Comment 20 April 2022.
“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 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.
“The pandemic has shone a light on what’s most important to us all. Group risk benefits aren’t 'instant gratification' benefits, they provide long-term support. And this increase in the number of employers offering them to staff is extremely positive for the group risk industry as a whole, which has worked so hard throughout the Covid-19 pandemic to provide value and support. These benefits provide financial and practical support to employees and their families at the worst of times, and the growth demonstrates how much employers value providing this vital safety net for their people.”
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Notes for editors
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