We all have a responsibility to support the mental health of those around us, in our families, friends, workplaces and communities. Only when we take a holistic approach will we make a real difference,” she said.
To address these pressures, ANZIIF has highlighted its mental health support offerings. These include the “Becoming Resilient” development program and the article “Finding the Resilience to Bounce Forward,” which provide tools for insurance professionals to manage stress.
The organisation is also sponsoring the upcoming Young Insurance Professionals Mental Health Seminar on Nov. 21 in Victoria, aiming to promote well-being in the industry.
At the same time, mental health coverage is gaining traction among insurance consumers across APAC, according to a YouGov survey that examined consumer attitudes in four major markets.
The survey found that 18% of respondents consider mental health coverage essential when selecting a health insurance plan, while 41% consider it important but not crucial. About 32% were neutral on the issue, and 9% did not view mental health benefits as necessary.
Consumer demand for mental health insurance was highest in Indonesia, where 28% of participants viewed it as essential, followed by Australian consumers at 21%. Respondents from Singapore and Hong Kong placed a relatively lower priority on mental health coverage but acknowledged its value when included in a plan.
