Press release 13 April 2023.

Commenting on Swiss Re’s Group Watch 2023, Katharine Moxham, spokesperson for GRiD said:

“We’re fast approaching the point where the number of employees provided with group risk benefits via their employer equates to half of the pay-rolled population¹, which is incredibly positive news: particularly so in a year when the cost of living has impacted employees and employers alike. It is testament to the value employers of all sizes place on protecting families from the financial devastation that death, long-term sickness-absence from work, and being diagnosed with a serious medical condition can bring.

“As government continues its focus on encouraging more people back into the workplace and reducing the costs associated with having a significant proportion of the workforce economically inactive, it’s particularly encouraging to see the growth in group income protection, since this product is ideally placed to help employers to achieve exactly that. Group risk products (employer-sponsored life assurance, income protection and critical illness benefits) provide much more than financial support to people at the worst of times – they also facilitate access to practical help and support which often proves vital.”  

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https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/uklabourmarket/march2023

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.

www.grouprisk.org.uk

Follow Katharine Moxham on Twitter @KMoxham