The group risk market has begun to recover from the effects of recession although income protection is still in decline, according to Swiss Re.
It noted that the increase in sums assured which outgrew that of premium income illustrated the highly competitive marketplace. A recent study by group risk trade body Grid suggested that the implementation of the National Employment Saving Trust (NEST) scheme could help expand the group risk market to new businesses. Research from the reinsurer's Group Watch found that overall group risk premiums fell by 1.8% last year compared to a 7.7% drop in 2009. However this was largely influenced by group income protection (GIP) premiums which fell by £50m (8.9%) to £517.3m. The group li...
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