Insurance Broker Sector To Study Workers' Mental Health

By Irene Madongo
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Law360, London (April 21, 2021, 5:00 PM BST) -- British insurance brokers launched a study on Wednesday into the state of mental health among the sector's workforce after the first year of the COVID-19 pandemic.

The survey by the British Insurance Brokers' Association, the sector's trade body, was launched with Mental Health in Business — an organization that provides workplace mental health training — and "Insurance Age," a publication focused on the broking community.

The brokers' association said that many workers suffered from mental health problems during the COVID-19 pandemic. The trade body pointed to a study by the Chartered Insurance Institute, another professional body for the sector, which said that almost six in 10 professionals in the industry suffered from mental health problems, such as anxiety and depression, during the crisis.

"The lack of good mental wellbeing is talked about as a hidden pandemic," the brokers' association said. "Before the COVID-19 crisis, we were already facing a mental health crisis, and the circumstances of the last year have tested the emotional and mental resilience of every one of us. The global pandemic changed ways of working, and physical or emotional health concerns have resulted in increased symptoms of poor mental wellbeing for many."

The insurance sector announced measures to help policyholders with their cover as the pandemic took hold. The trade body said that companies gave car and home insurance clients flexibility with their policies.

The European Union's top insurance regulator has also set out steps for the way it expects insurance brokers to handle customers during the pandemic. The European Insurance and Occupational Pensions Authority said insurers should assess whether there is a risk that consumers could be treated unfairly when they might be buying products that no longer offer good value.

--Editing by Joe Millis.

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