It has been another year of very strong growth in the workplace healthcare and protection market, with an increase in the number of employees covered on group risk, PMI and cash plan products.
TO DOWNLOAD YOUR FREE COPY OF THE REPORT CLICK HERE
Corporate Adviser’s Workplace Protection and Wellbeing Report found that cash plans were growing at the fastest rate, up 14.8 per cent on last year report. This was followed by group critical illness (9.1 per cent), group income protection (7.1 per cent), corporate healthcare (5.4 per cent) and group life (5.1 per cent).
This increase comes against a challenging inflationary headwinds which have seen premium increases on many product lines.
Within the group risk market, most providers have grown their book of business across all three product lines — the only exceptions being Canada Life, which saw its GIP employees fall by 2.7 per cent and L&G which saw its GCI employees shrink by 0.79 per cent.
Group life is still the most widely used group risk product, with more than 10.7m employees now covered on these products — an increase of 5.1 per cent year on year.
Canada Life retains its position as the largest provider in both the group life and group critical illness market – in terms of both employees and employers covered.
Aviva is the largest provider in the group income protection market, in terms of number of employees, with Unum having the highest number of employer schemes.
Unum has seen the fastest growth in the group life sector, increasing the number of employees by 16 per cent over the past year. Meanwhile AIG Life saw the fastest growth in the GIP market, with the number of employees covered up by 17.8 per cent, and Aviva saw the fastest growth int he group critical illness market, with employees covered up by 18.6 per cent year on year.
The report collates data from all major providers working across the group private medical insurance (group PMI) and cash plan providers in the market, as well as some of the better known standalone wellbeing providers. This is supplemented with research among leading advisers, intermediaries and EBCs working across the market to fully understand trends in the sector.
The report found that advisers view wellbeing services as offering the highest return on investment for employers (at 29.6 per cent) — however the numbers citing this as delivering the best ROI has fallen for the second year running.
Advisers now view cash plans as delivering a higher return on investment for employers than private medical insurance, reversing the position in last year’s report.
TO DOWNLOAD YOUR FREE COPY OF THE REPORT CLICK HERE
The post Workplace Protection and Wellbeing Report 2024: Providers with strongest growth named appeared first on Corporate Adviser.
