The group risk market continued to grow during 2020, despite the coronavirus pandemic, according to Swiss Re’s latest Group Watch Report.
This wide-ranging annual report shows the total number of in-force policies increased by 3.6 per cent, when compared to 2019. The number of people covered by this insurance also increased, by 1.1 per cent to more than 13m by the end of 2020. This means an additional 150,000 people are now covered by these workplace insurance policies.
The report revealed there was growth across all the main product areas. The total number of in-force death benefit policies increased by 4.1 per cent, while the insured death benefit increased by 3.4 per cent...
...Group Risk Development (Grid) the industry trade body welcomed the report. Spokeperson Katharine Moxham says: “The fact that the market has seen growth over this extraordinarily difficult period underlines the value that employers are placing on being able to support their workforce via group risk benefits.
“This support is not only financial: emotional and practical help is also available on a daily basis alongside a group risk product and these services have come to the fore throughout the Covid-19 pandemic.”
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