PORTLAND, Maine--(BUSINESS WIRE)--Gen Re has released the results of the 2019 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.
Twenty-nine companies participated in this year’s survey. For those providing comparable data from year to year, sales and in-force premium increased for both products. Key observations include:
- Participants reported just over $26.6 billion in total Group Term Life in-force premium, a 2% increase compared to 2018 results.
- The total number of employers offering coverage increased by 1% from year-to-year, while the number of insured employees grew by 2%.
- For Group AD&D, in-force premium was up by 5% and new sales premium increased by 1% compared to 2018.
- After posting a 5% decline on last year’s survey, new Group Term Life sales premium was up by 5%, totaling nearly $2.8 billion.
- The average face amount for new Group Term Life policies declined by 6% in 2019 to $89,943.
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