The group risk industry has applauded the latest Swiss Re Group Watch 2014 report, which it said ‘demonstrates the market's continued efforts to promote and deliver these highly valued employer-sponsored protection benefits to a greater proportion of the UK's workforce.'
Katharine Moxham, spokesperson for industry body Group Risk Development, said: "It's great to see that the Group Risk industry has continued to build on last year's positive growth and remains resilient.
There is also confidence that improving economic conditions are likely to bring more growth during 2014 and beyond.
"Sums insured have increased across all three products and (as was the case for 2012) 300,000 more people are protected through Group Risk arrangements against financial devastation from loss of income through illness, injury, death or disability."
Canada Life Group Insurance was identified by the Swiss Re survey as the leading player in the market by employer numbers, employees covered and for annual premiums.
Ian McMullan, MD of Canada Life Group Insurance commented: "We have previously been number one in terms of employer and employee numbers but I am delighted to see that we have now reached number one for annual premiums too.
"Our continued investment in technology has allowed our CLASS online system to grow, so that this platform now provides a simple administration option for 6% of all group insurance schemes.
"We are all grateful to our customers for the loyalty and support that they have shown us and look forward to continuing to work closely with them in the coming years".
