There was strong growth across all products lines in the group risk sector last year, despite the Covid pandemic, according to data from Corporate Adviser’s new Workplace Protection and Wellbeing Report.
These exclusive industry figures show that group critical illness had the strongest growth in 2020, with the number of employees covered increasing by 17 per cent. There are now almost 700,000 employees covered on these policies.
There was also gains made in the group income protection market too, with the number of employees covered by this policies increasing by 9 per cent (to 2.8m)
Employees covered by group life policies grew by a more modest 1.4 per cent – however this has pushed the number of lives covered past the 10m mark for the first time.
It is not just the number of employees that have increased — new employer clients have been engages across all products lines, with again the strongest growth being in the group critical illness sector.
The fact that sales of group life, GIP and GCI have grown at a time of major economic upheaval suggests many employers continue to place a high value on protection products with their rich suite of add-on services available, which have helped support employee health and wellbeing during a period of remote working and lockdown as well as providing valuable productivity and engagement tools.
The report also contains exclusive adviser research showing they remain confident that employers remain positive about group risk products. Advisers believe group income protection has delivered s the highest return on investment for employers during the pandemic, although the wellbeing services delivered alongside GIP and other group risk products are perceived by advisers as being even more valuable.