Three-quarters (72%) of new absentees under group income protection policies who had a period of prolonged sick leave starting in 2024 had returned to work by the end of the year, according to new data compiled by Group Risk Development (Grid).
The industry body for the group risk protection sector found that during 2024, 6,733 people who had a period of sick leave were helped to return to work by the end of 2024.
Of these, 4,994 employees were able to go back to work before a claim was made following insurer interventions, and 1,739 employees who newly claimed group income protection during 2024 had returned to work by the end of the year.
In total, 5,574 interventions were initiated within six months of someone’s first absence by group risk insurers during 2024. Among these, 50% received mental illness support, 10% received musculoskeletal support and 9% had cancer support.
Almost 8,500 people received group risk insurer interventions during 2024, and 499 employees who became new group income protection claimants during 2023 had returned to work by the end of 2024.
Group life assurance policies paid out total benefits to the value of £1.74 billion, an increase of £39.4 million over 2023, while group income protection policies paid out a total of £674.5 million, an increase of £40.9 million. Meanwhile, group critical illness policies paid out benefits to the value of £179.2 million, an increase of £18.9 million over 2023.
The average new claim amounts for group life were £138,220, £27,630 per year for group income protection, and £78,253 for group critical illness.
Katharine Moxham, spokesperson for Grid, said: “It’s clear that many employers are already benefitting from the significant support that is offered via group risk products in retaining their employees in the workplace, helping them return to work when they are ready to do so, and in providing financial support to staff and their families when they are ill or incapacitated.
“Group risk has the potential to play an even greater part in the UK’s economic recovery if more employers adopted this approach. Keeping staff in work should always be the priority but where this is not possible, providing financial support for those who die or need to take a hiatus is crucial.”
