"With the backdrop of the ‘Keep Britain Working’ review, these industry-wide statistics are particularly pertinent this year."
- Katharine Moxham, spokesperson for GRiD
In 2024, the group risk market paid £2.59bn in claims – this is £99.2mn higher than in 2023.
READ MORE: GRiD reveals £2.49bn was paid in group risk claims in 2023
Group Life Assurance saw the highest number of claims, totalling £1.74bn (12,567) – this is £39.4mn higher than in 2023. Group Income Protection (GIP) paid out £674.5mn (18,038 with 8,301 new claims) – compared to £633.6mn in 2023 – and Group Critical Illness (GCI) totalled £179.2mn.
| Benefit | Main cause of new claims | Percentage (%) | Second main cause of new claims | Percentage (%) |
| Group Life Assurance | Cancer | 39% | Ischaemic heart disease | 15% |
| Group Income Protection | Cancer | 27% | Mental health | 20% |
| Group Critical Illness | Cancer | 68% | Heart attack | 8% |
In addition to financial aid, one of the most valuable components of group risk is the added-value services to help employees stay in or return to work. In 2024, 72% of staff who experienced a prolonged sick leave returned to work by the end of the year.
Overall, 6,733 employees were helped back to work by the end of 2024, 4,994 employees were able to go back to work before a claim was made due to interventions provided by the insurer, 1,739 employees went on to claim on a GIP policy but returned to work by the end of the year, 5,574 interventions were made within six months of an employee’s first absence, and over 8k people were helped by interventions made by their insurer during 2024.
“With the backdrop of the ‘Keep Britain Working’ review, these industry-wide statistics are particularly pertinent this year. 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,” explained Katharine Moxham, spokesperson for GRiD.
She said: “This has largely been achieved due to employers seeking to do the right thing. Group risk has the potential to play an even greater part in the UK’s economic recovery if more employers adopted this approach.”
“These products can ease the burden on managers through external case management support to help maintain a productive workforce and a supportive work environment. Keeping staff in work should always be the priority, but where this isn’t possible, providing financial support for those who die or need to take a hiatus is crucial,” Katharine concluded.
