An analysis shows that nearly three quarters (72%) of employees who were forced to take sick leave last year and worked for a company offering income support for groups, returned to work successfully.
GRiD (the industry body for group risk protection) has argued that its data shows a link between income support from the group and a successful return to the workplace.
It said that employers continued to use group risk protection to provide financial assistance to their employees and families, including employer-funded insurance, income protection and critical illnesses benefits.
GRiD reported that the group industry paid out a total of PS2,59bn in 2024. This is an increase of PS99.2m compared with 2023. This is more than PS7m per day.
It argues that group risk can be a valuable tool in helping employees to stay at work or to return to it.
GRiD noted that the 72% of employees who returned to work had been notified by their employers as possible group income protection claimants, and had a prolonged period of sick leave beginning in 2024.
Six,733 people on sick leave in 2024 were helped by their insurers to return to the workplace. In total, 6,733 people who had a period of sick leave were helped to return to work by the end of 2024.
By the end of 2024, 1,739 new employees who had claimed the Group Income Protection (GIP), benefit in 2024 were back to work.
Group risk insurers initiated 5,574 interventions within six months after someone’s initial absence in 2024. GRiD reported that 50% of these people received support for mental illness, 10% received musculoskeletal assistance, and 9% received cancer support.
In 2024, group risk insurers helped almost 8,500 people. By the end of 2024, 499 new GIP claimants who were hired in 2023 were back to work.
GRiD said that 1,608 of the employees who started claiming GIP in 2023 had returned to their jobs by the end 2023.
Katharine Moxham from GriD said that these statistics for the industry are especially relevant this year, given the background of the government’s Keep Britain Working Review.
It’s evident that many employers already benefit from the group risk products, which offer significant financial support for staff and their families in times of illness or disability.
“This was largely achieved because employers wanted to do the right things and support their employees. If more employers took this approach, group risk could play a greater role in the UK’s economic recovery.
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