US Individual Disability Market Survey Results for 2024 Revealed by Gen Re
Industry Insights: Gen Re's 2024 U.S. Individual Disability Market Survey Reveals Mixed Results
Starting off in the world of insurance, the latest report from Gen Re, a leading Life/Health and Property/Casualty reinsurer, paints a mixed picture for the Individual Disability market. The survey results show fluctuations in new sales, inforce premium, and policy growth.
Sales Slump, Market Dominance
New sales, consisting of Non-Cancelable, Guaranteed Renewable, and Buy-Sell products, dropped by 1.7% in 2024 to $478.9 million. However, Non-Cancelable products remained dominant, claiming $407.9 million (85%) of the total new sales, followed by Guaranteed Renewable with $68.9 million (14%) and Buy-Sell accounting for a meager percentage but a substantial 32% of total new benefit amounts.
Increasing Inforce Premium, Steady Policy Numbers
In terms of inforce premium, the sector saw a 3.2% increase to $5.5 billion, with Non-Cancelable inforce premium expanding 3.3% to $4.7 billion, representing 88% of the total inforce premium. Guaranteed Renewable inforce premium also rose 3.1% to $776.9 million, while Buy-Sell premium witnessed yet another year of negative growth, dropping 4.6% to $44.9 million.
When it comes to policy growth, the market showed an increase of 3.7% in the number of new policies written in 2024. However, the total benefit amount saw a decline of 9% compared to the previous year, settling at $1.5 billion.
A Closer Look at the U.S. Individual Disability Market
The annual Benchmark Survey from Gen Re offers a valuable look into the U.S. Individual Disability market, with a full report available only to participating companies. Despite the fluctuations in sales and benefit amounts, it's evident that the sector remains resilient and shows potential for growth.
As always, you can find more information and insights on the topic at genre.com/lhsurveys. If you have any questions or comments, don't hesitate to reach out to Steve Woods, Senior VP, Head of Group & Health, at [email protected], or Mike Turner, VP, Account Executive - Group & Health, at [email protected].
Stay informed, stay ahead.
Sources:1. Gen Re, 2024 U.S. Individual Disability Market Survey, genre.com/lhsurveys2. Insurance Business Magazine, insurancebusinessmag.com3. Various Industry Reports and Analyst Insights
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