Nearly 12.9 million individuals were covered by group risk schemes at the end of 2018, according to research by insurance provider Swiss Re.
Its Group watch 2019 report, which is based on data collected from 13 product providers in the group risk market in the UK and 20 employee benefits consultants, also found that 408,519 individuals became members of employer-sponsored group risk schemes in 2018, representing a year-on-year increase of 3.3%.
Ron Wheatcroft (pictured), technical manager at Swiss Re, said: “Overall, the results are solid. Respondents to the market survey among providers and intermediaries referred to the very uncertain business environment in which many of their clients were operating. This has seen a number of decisions deferred and a reluctance to take on new commitments until the business environment becomes clearer.”
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