New research suggests the state of mental health within the insurance industry is dire.

Widespread stress and anxiety were reported in survey conducted by AXIS Capital Holdings Limited in partnership with the Harris Poll in conjunction with Mental Health Awareness Month.

The survey, conducted last month, took place as economic volatility, rising geopolitical tensions, extreme weather, cyber threats and technology disruption including artificial intelligence (AI) impacted employees in the industry.

The findings are based on online interviews with 405 full-time insurance professionals spanning the United States (305 participants) and United Kingdom (100 participants), according to the global specialty underwriter and reinsurer.

• Nearly 9 in 10 (88 percent) insurance employees acknowledge widespread stress and anxiety in the industry.
• About 8 in 10 (77 percent) insurance employees mention seeking mental health support for themselves in the past year.
• Younger employees (82 percent among 18-34; 81 percent among 35-44) did so significantly more than older (45+) employees (64 percent).

The survey found that stress levels are rising in sync with workload, particularly in the UK, where 82 percent of employees report increased stress and anxiety levels over the past 12 months, compared to 60 percent in the U.S. Correspondingly, 84 percent of UK employees and 69 percent of U.S. employees have experienced an increase in workload over the past year.

8 in 10 (80 percent) feel insurance trails other industries in prioritizing mental health initiatives and 76 percent feel these issues are not talked about enough (87 percent in the UK, 72 percent in the U.S.).

“As we are all experiencing across both our professional and personal lives, we’re living in a period of transcendent change and transformation. The findings from the AXIS/Harris Poll research show that this is taking a toll on insurance and risk management professionals,” says AXIS President & CEO Vince Tizzio. “Prioritizing mental health is a crucial mandate for business leaders, and it begins with acknowledging and addressing the mental health challenges our teams are experiencing so that we can support and enable a resilient and productive workforce.”

While employees are generally satisfied with their work model (88 percent), work-life balance (75 percent), and ability to focus at work (82 percent), they are less satisfied with their employer’s mental health resources (64 percent) leaving them often underutilized or undervalued.

The resources found to be most helpful are flexible work arrangements (53 percent), mental health days (45 percent), and financial wellness programs (43 percent), research showed.

Nearly half (46 percent) of UK insurance employees say they are not able to manage their workplace stress/anxiety with their employer-provided benefits (compared to only 22 percent of US employees).

“The data clearly shows that our colleagues are seeking empathy, open communication, and benefits regarding mental health needs in the workplace,” says Lisa Pariot, AXIS chief people officer. “At AXIS, we recognize this and strive to provide the right resources and support for our teammates–not just through our benefits but also in our culture.”