PORTLAND, Maine--(BUSINESS WIRE)--Gen Re’s recently released U.S. Individual Disability Market Survey reveals overall positive results in 2023 for the 17 participating companies. Total inforce premium, which includes Non-Cancelable, Guaranteed Renewable, and Buy-Sell products, increased 2% over 2022 results. Total new sales premium increased 7%, reaching $490 million.
Additional highlights from this annual benchmark report include:
- By product line, Non-Cancelable inforce premium grew 2% to $4.6 billion and represents 84% of total inforce premium. Guaranteed Renewable inforce premium grew 4% to $793 million, while Buy-Sell premium fell 4% to $47.1 million posting negative growth for the 15th consecutive year.
- Non-Cancelable and Guaranteed Renewable new sales premium grew 8% and 3%, respectively. Buy-Sell new sales premium increased by 14%; an improvement after a decline of 24% in 2022.
- The total number of policies inforce remained level at 3.1 million, an increase of less than 1%. New Non-Cancelable and Guaranteed Renewable policies grew 5% and 1%, respectively, while new Buy-Sell policies increased 11% in 2023.
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 https://www.genre.com/us/lifehealth/research-surveys/us-research-center#industry.
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
