Comment 5 December 2024.
Following HMT’s announcement today of the new Financial Inclusion Committee’s first meeting, GRiD, the industry body for the group risk protection sector welcomes the move as a positive step towards improving financial resilience in the UK.
Katharine Moxham, Spokesperson for GRiD says: “Although this is a positive step towards improving financial resilience, we would urge the new Financial Inclusion Committee to look beyond credit and savings. We would urge the committee to also consider the vital contribution that protection insurance plays in helping people avoid falling into financial distress due to a loss of earnings arising from a bread winner’s death, long-term disability, or illness. Employers are ideally placed to help with this by offering group risk benefits (employer-sponsored life assurance, income protection and critical illness benefits) within their package. These all help to maintain financial security when the worst happens.
“Group risk policies insure 15.3 million employees* and paid out a record £2.49bn in claims in 2023 – that’s £6.82m a day** – thus ensuring financial distress was not added to emotional distress.”
*Swiss Re Group Watch 2024
**GRiD Claims Survey 2024
For further information please contact:
Sharon Mason
SMUK Marketing and PR
Mob: 07747 611773
Land: 01252 843350
smason@smuk.org.uk
Katharine Moxham
Spokesperson for GRiD
Mob: 07887 512508
Katharine.moxham@grouprisk.org.uk
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.
