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Corporate Adviser Magazine - Positive growth for the group risk market in 2021 – Swiss Re

The UK group risk market grew last year despite economic and market volatility, according to Swiss Re’s annual Group Watch study published today.

The number of in-force group risk policies climbed by 4.1 per cent from 81,055 in 2020 to 84,369 in 2021, according to the report. Furthermore, the number of people insured increased from 13,317,249 at the end of 2020 to 14,106,854 at the end of 2021, a 5.9 per cent increase over the previous year’s 1.1 per cent increase.

Insured death benefits climbed by 5.9 per cent, while the number of in-force death benefit policies increased by 3.7 per cent. Non-pension Excepted Group Life Policy enrolment climbed by 42.2 per cent among these figures. The number of people who have signed up for a Registered Group Life Policy has climbed by 0.9 per cent...

...Grid spokesperson Katharine Moxham says: “No other employee benefits have provided a vital financial lifeline for so many people throughout the pandemic in the way that Group Risk benefits (employer-sponsored life assurance, income protection and critical illness) have done. The statistics from the Swiss Re’s Group Watch 2022 report show that employers and employees alike are placing a far greater value on them than ever before. It’s really positive to see more employers of all sizes offering such worthwhile and valued benefits to staff, and especially good to see such an increase in the number of small and micro-SMEs offering them...

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