Commenting on Group Watch 2018, Swiss Re’s latest annual report analysing the group risk market, Katharine Moxham, spokesperson for Group Risk Development (GRiD) said: “It’s been another positive year for the group risk industry, showing growth of in force benefits across all three group risk products and nearly 380,000 more people protected against financial loss via group risk insurance during 2017.
“Group risk benefits throw a financial lifeline to families when they need it most and nobody should be without the means to protect their household’s financial position against unexpected death, disability, injury or illness. Employers play such an important role in facilitating affordable financial protection cover through the workplace but now, increasingly, Government is looking to employers to help meet its ambitions for a healthy and inclusive workforce too. Group risk benefits can help deliver this through the inherent support services that group risk providers make available to employers, HR, line managers and employees for use on a daily basis.
“Indeed, enlightened employers of all sizes are seeing the value of group risk benefits, not only for financial resilience but also in helping to deliver on engagement, productivity, recruitment and retention.”