All areas of workplace protection have grown in 2022, with the biggest growth seen in the group PMI market, up 10.9 per cent amongst providers sharing consecutive years’ data, according to figures from the Corporate Adviser Workplace Protection & Wellbeing Report 2023. CLICK TO RECEIVE YOUR COPY
Axa Health is the largest group private medical insurer to disclose the number of employees it covers. Bupa was the biggest
provider last year, but did not provided updated information for this year’s report, citing ‘commercial sensitivity’, despite
having disclosed its figures in previous years.
Group income protection and group critical illness both increased the number of employees covered by over 5 per cent, while there are now more than 10.1m employees covered on group life policies – a 1.3 per cent increase on 2022, according to data collected by Corporate Adviser directly from providers for the report.
Canada Life has increased its market share in the group risk market, and remains both the largest group life and group critical
illness provider — in terms of both employees and employers covered.
Unum has seen the fastest growth in the group life sector – with the number of employees covered up by more than a third
year on year. L&G has increased the number of employers it works with by more than 20 per cent.
In the GIP sector Aviva has now overtaken Unum to be the largest provider in terms of number of employees covered. Unum
though remains the biggest provider in terms of number of employers’ schemes. Unum has overtaken Aviva in the group
critical illness sector, becoming the second largest provider.
YuLife has seen some of the strongest growth in 2022, particularly in terms of number of employer schemes, albeit it from a
much smaller starting point.
The report shows that 1.6m employees are now covered on corporate cash plans, a 1 per cent year-on-year increase. This is the fourth consecutive year the cash plan market has grown, and advisers predict even greater growth in 2023, with a strong start for the year in the sector.
More than 2.3m claims were made on cash plans in 2022 – making it arguable the most called-upon employee benefit.
Medicash is the biggest player in the cash plan market, in terms of the number of employees covered. Claims ratios on cash plans have regained much of the ground lost during the pandemic, when the numbers able to claim cash plan benefits fell significantly.
There has been a surge in launches of specialist standalone wellbeing providers, with an increased focus on digital services
Most standalone wellbeing providers offer physical and mental health support services. A far smaller number offer genuine
financial wellbeing support. Almost all wellbeing providers included in this report now offer digital apps and capability, with the option of face-to-face options for services such as talking therapies
The report concludes that standalone wellbeing providers demonstrate a focus on delivering extensive MI to employers to help demonstrate ROI.
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