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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