U.S. Individual Disability Market Survey Outcomes by Gen Re in 2024 Unveiled
The Scoop on Individual Disability Insurance Sales in 2024
Here's the lowdown on individual disability insurance sales for the year 2024, as per Gen Re's U.S. Individual Disability Market Survey. Let's dive into the key trends:
Eye-catching Highlights
- New Sales Premium: The combined new sales premium for Non-Cancelable (Non-Can), Guaranteed Renewable (GR), and Buy-Sell products took a dip of 1.7%, landing at $478.9 million in 2024[1][3][5]. Following a 7% increase in new sales in 2023[5], this dip signifies a slight setback.
- Product Line Breakdown:
- Non-Cancelable: Non-Can products accounted for a whopping 85% of the total new sales, equating to $407.9 million[1][5].
- Guaranteed Renewable: GR products took up 14% of the new sales, boasting a figure of $68.9 million[1][5].
- Buy-Sell: This segment saw a hefty decline of 24% in new sales, contributing less than 1% to the total new premium but representing a significant 32% of total new benefit amounts[1][5].
- Policy Numbers: Despite the fall in new sales premium, the number of new policies issued surged by 3.7% (around 4% in another source), tipping the scales at over 283,000[3][5].
- Inforce Premium: The total inforce premium saw a growth of 3.2% to a mind-boggling $5.5 billion[3][5], with Non-Can products increasing by 3.3% to $4.7 billion[3][5]. GR inforce premium expanded by 3.1% to $776.9 million, while Buy-Sell inforce premium fell by 4.6%[3].
- Benefit Amounts: The total benefit amount from new policies dwindled by 9% to a hefty $1.5 billion[5]. However, the total benefit amount from all inforce policies eked out a gain of less than 1% to $19.7 billion[5].
This annual benchmark survey, dubbed the Market Survey, is provided by Gen Re, with exclusive results available only to participating companies[6]. A summary report is available online[7]. Gen Re, a subsidiary of Berkshire Hathaway, boasts superior financial strength ratings among Life and Health reinsurers[8]. They offer customized reinsurance programs and risk management solutions for Life, Medicare Supplement, Critical Illness, and Individual Disability Income markets[8]. Through their research, they provide valuable information and insights[8]. Feel free to reach out to Steve Woods, Senior VP, Head of Group & Health, or Mike Turner, VP, Account Executive – Group & Health, at Gen Re[2][4].
[1] https://www.genre.com/lhsurveys/news/Documents/IDMSF2024_Release_FINAL.pdf[2] Steve Woods (Senior VP, Head of Group & Health) [email protected][3] https://www.businesswire.com/news/home/20241231005106/en/Gen%20Re%20Announces%20Results%20of%202024%20Individual%20Disability%20Market%20Survey[4] Mike Turner (VP, Account Executive - Group & Health) [email protected][5] Source: Gen Re U.S. Individual Disability Market Survey: [1][6] The Market Survey is an annual benchmark survey produced by Gen Re, with the full results available only to participating companies[3].[7] A summary report is available online at genre.com/lhsurveys[8] https://www.genre.com/AboutUs/Pages/Corporate.aspx
- Author: Business Wire
In the context of the Scoop on Individual Disability Insurance Sales in 2024, the total inforce premium for Non-Cancelable, Guaranteed Renewable, and Buy-Sell products in the cloud of financial news outside the business realm saw a growth of 3.2%, reaching $5.5 billion. Also, the latest findings indicate a decline in the total benefit amount from new policies in the finance sector, decreasing by 9% to $1.5 billion.
