Some sombre statistics are underpinning growing concerns about mental health globally. According to the World Health Organization (WHO), suicide is the fourth leading cause of death among young people aged between 15 and 29. Depression is now recognised as a leading cause of disability, and severe mental health conditions can cut as much as two decades from people’s life expectancy, says the WHO. Around 25 percent of the global population suffer from mental illness at some point, with two-thirds not receiving the care they need, according to global non-profit health organisation Project Hope.

Maintaining good physical and mental health is equally important. The WHO defines mental health as “a state of wellbeing in which an individual realises his or her own abilities, can cope with the normal stress of life, can work productively and is able to make a contribution to his or her community”.

It is thus not surprising to see mental wellness as one of the key contributors to different Sustainability Development Goals (SDGs). There are many examples and manifestations of mental disorders, such as depression, anxiety, conduct disorder, bipolar disorder and psychosis.

Many factors can result in mental illness or disorder, including genetics, substance abuse, childhood trauma, and physical illness or injury. Recently, a reduction in the stigma associated with mental illness and more vigorous promotion by health authorities are leading to greater awareness and openness to discussing mental health. Another important driver is the COVID-19 pandemic, which is believed by some to have accelerated the already dire global mental health crisis.

Despite increasing awareness and the fact that treatment is generally available and affordable (at least in more advanced societies), the prevalence of mental health issues has worsened over the years. To better gauge the prevalence of mental illnesses and consumers’ attitudes towards preventive measures and post-diagnosis treatments, Peak Re conducted a large consumer survey covering five emerging Asian markets in July and August 2023.

The five markets are India, Indonesia, Malaysia, the Philippines and Thailand. Samples were selected based on household income to focus on the “middle class”. The full report, covering a range of key insurance topics, including mental wellness, critical illness, and cybersecurity, will be available on Peak Re’s website in November 2023.

High but varying levels of prevalence of mental health issues across Emerging Asia

It is well known that when life’s stresses and pressures become overwhelming, the risk of mental and physical problems increases. Our survey shows that respondents perceive most stress coming from work and household finance (Figure 1). The level of stress, overall and from each of the main causes, has increased slightly in 2023 from 2022.

The main concerns associated with mental health issues are the high cost of treatment, followed by a increased risk of suicide, and potential loss of income due to inability to work. While many respondents (those who have symptoms or are being diagnosed) have taken steps to improve their mental wellbeing, including lifestyle changes or prescription medications, a large cohort has not taken any action.

Reasons for inaction include concerns that others will know about their condition, or that they do not consider their mental health problems serious enough to require treatment or other action.

Conclusions

Our survey highlights the prevalence of mental health issues in South and Southeast Asia and some tangible differences between markets.

Of particular concern is that only around half of respondents who have symptoms or are being diagnosed have sought treatments or advice from professionals. The significant lack of treatment is primarily attributed to perception issues, such as the reluctance to be identified with mental health problems or the belief that their conditions aren’t severe enough to warrant treatment.

The cost of treatment typically comes in as the third most important consideration of non-treatment.

October 10 is designated as World Mental Health Day every year to raise awareness of the importance of mental health and to mobilise efforts to make mental healthcare a reality for people around the world.

Insurers can play an important role in supporting global mental wellness. We hope this survey will provide some food for thought for insurers when considering how to close the “mental health protection gap”—in awareness, diagnoses and treatment.

About Peak Re

Peak Reinsurance Company Limited is a Hong Kong-based global reinsurance company. Since commencing operations in 2012, the company has grown steadily to rank 27th among international reinsurance groups in terms of net reinsurance premiums written by S&P in 2022. Peak Re is rated A- by AM Best and offers both property & casualty and life & health reinsurance. Our mission is to modernise reinsurance while supporting the protection needs of the emerging middle classes of emerging Asia and beyond. Our vision is to “be the most valued reinsurer of our clients”. On average, we pay 88 percent of claims within five days. The speed and accuracy of claims payments are critical to safeguarding households and businesses from severe financial strain. Our strategy for the coming years is to strengthen our footprint in emerging Asia, our home, and selectively expand into other emerging regions, to support the rising middle-income class. Since inception, we have developed a balanced and diversified portfolio by line of business and geography, providing clients with innovative and tailored reinsurance, risk management and capital management solutions.

Jasmine Miow is director, South Asia and Southeast Asia at Peak Re. She can be contacted at: comms@peak-re.com

Clarence Wong is the chief economist of Peak Re. He can be contacted at: comms@peak-re.com