The group insurance industry is currently operating in a challenging environment, impacted by a suite of issues.
Significant increases in claims, particularly TPD have led to significant premium increases across the board with both insurers and reinsurers suffering large losses.
There has been no single trigger causing this situation. In fact, many of the issues have occurred over the last few years - and many of the factors are linked.
The industry will need to adapt to survive and be a stronger business for the future. To do this, the industry needs to focus on four key areas: