The group risk industry paid out a total of £2.49 billion in protection claims in 2023, an increase of £278.4 million compared to 2022, according to data from industry body, Group Risk Development (GRiD).
Cancer was the main cause of claim across all three products during 2023, with Covid-19 only accounting for 0.5% of group life assurance claims. For group life assurance, £1.69bn was paid out in total last year, an increase of £160.9m from 2022. The average new claim was £137,448 for group life and the primary reasons for new claims were cancer (39%) and ischaemic heart disease (15%). Group income protection (GIP) policies paid out a total of £633.6m, up by £85.7m from 2022, with the average new claim being £27,206 p.a. Cancer was also the main cause of new GIP claims, followed by men...
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