Today, we live in a world that increasingly acknowledges the importance of mental health, including both wellness and illness. However, although more people are being prescribed mental health medications these days and the number of mental health counsellors is higher than ever, there appears to be an increased prevalence of mental health diagnoses rather than a reduction. This presents challenges for the insurance industry in assessing the accompanying risks including life, health, disability, and workers’ compensation. Moreover, interconnectivity among other rising risks such as climate change, biodiversity loss, intensifying geopolitical conflicts, and continuous after-effects of the global pandemic is contributing to the rising concerns over new mental health diagnoses.

This article discusses the current state of the mental health epidemic around the globe, new treatment options, preventions, impacts on people’s work lives and implications for the insurance sector.