ClosePress release 16 April 2024.
Commenting on Swiss Re’s Group Watch 2024, Katharine Moxham, spokesperson for GRiD said:
“It’s so pleasing to see Swiss Re reporting group risk market figures that are up by every measure.
“It’s excellent news that in 2023, the number of people covered by the industry increased by 893,268, making group risk benefits some of the most popular employee benefits offered by companies. The number of employees insured under group risk policies (15.3m) now exceeds half the payrolled population1 which is a step-change in itself given the steady increase in employment to higher than pre-pandemic levels.
“It also demonstrates that employers increasingly see the value of what we do as an industry – not just in terms of financial protection for when the worst happens but also the extra support services we make available to employers and employees alike.
“Interestingly, the report also highlighted the topic of the language the industry uses to explain and promote group risk, with calls for this to be made clearer. It’s therefore key for communications around group risk benefits to be simplified so that people who work outside the industry can relate to the value of what they have in place, and it’s an area where the industry and employers need to work together.”
1.
Labour market overview, UK - Office for National Statistics (ons.gov.uk)
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 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.
Follow Katharine Moxham on Twitter @KMoxham
