Benefits | Top tips on renewing group protection in a pandemic

By Simon Thomas, Director, Generali UK Employee Benefits

It’s a busy time of year for employee benefits renewals. And considering that 62% of group income protection (GIP) insurers and 62% of Death in Service (DIS) providers have increased their rates due to the pandemic¹, it could pay to shop around.

In unpredictable times, it’s worth looking at providers that can evidence sustainable, below market average, pricing over a number of years. These are insurers that haven’t priced low just to win business one year, only to hike premiums when the going gets tougher in subsequent years.

Right now, a wide range of rates are being quoted for the same business, according to Mercer Marsh Benefits, adding: ‘reviewing the market and not being limited to a small panel of group protection providers is perhaps now more important than ever’. ¹