Growth in UK Group Risk Market

The Swiss Re Group Watch 2019 report has revealed a 3.3% growth in the Group Risk market in the UK during 2018. 12.9 million UK employees are now covered by group protection, with an additional 408,500 people benefitting from the support and peace of mind that these policies provide. The number of policies taken out by employers increased to 79,906 last year.

Ron Wheatcroft, technical manager at Swiss Re and author of the report, said, “It’s fantastic so many employers are insuring their employees”.

Steve Thomson, Health & Protection specialist at Stackhouse Poland, said, “It’s encouraging to see more UK businesses investing in the health and wellbeing of their employees. Implementing a supportive and effective employee benefits programme in your organisation can have a really positive impact on both staff wellbeing and the organisation as a whole. In addition, with pensions no longer a differentiator employers are increasingly turning to Group Risk benefits as a way to support their recruitment and retention strategy”

The research showed the number of people insured under long-term disability income protection had increased by 2.2%, whilst the number of employees who had critical illness cover provided through their employer was up by 4.8%.

The report also revealed that a challenging business climate, and uncertainty over Brexit, was affecting the level of protection in the UK. Mr Wheatcroft said, “Respondents to the market survey among providers and intermediaries referred to the very uncertain business environment in which many of their clients were operating. This has seen a number of decisions deferred and a reluctance to take on new commitments until the business environment becomes clearer.”

 

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The Stackhouse Poland Health and Protection team has won a number of prestigious awards. Our Health and Protection insurance services include corporate healthcare, private client healthcare, Group Risk and business protection.

Our specialist advisers provide independent advice and create tailored solutions to meet our client’s needs – visit the Health and Protection area of our website to find out more.