Group risk in numbers

Facts and figures relating to group risk benefits provision over the past year that highlight the issues and trends affecting employers and their workforces:

Group risk strategy
  • 24%: the percentage of employees that would like to receive income protection, but currently only 6% do (Source: Canada Life Group insurance, May 2015)
  • 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)
  • 7.9%: the growth of the UK group risk market in 2014 (Source: Swiss Re’s Group watch report 2015, April 2015)
  • 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
  • 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)
  • 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)
  • 10-times salary: the limit that Browne Jacobson employees can choose to flex their life assurance to, up from six-times salary
  • 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)