Insurance among top sectors driving up workplace mental health claims

The finance and insurance industry, along with government and defence and education sectors, is pushing up 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 as the World Health Organisation declared the end of the covid pandemic is “in sight”, more than two years after the public health crisis broke out.

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

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

“When looking at which industries are driving the volume of active psychological claims, the top three industries are finance and insurance, government and defence, and education,” Chief GM of Personal Injury Julie Mitchell told insuranceNEWS.com.au.

She says the insurer is working proactively with its partners to help them best understand the emerging trends uncovered from its latest workplace mental health research.

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

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

Around two million workers are very likely to consider leaving their organisation in the next 6-12 months, Allianz says.

The insurer has defined the emerging trend of employee disruption as The Workplace Wave, a long-term effect from the pandemic that employers did not consider and are currently experiencing.

“Should this trend continue and costs for these claims increase, we are likely to see a greater impact on organisations, workers’ compensation premiums and the economy more broadly,” Ms Mitchell said.

Allianz is hosting a live Q&A session on October 31 about the research and ways employers can address the disruptions. It is inviting its partners and brokers to join the session.

Click here for The Workplace Wave and here to register for the Allianz Q&A on October 31.