More than one third of UK small-to-medium enterprises (SMEs) have, to some extent, increased their support for mental and physical wellbeing since the start of the Covid-19 pandemic, according to a survey by data and analytics company GlobalData. The company added that this comes as 67.8% of people in the UK were found to be at least slightly concerned about their mental wellbeing as a result of the pandemic.
Insurance analyst at GlobalData, Benjamin Hatton 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."
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% in 2020, from 13% in 2019.
According to GlobalData’s report, United Kingdom (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%.
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."
About the survey
GlobalData’s UK SME Insurance survey: 2000 surveyed, July-August 2021.
GlobalData’s Covid-19 Tracker Consumer survey: 500 respondents per country per survey week, March-December 2020, (survey week of December 2, 2020: 67.8% = 21.2% slightly, 27.7% quite, 18.9% extremely concerned).