Canada
Ireland
Brokers are feeling the strain as heavy workloads, client expectations, and regulation are creating more pressure at work than ever.
In another tough year for brokers, Ecclesiastical’s annual Broker Wellbeing Survey1 found two in five (40%) reported stress levels as high or very high, the highest since the survey launched in 2019.
While firms have continued to invest in wellbeing in the workplace, the specialist insurer found their efforts are being hampered by a difficult labour market, which has led to staff shortages in two in five (37%) firms.
Despite the challenges, however, the study found awareness and understanding of mental health issues in the insurance industry have both risen for the sixth year, demonstrating positive progress is being made to reduce the stigma.
Causes of stress
Ecclesiastical’s Broker Wellbeing Survey tracks stress levels by asking brokers to rate their stress from 1-10. In the past 12 months, the average rating has risen to 5.46, the highest since the survey began.
There has also been a steady increase over the last six years, with brokers experiencing anxiety linked to work. In 2024, half of the 250 brokers surveyed had experienced work anxiety in the last 12 months.
Workload continues to be the main contributor of stress, reported by 73% of brokers. However, volume of regulation was the highest contributor for smaller firms (68%) and the second biggest factor overall (66% -1% vs 2023).
One broker commented: “There’s so much pressure to perform well and on time, and it’s getting harder with increasing regulations imposed. It's very hard to keep up to date with new rules.”
The next biggest factor was customer demands (54% -2% vs 2023), followed by dealing with insurers (54% -5% vs 2023). One broker summed up the problem: “My workload is constantly increasing. Clients are expecting quicker responses than ever. Insurers are providing slower responses than ever. We're just stuck in the middle!”
Staff shortages (37% -4% vs 2023) was also quoted by a number of brokers, although the picture has improved over the past couple of years.
Managing stress
Most brokers (91%) feel confident in recognising the signs of poor mental health, the survey found. The majority (94% +2% vs 2023) believe they have the tools and techniques to deal with everyday stresses. Very few (3% -13% vs 2023) have sought support from a health professional about their mental health.
In a positive sign, a record number of brokers (79% +8% vs 2023) said they felt comfortable reporting their mental health issues to their line manager, with most managers (83%) taking action as a result.
Firms taking action
This year’s survey shows positive progress is being made by firms to reduce the stigma of mental health and create a more supportive environment.
Two-thirds of brokerages offer flexible working options to support wellbeing in the workplace, and this has increased since 2023 (66% +5% vs 2023). Nearly half now offer a confidential helpline (48% +5% vs 2023) and 47% (+12% vs 2023) offer advice and guidance on how to deal with stress. Nearly a third (32% +26% vs 2023) now have a dedicated mental health first aider.
These improvements have seen the number of brokers saying their brokerage is committed to improving wellbeing (77% +3% vs 2023) and reducing the stigma of mental health (x% +4% vs 2023) rise steadily over the past five years.
Attitudes towards mental health in the workplace have also improved steadily over the past five years, rising from 54% in 2020 to 63% in 2024.
Most brokers (82%) believe their brokerage is supportive of people with mental health issues.
Attitudes are changing
The Broker Wellbeing Survey has been tracking awareness and understanding of mental health issues in the broking sector since 2019, and the results have been steadily rising.
This year’s survey found 62% (+4% vs 2023) of brokers feel awareness of mental health issues in the broker industry is high or very high, with many saying it's more talked about, while 44% (+5% vs 2023) feel understanding of mental health issues in the industry is high or very high.
“While it’s positive to see progress is being made in reducing the stigma of mental health in the broker market, our latest Broker Wellbeing Survey found that brokers are still under considerable pressure on a day-to-day basis. However, it is encouraging to see the efforts of firms to support them, despite the challenges of staff shortages, increasing customer demands, and increasing regulatory requirements.
“We hope this survey can help in highlighting some of the wider challenges and impacts, and for our part, we continue to focus on ensuring we offer the best service we can to our brokers so they can deliver to our mutual customers.”
Ecclesiastical’s Broker Hub provides advice and guidance for brokers to better manage their mental health, with free webinars and resources available.
1 The research was commissioned by Ecclesiastical Insurance and conducted by FWD. Online interviews were carried out August to September 2024 with 250 brokers.