Workload and regulations send broker stress levels soaring

Stress levels among insurance brokers are at their highest in five years, a survey has revealed. 
The poll by specialist insurer Ecclesiastical found that 68% of brokers experienced a mental health issue this year, compared to 57% last year. Furthermore, 40% described their stress levels as ‘high’ or ‘very high’ – the biggest percentage since the survey’s launch in 2019.
Heavy workloads were the main reason for stress, reported by 73% of brokers. However, the volume of regulation was the highest contributor for brokers at smaller firms, with 68% mentioning it, and the second biggest factor overall.
Customer demands and dealing with insurers were each cited by 54% as a major source of anxiety. A difficult labour market has also led to staff shortages at 37% of firms.
On a positive note, 91% of respondents felt confident about recognising the signs of poor mental health, while 94% believed they had the tools and techniques to deal with everyday stresses. Just 3% had sought professional mental health support.
A record 79% of brokers felt comfortable reporting mental health issues to their line manager, with 83% of managers taking action. Two thirds of brokerages offered flexible working to support wellbeing, while 48% had a confidential helpline, 47% offered advice on stress management and 32% had a mental health first aider.
These improvements had led to 77% of brokers saying their company was committed to wellbeing, with 82% thinking their brokerage was supportive of people with mental health issues.