Group risk benefits enable employers to be both inclusive and equitable

Press release 4 March 2024.

International Women’s Day: #InspireInclusion

With this year’s International Women’s Day (8 March 2024) on the horizon, GRiD, the industry body for the group risk sector, is reminding employers that all benefits, including group risk benefits, are an effective way for employers to be inclusive.

Swiss Re’s Group Watch 2023 Report shows that fewer women have group risk insurance than men, and those that do have lower benefit levels than men across all product types (employer-sponsored life assurance, income protection and critical illness). To some extent this mirrors the current ONS gender split of employees in the private sector and the fact that women are still paid less on average than men. As benefits are often connected to pay, this has consequences for all areas of benefits too.

However, group risk benefits themselves, including additional services commonly associated where benefits are insured, are both inclusive and equitable and generally can be offered to everyone regardless of their sex, gender, position, salary, race, ethnicity, or state of health.

Katharine Moxham, spokesperson for GRiD, said: “This year’s International Women’s Day theme is ‘inspire inclusion’ and we would encourage employers to take action to drive gender parity in employee benefits, especially when it comes to protection benefits.

“Men and women have equal requirements for access to no or low-cost financial protection and this is especially true for those who can’t afford to make their own provision, have health conditions or are living with conditions that might mean they would either be declined or charged extra premiums for cover under an individual policy.

“Employers would do well to compare the number of men and women who hold workplace-based group risk protection benefits and to take action to narrow the gap, should they find one: in many cases, I suspect they will.”

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For further information please contact:

Ali Cort 
SMUK Marketing and PR 
Mob: 07887 484247

Katharine Moxham
Spokesperson for GRiD
Mob: 07887 512508

Notes for editors

About GRiD

Group Risk Development (GRiD) is the industry body for the group risk sector, promoting the value to UK businesses of providing financial protection for their staff, enhancing their well-being and improving employee engagement. Our membership includes insurers, reinsurers, intermediaries and those operating in (or with other interests in) the UK group risk market. Together this forms a collective wealth of experience built over many years. Under the chairmanship of Colin Fitzgerald  (Distribution Director – Group Protection, L&G Retail) GRiD aims to promote group risk through a collective voice to Government, policymakers, stakeholders and employers.

GRiD works with government departments and regulators involved in legislation and regulation affecting group risk benefits, and with other organisations involved in the benefits and financial protection arenas. GRiD also seeks to enhance the industry’s standing by encouraging best practice and by participating in industry-wide initiatives such as the professional qualification in group risk managed jointly with the Chartered Insurance Institute.

GRiD’s media activity aims to generate a wider awareness and understanding of group risk products and their benefits for employers and employees.

GRiD’s dedicated spokesperson, Katharine Moxham, provides expert media comment on a full range of group risk issues.

Follow Katharine Moxham on Twitter @KMoxham