Facts and figures relating to group risk benefits provision over the past year that highlight the issues and trends affecting employers and their workforces:
- 24%: the percentage of employees that would like to receive income protection, but currently only 6% do (Source: Canada Life Group insurance, May 2015) bit.ly/1R6eg3R
- 1,529: the number of employees that were successfully rehabilitated back into work in 2014 with support from an insurer (Source: Group Risk Development [Grid], May 2015) bit.ly/1KcpvDv
- 7.9%: the growth of the UK group risk market in 2014 (Source: Swiss Re’s Group watch report 2015, April 2015) bit.ly/1apkyet
- 1,400: the number of Thirteen Group employees that will benefit from protection benefits and private medical insurance via a voluntary scheme introduced in October 2014 bit.ly/1G23dnF
- 50%: the percentage that group income protection premiums could rise by if an organisation’s average employee age increases by five years (Source: Towers Watson, October 2014) bit.ly/1wfRf5w
- 77%: the number of employees who would not be able to afford to live on statutory sick pay if their income stopped tomorrow (Source: PMI Health Group, September 2014) bit.ly/1r0MXst
- 10-times salary: the limit that Browne Jacobson employees can choose to flex their life assurance to, up from six-times salary bit.ly/1snFSbU
- 70%: the percentage of employers that would not be prepared to reduce benefits to maintain and reduce insurance premium costs (Source: Aon’s Benefits and trends survey, October 2014) bit.ly/ZTvews