Group risk claims total £1.24bn – England
The UK group risk industry paid out £1.24 billion worth of claims in 2013, according to data published by Group Risk Development (GRiD).
The statistics reveal that 24,102 people successfully claimed group risk benefits, which cover employees against health problems.
The majority of claims in 2013 were for group income protection, with 14,501 employees awarded an average £21,930 a year. In addition, 8,803 people claimed an average of £99,603 under group life insurance and 798 people were awarded average payouts of £62,582 under group critical illness cover.
The group risk industry paid out:
- 99.6% of claims on group life insurance, worth £877 million
- 82% of claims on group income protection, worth £318 million
- 81% of claims on group critical illness, worth £50 million.
The main causes for claims were:
- group life insurance: cancer (46%) and heart disease (17%)
- group income protection: cancer (25%) and mental illness (24%)
- group critical illness: cancer (69%) and heart attack (10%).
Katharine Moxham, spokesperson for GRiD, said:
“We are pleased to once again bring together these figures, providing a unique insight into the collective contribution the group risk industry makes to supporting British families and conclusive proof of the value of employer sponsored group protection policies for their workers.”