Gen Re Releases U.S. Individual Disability Market Survey Results

In-force premium grew by 2% over 2020.

PORTLAND, Maine--(BUSINESS WIRE)--Gen Re recently released its U.S. Individual Disability Market Survey which captures Non-Cancelable (Non-Can), Guaranteed Renewable (GR), Guaranteed Standard Issue (GSI), and Buy-Sell sales and in-force premium results for more than 95% of the U.S. Individual Disability insurance market. Seventeen carriers participated in the 2021 survey, representing $5.1 billion of in-force premium, an increase of 1.6% over 2020 results.

As with last year’s results, COVID-19 impacted new sales of Individual Disability insurance. With travel restrictions, understaffed sales teams, and limited face-to-face contact with clients, producers found it challenging to close sales. This resulted in new sales remaining level at $399.1 million, changing by just -0.1%.

Key highlights from this annual benchmark report include:

• By product line, Non-Can and GR new sales premium results were flat at -0.1% and 0.5%, respectively. Buy-Sell new sales premium declined by 2.7% over 2020.
• Non-Can and GR in-force premium increased 1.4% and 3.7%, respectively. Buy-Sell in-force premium fell 4%, posting negative results for the 13th consecutive year.
• The number of new policies increased for all product lines. Non-Can new policies grew by 1.7%, new GR policies increased 2.8% and Buy-Sell policies were up 3.4%. Total in-force policies were flat, changing by just 0.1% over 2020.

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 at https://www.genre.com/knowledge/publications/surveylhidisum2205-en.html.

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