Press release 26 September 2023.
Commenting on the Building Resilient Households: Low financially resilient households report published today by the Chartered Insurance Institute, Katharine Moxham, spokesperson for GRiD said:
“GRiD welcomes the findings of the report and supports the recommendations made.
“Employers have a significant part to play in improving the financial resilience of the UK’s working households by providing adequate sick pay and benefits for other financially devastating events such as death and diagnosis of a serious health condition. The group risk industry provides a solution for employers for this via its group risk insurance offerings, which are employer-sponsored death benefits, group income protection (for long-term sick pay) and critical illness benefits.
“Not only will the pay-outs help to maintain a household’s financial status quo but these products come inbuilt with additional support services for physical, mental as well as financial health and wellbeing. Some will also include a debt consolidation service, discount vouchers or a pay advance scheme as well as financial education – all of which can be helpful when people are struggling financially.”
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For further information please contact:
Sharon Mason
SMUK Marketing and PR
smason@smuk.org.uk
Mob: 07747 611773
Land: 01252 843350
Katharine Moxham
Spokesperson for GRiD
Katharine.moxham@grouprisk.org.uk
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 wellbeing 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 Paul White (head of technical, Howden Employee Benefits & Wellbeing) 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
