Posts in January 2022
THE NEED BECOMES MORE OBVIOUS; HOW WILL BENEFIT PLANS RESPOND?
By: Thomas A. McCoy, CLU
One lasting effect of the pandemic, a positive one, is that both employers and employees are becoming more aware of the importance of employee mental health. Support for employees’ mental health is looking more and more like the next universal need in employee benefits plans.
Although certain demographic groups have been especially vulnerable to mental stress during the pandemic, mental health needs transcend age, gender, job functions and income levels. These needs were present before the pandemic and will continue after it ends. The pandemic has simply kick-started the mental health conversation.
Jolee Crosby, head of global L&H underwriting and medical reinsurance for Swiss Re, says it is a “good sign” that consumers’ concern about mental health is on the rise. According to Swiss Re research, almost half (44%) of consumers were already concerned about the issue before the pandemic; now an additional 23% are even more concerned.
By Mark Hollmer
Property/casualty insurers head into 2022 facing “massive” political risks, an expert with the Insurance Information Institute said on Dec. 2. Economic uncertainty will also continue despite recovery trends.
Some exist due to post-pandemic economic fallout, but many others are longstanding or worsening flashpoints in the U.S. and around the globe, noted Michel Leonard, vice president, senior economist and data scientist, and head of the Economics and Analytics Department at III. He spoke during the III Joint Industry Forum 2021 in New York City.
Those risks, when listed together, are substantial. In the U.S., they include labor dislocation and the midterm elections, the continued institutional deadlock in Congress, worsening socioeconomic inequality and far right domestic radicalization. In the U.S. and around the world, these risks encompass anti-vax radicalization relating to the COVID-19 vaccines, far-left industrial sabotage relating to fossil fuels, and conflict with China over Taiwan and Hong Kong.