High net worth (HNW) individuals in the Middle East and East Asia are expecting to increase their spend on private medical insurance (PMI) in the next year.
Bupa Global’s Executive Wellbeing Index 2021 found the UAE led the way with 88% of high net worth individuals considering taking out PMI in the next year, with Singapore (82%), Hong Kong (81%) and China (80%) close behind.
Next on the list was Egypt (65%) followed by France (50%), the UK (43%) and the US (38%).
The index also revealed UK businesses expect to increase their employee mental health and wellbeing expenditure in the coming year, however American counterparts plan to cut their outlay.
The index found UK employers expect to increase spend on mental health and wellbeing by 18%.
This compared with increases of 30%, 17%, 11%, 4% and 2% in China, Hong Kong, Singapore, the UAE and France respectively and decreases of 16% and 76% in the US and Egypt.
Bupa’s research includes analysis of four international datasets collated between May and June among 1,263 high net worth individuals and senior executives based in the UK, US, France, UAE, Egypt, China, Hong Kong and Singapore.
UK business leaders said they were planning a number of improvements to mental health and wellbeing provision including introducing PMI with mental health cover (30%) and paid mental health sick days (26%).
They were also considering new roles such as head of wellbeing focused on supporting mental health (20%) and adding HR or management level staff with mental health responsibilities (24%).
Touching on the countries seeking to cut spend of mental health and wellbeing, 54% of the HNW individuals surveyed in Egypt said they planned to increase their focus on the connection between the positive benefits of spending time in the natural environment by seeking out green spaces and natural surroundings and mental health and wellbeing.
And in the US, there was a some encouragement as a third (35%) of individuals surveyed did say they were planning on increasing their spend on mental health and wellbeing support.
Commenting on the findings, Sheldon Kenton, managing director of Bupa Global said: “We know that the uncertainty we’re living through continues to impact our lives, our businesses, our mental health and our families.
“So it’s encouraging to see that the UK’s business leaders are investing in their employees’ wellbeing with concrete spending and initiatives.
“By focusing on this as well as the environmental agenda and more purpose-driven goals, British businesses will be more credible with employees, customers and investors.”
