7th April 2016
Commenting on Group Watch 2016, Swiss Re's latest annual report analysing the group risk market, Katharine Moxham, spokesperson for Group Risk Development (GRiD) said:
"It's really positive to see continued growth for the Group Risk industry which reflects the generally confident market sentiment over the last 2 years. Overall in-force group risk benefits have again increased across all three products - particularly for excepted group life and group critical illness - and almost 310,000 more people are protected through Group Risk arrangements against financial loss through illness, injury, death or disability."
"However, we still have a long way to go. No matter what salary is at stake, it s important everyone has a way to safeguard their family's financial stability as the unexpected death or disability of a breadwinner can often mean financial disaster for a family. Nevertheless, it's particularly encouraging to see that almost 2.3 million more people have this vital financial protection through the workplace than 10 years ago, an increase of almost 25%. It s important to emphasise that employers continue to play an important role in facilitating affordable financial protection cover that will not only support employees and their families, but will make a huge difference to morale, staff retention and productivity key business benefits."