Growth in group risk policies slows in 2024: Swiss Re

Group Watch report

Jaskeet Briah
clock • 3 min read

Reinsurer, Swiss Re, has released its annual Group Watch report for 2025, finding that growth within the UK group risk market slowed in 2024 against a “challenging” market backdrop.

The number of in-force group risk policies increased by 3.2% in 2024 to 94,675 from 91,739 in 2023, and the number of people insured increased to nearly 15.7m compared to an increase of 3.7% to 15.1m in 2023. Breaking down this growth, the number of people insured under group death benefit policies increased by 3.6%, compared to a 3.9% growth in 2023. As part of this, membership of excepted group life policies increased by 9.3% and registered group life policy membership increased by 2.1%. As for the number of members insured in critical illness (CI) schemes, this also increased by 4%...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Insurer

The COVER Review: FCA market study, provider news and everyday accidents

The COVER Review: FCA market study, provider news and everyday accidents

Week commencing 15 September 2025

COVER
clock 19 September 2025 • 1 min read
Bupa appoints new CEO for Global, India and UK

Bupa appoints new CEO for Global, India and UK

Richard Washington named CEO for Bupa Insurance

Jaskeet Briah
clock 19 September 2025 • 2 min read
Guardian appoints Gower Wisdom as COO

Guardian appoints Gower Wisdom as COO

Joins from AUL Assurance

Jaskeet Briah
clock 18 September 2025 • 2 min read