Are Canada’s P&C professionals burning out?

A majority of Canada’s P&C industry workforce show signs of workplace mental health distress.

A recent Canadian Underwriter survey on mental health finds 79% report feeling ‘significant tiredness, low energy, or problems sleeping,’ while 70% say they experience ‘feeling sad or down.’

The survey lists 15 different symptoms associated with mental health distress, as defined on the Minnesota-based Mayo Clinic medical center’s website. It asked P&C industry professionals if they’ve ever experienced such symptoms, and when. (Multiple responses were allowed, so the percentages don’t equal 100%.)

About half of industry respondents say they feel confusion or lack of concentration (53%); stomach pain, back pain or other unexplained physical ailments (51%); or withdrawal from friends, family or activities (50%).

In all, 836 P&C insurance industry professionals answered CU’s inaugural 2024 Mental Health Survey, which was fielded in August 2024 – right around the time four separate NatCats resulted in 220,000 claims for the industry over a four-week period. The survey was made possible by Allstate Canada.

On the darker side of the spectrum, 17% report excessive anger, hostility or violence. Sixteen per cent report ‘suicidal thinking,’ and 15% cite ‘problems with alcohol or drug use.’

Asked if they felt any of these feelings now, 64% of those surveyed answer, ‘Yes.’ And 63% report feeling these symptoms sometime within the last year.

 

How are people coping?

Despite exhibiting signs of mental health distress, CU’s survey results suggest P&C insurance professionals are too busy to dwell on their symptoms.

Sixty-seven per cent say they’re either ‘never’ distracted at work due to a mental health concern or illness (21%) or were only distracted once or twice a week (46%).

Very few are taking time off to deal with mental health concerns.

Seventy-four per cent say they’ve spent ‘zero’ hours a week consulting resources or medical professionals about a mental health concern. Fifty-eight per cent report taking no time off during the entire year — either paid or unpaid — to address mental health concerns (either their own or someone else’s). And 17% say they’ve taken an extended leave of absence from work related to mental health.

As one P&C professional describes their own situation: “There is no time in the day to obtain these resources, even if they exist.”

 

This article is excerpted from one appearing in the October-November 2024 print edition of Canadian Underwriter. Feature image courtesy of iStock.com/mariusFM77