• Tue. Nov 29th, 2022

Insurance among top sectors driving rise in workplace mental health claims – The Professional – Insurance News

ByElla E. Kidwell

Oct 3, 2022

The finance and insurance sector, as well as the government, defense and education sectors, are increasing the volume of active psychological claims, Allianz says.

The insurer provided the details as a new report it released last week says the worst is not over, even though the World Health Organization has said the end of the covid pandemic is ” in sight”, more than two years after the outbreak of the public health crisis.

Allianz says the pandemic has brought “extreme” disruption to the workplace, with employees now starting to have a different perspective on the role of work in their lives.

The pandemic also continues to impact workers’ compensation claims, with the report showing a 17% increase in mental health expense claims since pre-covid.

“When looking at which industries drive the volume of active psychological claims, the top three industries are finance and insurance, government and defense, and education,” Personal Injury General Manager Julie Mitchell told the ‘insurance.NEW.com.au.

She says the insurer is proactively working with its partners to help them better understand emerging trends revealed by its latest research on mental health in the workplace.

The research found that the public health crisis has led to “extreme” disruption in the workplace, with employees now starting to have a different perspective on the role of work in their lives.

About two in five workers surveyed, or 42%, and more than half of managers surveyed believe they have yet to experience the greatest impacts of the pandemic on the workforce.

About two million workers will most likely consider leaving their organization in the next 6 to 12 months, according to Allianz.

The insurer defined the emerging trend of employee disruption as the workplace wave, a long-term effect of the pandemic that employers have not considered and are currently experiencing.

“If this trend continues and the costs of these claims increase, we’re likely to see a greater impact on organizations, workers’ compensation premiums and the broader economy,” Ms. Mitchell said.

Allianz is hosting a live Q&A on October 31 about research and ways employers can deal with disruption. She invites her partners and brokers to join the session.

Click here for The Workplace Wave and here to sign up for Allianz’s Q&A on October 31.