UK 
United States
By Tracey Ward, Head of Business Development and Marketing, at Generali UK Employee Benefits
As group life and income protection renewal season rapidly approaches, we take a look at what to watch out for in 2022; from premium sustainability and how hard the policy is working to support wellbeing needs, to supplier ESG principles and practices.
Firstly, premiums. Many insurers last year increased their rates due to the pandemic, as we reported in an article in HR Grapevine last spring. And all signs point to the same again this year.
It is therefore more important than ever to shop around to find providers that can evidence sustainable, below market average pricing over a number of years. Because although the prevailing market conditions – from the macro to the local economy – are faced by all insurers, the way in which they approach pricing and balance risk across portfolios is quite different, hence pricing variations vary not only from provider to provider, but also from scheme to scheme.
