Mental health in Singapore: insurance can help bridge the protection gap
From 2020, Swiss Re Institute has conducted a series of research on the topic of mental health to understand attitudes towards mental health and associated insurance coverages for adults and children in in key markets including Australia, Canada, France, Germany, Japan, Korea, Singapore, Thailand, UK and the US. This report focuses on Singapore, based on survey and interviews conducted from March to May 2021.
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The findings show that adults in Singapore generally view mental health as the most important aspect of personal wellbeing, and mental wellness is highly positively correlated to satisfaction in broader personal life. About two thirds (65%) of parents also see mental wellness as pivotal to their children's development.
We find 30% of consumers are very open to private mental health insurance while 54% are somewhat open, bringing the total share with an open attitude to 84%. Four preferences for insurance product-related features stand out. Consumers are keen to be covered for severe and prevalent conditions such as major depressive disorder, anxiety disorder and bipolar disorder. For children, cover for developmental conditions, like attention-deficit hyperactivity disorder are parents' primary concern.
Read the full report to find out more.
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Xin Dai
Sharon Yiu
Oi Yee Chan
