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Actuarial Post - Group Risk industry has another record breaking year

The group risk industry provided financial support to a record number of families during 2017. Industry data compiled and published today by Group Risk Development (GRiD) shows that a total of over £1.6bn was paid out by the group risk industry during 2017, a £120.5 million increase on 2016. 25,906 UK families were helped to avoid financial hardship after the death, illness, accident or disability of a loved one.

 As well as financial payments, group risk insurers help people in many other ways. Julie’s story below gives just one example of how group risk policies provide practical support for policy members. Like Julie, a total of 4,944 people were helped back to work by group risk insurers after a period of sick leave, and a further 7,879 people were assisted by the industry during 2017 through referrals to help and support funded by group risk insurers. 

 Total benefits paid
 Group Life Assurance policies paid out total benefits to the value of £1.067 billion (on a par with 2016); Group Income Protection policies paid out a total of £466.5 million p.a.(an increase of £107.8 million p.a. over 2016); Group Critical Illness policies paid out benefits totalling £84.3 million (an increase of £12.7 million over 2016).

 The average claim amounts (£113,479 for group life; £24,257 p.a. for group income protection; £71,463 for group critical illness) again demonstrate that these are not just benefits for top earners – these benefits throw a vital financial lifeline to people at the worst times, regardless of their salary, age or position.

Please click here to view the full article.

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A STAKE IN POLICY

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