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Cover Magazine - Group risk industry pays out over £2bn for 2020 claims

GRiD stats shows industry paid £2.01bn in claims in 2020, the equivalent of £5.5m a day.

As many as 4,476 people were helped back to work by group risk insurers after a period of sick leave in 2020, data from Group Risk Development (GRiD) has revealed.

A total of £2.01bn was paid out to thousands of UK employees and families (28,733) in group risk claims last year, an increase of £ 255.7m from last year's figure.

There was a total of 138,222 interactions with additional help and support services through group risk policies during 2020, almost double the number recorded in 2019, as online and other remote support services saw a surge in use during the pandemic.

Group life assurance policies paid out total benefits to the value of £1.37 billion (an increase of £199.78 million over 2019); group income protection policies paid out a total of £550.86 million (an increase of £57.88 million compared with 2019); group critical illness policies paid out benefits totalling £91.64 million (a slight decrease of £1.96 million over 2019).

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