There is direct evidence that the pandemic has adversely affected the mental health of Canadians.
According to a report released by the Canadian Life and Health Insurance Association on the 15th, life, health, and retirement-related insurance claims totaled $113 billion last year, nearly $10 billion more than in 2019.
The association believes that the main cause of the increase in claims is the deterioration of the mental health of customers.
According to the report, a total of $580 million in mental health benefits were paid out last year through individual and group health insurance benefits, a 75% increase over 2019.
Despite the growing importance of mental health-related support, some businesses are ignoring it. According to a study by Benefit Canada, which deals with workers’ pension and health benefits, only 19 percent of Canadian companies increased their support for their employees’ mental health last year, according to a study.
The Bank of Nova Scotia has increased the mental health insurance limit for eligible employees and their dependents from $3,000 to $10,000 per year. Coca-Cola Canada also expanded its mental health insurance coverage from $1,500 to $5,000 per year.
Meanwhile, some insurers are of the opinion that it is difficult to estimate the extent of the pandemic’s damage to Canadians’ mental health from the amount of claims alone.
According to a report by Sunlife Financial, the effects of large-scale disasters such as SARS and Corona on mental health are not immediate.
