PORTLAND, Maine--(BUSINESS WIRE)--Gen Re’s recently released U.S. Individual Disability Market Survey reveals that overall, the market had positive results in 2019. The 16 participating companies combined for an increase of 0.7% in total in-force premium to $4.9 billion and a similar 0.7% increase in total new sales to $426.3 million. These results include Non-Cancelable (Non-Can), Guaranteed Renewable (GR) and Buy-Sell products.
Additional highlights from this annual benchmark report include:
- Non-Can in-force premium increased slightly (0.6%) to almost $4.2 billion, accounting for 85% of total in-force premium, while GR in-force premium grew 1.9% to $664.5 million. Buy-Sell in-force premium has been trending downward since 2009 and fell 2.6% to $56.5 million in 2019.
- Non-Can and Buy-Sell new sales premium grew 1.7% and 0.4%, respectively, while new sales premium for GR declined 3.8%.
- Overall, total new policies declined 5.9%. By product line, Non-Can policies fell 3.9%, GR fell 8.7% and Buy-Sell policies were down 6.3%. Meanwhile, total in-force policies decreased 1.1%.
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 genre.com/lhsurveys.
About Gen Re
Gen Re, a Berkshire Hathaway Company, is one of the leading Life/Health and Property/Casualty reinsurers in the world. Our North American Life/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. www.genre.com