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Cover Magazine - Group risk industry pays out £1.76bn for 2019 claims

GRiD stats shows industry paid £1.76bn in claims in 2019, which is the equivalent of £4.82m a day.

As many as 5,248 people were helped back to work by group risk insurers after a period of sick leave in 2019, data from Group Risk Development (GRiD) has revealed.

A total of £1.76bn was paid out to thousands of UK employees and families (26,433) in group risk claims last year, an increase of £75m from last year's figure.

There was a total of 74,707 interactions with additional help and support services through group risk policies during 2019.

Group life assurance policies paid out total benefits to the value of £1.171bn (an increase of £53.7m over 2018); group income protection policies paid out a total of £492.98m (an increase of £10.28m compared with 2018); group critical illness policies paid out benefits totalling £93.6m (an increase of £11.2m over 2018).

The average new claim amounts were £125,762 for group life, £26,430 p.a. for group income protection and £69,411 for group critical illness.

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