31% of claims now down to problems such as stress, depression and anxiety
Mental health issues are behind a significant rise in claims in group income protection (GIP) schemes, according to an analysis of its own data by Legal & General.
Almost a third (31%) of GIP claims received by L&G since 2000 were for mental health issues. The rate has risen by 6% since 2005.
The insurer said that GIP claims for mental health issues are highest in the finance and insurance sector, with 44% of claims, 13% higher than the average. Rates were lowest in the mining and oil & gas extraction sector.
The insurer said the statistics seem to support research from the Health & Safety Executive which estimates that 10.8 million working days were lost in 2010/11 to mental health issues such as stress, depression and anxiety.
Diane Buckley, managing director of Legal & General Group Income Protection, said that the coming months will see the insurer publish analyses which examine notifications for arthritis; back problems; cardiovascular; chronic fatigue syndrome; digestive; musculoskeletal; nervous system; respiratory and cancer.
“Keeping our claims transparent will further aid our efforts to get individuals back into work,” she said.