PORTLAND, Maine--(BUSINESS WIRE)--Gen Re has released results of its 2017 U.S. Group Term Life Market Survey. This annual industry benchmark survey covers Group Term Life and Accidental Death & Dismemberment (AD&D) in-force and new sales results for the U.S. market, representing combined employer-paid and employee-paid business.
According to the participating companies (25 for Group Term Life; 23 for AD&D), sales and in-force premium growth was positive for both products. Key observations include:
- Participants reported $24.5 billion in total Group Term Life in-force premium, a 4% increase compared to 2016 results.
- The total number of employers offering coverage remained flat from year-to-year, while the number of insured employees grew by 4%.
- In-force premium for Group AD&D was up at a moderate pace of 7%. The gain for new AD&D sales premium was more significant at 15%.
- New Group Term Life sales premium growth was positive for the third year in a row, posting a healthy 12% increase to reach $2.7 billion.
- At $94,835, the average face amount for new Group Term Life policies was up by 12% in 2017.
The full results of the Market Survey is available only to participating companies. A summary report is available online at 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 customized reinsurance programs and risk management solutions for the Life, Medicare Supplement, Critical Illness and Individual Disability Income markets. Through our research, we also offer valuable information and insights. For more information, visit www.genre.com.