Group risk has stood up well to the devastation wreaked by the pandemic. Can the increased understanding of the value of life insurance be harnessed to boost coverage, or will tax complexities hold it back? Edmund Tirbutt reports.
Many business areas have been decimated by Covid-19, but group risk certainly hasn’t been one of them. Indeed, if someone glancing at Swiss Re’s Group Watch 2021 was hypothetically unaware of the pandemic, last year would have seemed like business as usual.
The overall number of people covered by group risk policies increased by 1.1 per cent during 2020 – compared to growth of 2.2 per cent during 2019. Group income protection numbers even increased by 6.6 per cent – compared to 1.6 per cent in 2019. Shrinking workforces and desires for cost cutting have been counteracted by the health crisis making people more aware of mortality and morbidity risks. The development of added-value features accessible to homeworkers has also helped.
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