Press release 12 May 2022.
- The UK Group Risk industry paid out £2.22bn in claims in 2021 - equivalent to £6.1m a day
- 6,113 people helped back after a period of sick leave
- 220,886 interactions with the additional help and support services funded by Group Risk insurers
- Cancer: Main cause of claim across all group risk products
Industry data compiled and published today by Group Risk Development (GRiD) shows that once again, employers utilised group risk protection to provide financial support to a huge number of employees and their families during 2021. A total of £2.22bn was paid out by the group risk industry during 2021, an increase of £208.4 million on 2020 figures.
Group risk insurers have helped people in many practical ways as well as making financial payments. In total 6,113 employees were helped back to work after a period of sick leave and there were 220,886 interactions during 2021 with additional help and support services funded by group risk insurers.
Katharine Moxham, spokesperson for GRiD said: “The statistics categorically show that group risk benefits (employer-sponsored life assurance, income protection and critical illness) really are some of the most valued benefits that employers can offer: financially, practically and emotionally.”
Total benefits paid
Group life assurance policies paid out total benefits to the value of £1.57 billion (an increase of £198.47 million on 2020 figures); group income protection policies paid out a total of £546.1 million (a decrease of £4.72 million compared with 2020); group critical illness policies paid out benefits totalling £106.3 million (an increase of £14.7 million on 2020 figures).
The average new claim amounts (£116,414 for group life; £28,977 p.a. for group income protection; £73,089 for group critical illness) evidence the fact that these benefits should not just be seen as perks for the higher paid, as they throw a vital financial lifeline to all people regardless of their salary, age or position.
To see the full release and tables please download the document available here.