[Becoming an Insurance Insider] The Spread of 'Corona Blue' Depression... The Role of Insurance Companies

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As the spread of the novel coronavirus infection (COVID-19) continues in South Korea, medical staff are collecting samples at the temporary screening clinic at Seoul Station in Jung-gu, Seoul, on the 3rd. On the same day, the Central Disease Control Headquarters announced that as of midnight, 657 new confirmed cases were reported, bringing the total to 63,244. The number of cases in the 600s was recorded for the first time in 23 days since the 11th of last month (689 cases). However, this is due to a significant decrease in the number of diagnostic tests during the New Year holiday (January 1?3) compared to the previous weekdays, so it is too early to conclude that the spread has slowed down. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Oh Hyungil] Due to the implementation of social distancing measures to prevent the spread of the novel coronavirus infection (COVID-19), face-to-face contact has decreased, leading to an increase in patients with depression.

As suicide issues caused by this have become a social concern, there is a growing call for insurance companies to expand depression prevention through non-face-to-face methods.

According to the Korea Insurance Research Institute on the 3rd, insurance companies have been launching products that cover depression through the revised standard indemnity insurance terms and conditions since 2016. They are currently offering and managing children's insurance products that cover depression, recurrent depressive disorder, panic disorder, and post-traumatic stress disorder.

In indemnity insurance, mental illnesses with generally clear symptoms that can confirm treatment purposes, such as depression, amnesia, paranoia, panic disorder, post-traumatic stress disorder (PTSD), and attention deficit hyperactivity disorder (ADHD), are covered.

Depression negatively affects suicide, dementia, cardiovascular disease, stroke, and increases high social costs.

According to the World Health Organization (WHO), about 264 million people worldwide suffer from depression, and depression is identified as a major cause of disease burden.

[Image source=Yonhap News]

In a COVID-19-related national mental health tracking study, 4 out of 10 people experience mild or more severe symptoms of depression, and the number of healthcare workers complaining of depression and anxiety is also increasing.

In South Korea, 37.8 people choose extreme measures daily, and in 2019, about 790,000 people were diagnosed with depression, but it is estimated that there are many hidden patients.

According to the Health Insurance Review & Assessment Service's patient treatment data, the number of depression diagnoses increased from about 601,000 in 2015 to 796,000 in 2019, growing at an average annual rate of 7.3% over the past four years.

The number of depression diagnoses accounts for 1.5% of the total population, but according to a 2018 in-depth survey by the Ministry of Health and Welfare of about 7,992 people, 6.1% of women and 2.5% of men showed prevalence levels of depressive disorders, suggesting many hidden patients.

Last year, the total medical benefit cost for depression patients was about 377.7 billion KRW, increasing at an average annual rate of 13.0% over the past four years, and the socioeconomic costs due to depression and suicide are expected to exceed 10 trillion KRW.

Overseas, online diagnostic applications provide self-assessment for mental illnesses including depression.

The UK's National Health Service (NHS) has been conducting online diagnosis and prescription of mental illnesses including depression through an AI app developed by the UK startup Babylon Health since November 2017.

Australia's MLC Life Insurance offers a mental health-related medical service called 'Mental Health Navigator' through the telemedicine consultation company 'Best Doctors,' and the number of customers using this service has doubled since the outbreak of COVID-19.

Researcher Jang Yoonmi of the Korea Insurance Research Institute suggested, "Although remote medical treatment via non-face-to-face methods is not yet permitted in South Korea, it is necessary to review the possibility of AI and online-based self-assessment and prevention of depression by referring to overseas cases."

This content was produced with the assistance of AI translation services.