Over 30 years ago, following the Piper Alpha disaster, in which 167 men lost their lives when the oil production platform exploded, group risk providers quickly alleviated any financial worries for the victims’ families by paying out death claims immediately they were notified, rather than insisting on seeing a death certificate or declaration of presumed death.
The industry has similarly been there for victims of more recent catastrophic events, such as the Manchester bombing and the Grenfell Tower fire, not only bringing speedy financial settlements but also much needed ongoing support and counselling for victims and their families.
Now too, the group risk market is financially secure, models for pandemics, and is working as normally as possible through this pandemic. This in itself is no mean feat but it’s also an incredibly pragmatic, flexible and accommodating market. With the help of their advisers, employers can arrive at solutions that work for their business and circumstances to enable them to make the most of the group risk benefits they have in place and ensure they are getting all the support available to help their people from the embedded services.
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