Group Risk Development (Grid) has hailed Swiss Re's group risk market report as "most encouraging."
Commenting on Swiss Re's reporting the group risk market reversed a two-year downward trend by seeing in-force group risk premiums rise by 2.9%, compared to a fall of 7.7% in 2009 and 1.8% in 2010, the industry trade body said that, while "last year we saw the beginnings of a recovery, this has continued to build through 2011."
Katharine Moxham, spokesperson for Grid, said: "All overall in-force group risk premiums are up on 2010, especially group critical illness."
Critical illness premiums grew 9.4%, premiums for death benefits rose 4.1% while long-term disability saw a marginal growth of 0.1%.
She added: "In force benefits have grown across all product lines indicating that employers and employees still highly value these benefits.
"It is also encouraging to see survey respondents' growing confidence and the view that auto-enrolment could be a catalyst for further growth. It is also clear that employers continue to play an important role in the move away from state provision to greater self-responsibility."
