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Health Insurance Daily - Group risk industry paid out £1.5bn in claims in 2016

The group risk industry paid out nearly £1.5bn in claims during 2016, a £100m increase on 2015.

This helped a total of 24,925 UK families maintain their household’s financial resilience after the death, illness, accident or disability of a breadwinner, according to data from the trade body Group Risk Development (GRiD).

Group life policies paid out 99.7% of claims with a total value of £1.067bn, group income protection (GIP) policies paid out 84.6% of claims with a total value of £358.7m p.a., and group critical illness (CI) policies paid out 81.4% of claims with benefits totalling £71.6m.

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Benefits of membership:

A STAKE IN POLICY

A STAKE IN POLICY

The opportunity to influence group risk policymaking.

VALUE BY ASSOCIATION

VALUE BY ASSOCIATION

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ACCESS TO EXCLUSIVE INFORMATION

Privileged access to output from the various working groups, including consultation responses, regulatory updates, employer research and pan industry claims data. GRiD members also gain exclusive access to industry speakers at member meetings.

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