UK Group Risk pays out £2.59bn in 2024: GRiD

The claims data showed that the amount paid out increased year-on-year by £99.2 million compared to 2023. The breakdown of the pay outs was: £1.74bn paid out in group life assurance; £674.5m paid in group income protection; and £179.2m paid out in group critical illness. All policy categories saw year-on-year increases, with group life up £39.4m; group income protection up £40.9m; and group critical illness up £18.9m. Average claim amounts for 2024 were reported to be: £138,220 for group life; £27,630 per annum for group income protection; £78,253 for group critical illness. Kat...