ABI research: Futureproofing Workplace Health
Health and protection insurance are boosting the UK’s productivity and economic growth.
The research from ABI and WPI Economics finds that health and protection insurers produced the equivalent of £6.1 billion a year in benefits, by reducing the number of days employees needed to take as sick leave.
The ABI makes a number of recommendations for government, including reforming statutory sick pay so that it provides better and more flexible financial support for employees and encourages employers to provide effective and proactive sickness absence management.
The report also suggests that any new incentives flowing from recent government consultations should apply to insurance and must allow employers to offer workplace health benefits in the way that works best for them.
Government should also mandate firms to disclose information on how well they support the health and wellbeing of their staff, the report urges.
Key findings
- A record 4.4 million people are now covered by health insurance through their employer
- Services provided by insurers in 2021 prevented 14 million sick days and helped 12,500 full-time workers to stay in work rather than leave their jobs due to ill-health
- Businesses were £2.6 billion better off because fewer people were off work, and the wider economy saved £2 billion
- Health and protection insurers saved government £1.5 billion as people continued to pay taxes and did not claim social security benefits.
