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44% of income protection claims in finance and insurance due to mental health

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According to Legal & General, group income protection claims for mental health are at their highest in the finance and insurance sector, 44%.

 

The insurer has published an analysis of claims since 2000 with the figures showing that overall, 31% of claims were for mental health issues such as stress and depression, the proportion having increased 6% since 2005.

 

Mining and oil/gas extraction makes the lowest claims for mental health (17%), followed by agriculture/forestry / fishing (20%) and wholesale trade (21%).

 

Using Department for Work and Pensions data, the insurer shows that less than a fifth of employers are taking adequate steps to provide support for stressed employees in the workplace.

 

Diane Buckley of Legal & General says: “Our mental health claim figures show how important it is for employers to help their staff with mental health issues- particularly in the finance and insurance industry.”

Income protection insurance news: 10 February 2012

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