Reinsurer, Swiss Re, has released its annual Group Watch report, which showed how the number of in-force group protection policies increased across the board for death benefits, long term disability income (LTDI) and critical illness (CI), in 2023.
The overall number of people insured increased to just over 15m in 2023, an increase of 6.2% from just under 14.5m in 2022. Premiums increased to just over £3.4bn, up 9.9% from £3.1bn in 2022. Dan Crook, interim managing director for group protection, Canada Life said: "The data shows the group market is in good health, with record numbers of lives now insured, reaching over 15m people for the first time. "This is a very positive story, especially in the context of the long NHS wait times and wider pressures in the public health system. Death Benefits The number of people under g...
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