Data released by group risk industry body, GRiD, showed that the group industry paid out £2.59 billion in claims in 2024.
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...
To continue reading this article...
Join COVER for free
Signup and gain exclusive members-only insights
- 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.
