Press release 11 April 2018.
Commenting on Group Watch 2018, Swiss Re's latest annual report analysing the group risk market, Katharine Moxham, spokesperson for Group Risk Development (GRiD) said: "It's been another positive year for the group risk industry, showing growth of in force benefits across all three group risk products and nearly 380,000 more people protected against financial loss via group risk insurance during 2017.
"Group risk benefits throw a financial lifeline to families when they need it most and nobody should be without the means to protect their household's financial position against unexpected death, disability, injury or illness. Employers play such an important role in facilitating affordable financial protection cover through the workplace but now, increasingly, Government is looking to employers to help meet its ambitions for a healthy and inclusive workforce too. Group risk benefits can help deliver this through the inherent support services that group risk providers make available to employers, HR, line managers and employees for use on a daily basis.
"Indeed, enlightened employers of all sizes are seeing the value of group risk benefits, not only for financial resilience but also in helping to deliver on engagement, productivity, recruitment and retention."
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Group Risk Development (GRiD) is the industry body for the group risk protection sector, promoting the value to UK businesses of providing financial protection for their staff, enhancing their wellbeing and improving employee engagement. Our membership includes insurers, reinsurers and intermediaries who have a collective wealth of experience built over years of operating in the group risk protection market. Under the chairmanship of Steve Bridger (MD Group Protection, Aviva UK Insurance) GRiD aims to promote group risk through a collective voice to Government, policymakers, stakeholders and employers.
GRiD works with government departments and regulators involved in legislation and regulation affecting group risk benefits, and with other organisations involved in the benefits and financial protection arenas. GRiD also seeks to enhance the industry's standing by encouraging best practice and by participating in industry-wide initiatives such as the professional qualification in group risk managed jointly with the Chartered Insurance Institute.
GRiD’s media activity aims to generate a wider awareness and understanding of group risk products and their benefits for employers and employees.
GRiD's dedicated spokesperson, Katharine Moxham, provides expert media comment on a full range of group risk issues.
Follow Katharine Moxham on Twitter @KMoxham