This position paper of the Chief Risk Officer (CRO) Forum, a group of professional risk managers from the insurance industry, including AGCS experts, aims at shedding light on the rampant, multi-faceted and often overlooked crisis that is affecting global mental health - with a focus on the potential implications on the insurance industry. Their goal is to provide a clear and up-to-date view of the challenges related to mental health, focused on the impacts on life and non-life insurance underwriting, claims, risk management, as well as on investments and operations.
Mental health conditions are the main cause of disability and early retirement in many countries and a major burden to economies – costing trillions every year. Disability insurance claims experience shows that these conditions have been on the rise for more than a decade. The pandemic has been a catalyst and made it even more so visible that we face an upward trend, both in terms of the number of people affected and the related costs.
The new report from the CRO Forum reflects on the following questions among other things:
- What mental health conditions exist and how are they treated? What are the facts, figures, and associated trends?
- What is the current situation on implications for the insurance industry? How could mental health challenges affect different insurance lines of business, and certain areas with inherent risks such as operations and investment?
- What could be insurers’ wider role? What do stakeholders expect from the industry? How can the industry tackle these mental health challenges?
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