Almost 4 in 5 people in Asia are interested in mental health insurance
Multiple challenges like stigma and cost, however, are hindering most to seek help.
People in Asia are interested in insurance options for mental health, with 76% saying they want to explore insurance to assist them in dealing with mental health challenges, according to a survey released by multinational insurance firm FWD Group.
The survey found that 65% of people in Asia believe mental health will be one of the most critical issues in the coming year, with three in four saying they had experienced (16%) or known someone close (28%) and distant (30%) to them who had suffered from mental health challenges.
However, out of the 65% who do believe that mental health is a critical issue, only one-third are open to seeking external support.
This is because people in Asia place a higher value on self-help rather than seeking outside assistance, only 34% prefer discussing issues openly with others.
The survey also revealed that the cost of treatment is one of the most significant barriers to receiving care for mental health challenges in Asia (40%).
“Whilst it’s great that mental health is gaining more and more awareness, especially in Asia, the stigma and cost of treatment remain barriers for people to seek the help they need,” Sim Preston, Managing Director and Group Chief Operating Officer at FWD Group said.
Preston said that given the cultural and societal stigmas associated with mental health, the survey findings showed that reframing mental health in a more positive way, such as ‘mind strength’, may reduce the stigma attached to the more traditional term and encourage more people in the region to open up about their challenges.
“As an insurer, we also look forward to making mental health protection more inclusive and focused on building mind strength, to enable people to celebrate living,” Preston added.