SOUTH PORTLAND, Maine--(BUSINESS WIRE)--Results from Gen Re’s latest U.S. Individual Disability Market Survey reveal overall positive results in 2014 for the 18 participating carriers. Total in-force premium increased 1.7% [Non-Cancelable (Non-Can), Guaranteed Renewable (GR) and Buy-Sell], representing nearly $4.8 billion. Meanwhile, total sales premium increased almost 1%, reaching $384.4 million.
Among the other highlights from this annual benchmark report:
- Non-Can in-force premium increased 1.4% to over $4.1 billion; GR in-force premium grew 4.1% to $593.8 million; and Buy-Sell decreased 1.4% to $69.8 million.
- Non-Can sales premium was flat (-0.3%), while GR grew 6.4%. Buy-Sell decreased 15.1% to $4.3 million—the lowest level since the study’s inception.
- For the seventh consecutive year, the total number of in-force policies decreased (0.7%). The number of GR policies in-force increased 1.2%, while Non-Can declined 1.2% and the number of Buy-Sell policies in-force fell 4.3%—down for the ninth consecutive year.
- Total new policies increased almost 3%; Non-Can policies increased slightly (0.5%); GR grew 8.2%; and Buy-Sell policies decreased 21.5%.
The Market Survey is an annual benchmark survey produced by Gen Re, with the full results available only to participating companies. A Summary report is available online at www.genre.com/lhsurveys.
Gen Re, a Berkshire Hathaway Company, is one of the leading life/health and property/casualty reinsurers in the world. Our North American life and health reinsurance company, General Re Life Corporation, has superior financial strength ratings among life and health reinsurers. Gen Re delivers tailor-made reinsurance programs and risk management solutions for the Life, Medicare Supplement, Critical Illness and Disability markets. Through our research, we also offer valuable information and insights. For more information, visit www.genre.com.