The analytics company noted that this comes as 67.8 per cent of people in the UK were found to be at least slightly concerned about their mental wellbeing as a result of the pandemic.
Benjamin Hatton, Insurance analyst at GlobalData, commented: ‘‘It is refreshing to see that a healthy percentage of UK businesses are acknowledging the importance of supporting their employees’ mental health, especially after such a difficult period.
“Some of the support we have seen ranges from establishing a head of wellbeing to paid mental health sick days to mental health cover on private medical insurance. The cost to businesses and insurers for these problems continues to rise, so it makes sense to see so many firms looking to enact such changes.”
Mental health claims more than double
Insurance firm Zurich reported that the proportion of income protection claims made by individuals citing mental health problems in the UK more than doubled to 27 per cent in 2020, from 13 per cent in 2019. According to GlobalData’s report, UK Income Protection Insurance Market to 2025, mental illness-related claims accounted for the largest proportion of paid income protection claims value in 2020, at 32.4 per cent.
Hatton continued: “As the most expensive claim on income protection policies, and with mental health claims becoming more commonplace it is in everyone’s best interests to alleviate these problems.”
However, new research from international health insurer Allianz Partners shows there is still a disconnect between awareness of mental health and willingness to use support services.