Gen Re Announces 2014 U.S. Group Term Life Market Survey Results
Issue: April 2015 | Life/Health North America
For immediate release
South Portland, ME, April 21, 2015…Gen Re has released the results of the 2014 U.S. Group Term Life Market Survey, their annual industry benchmark survey covering Group Term Life and Accidental Death & Dismemberment in-force and sales premium results for the U.S. market. Participants in this year’s survey reported growth of in-force premium for Group Term Life but a slight decline in sales, while AD&D saw a decline in premium for both, according to the report.
Thirty companies participated for 2014, with 28 companies represented in the AD&D segment. Participating carriers reported just under $23.2 billion in total Group Term Life in-force premium, an increase of 3% over 2013. The total number of employers offering coverage decreased by 2%, while the total number of insured employees rose by about 1%.
For Group Term Life, premium declined slightly, dropping by 1% to reach just over $2.3 billion. Reported sales volume among participating carriers declined 1% as well. On new Group Term Life policies, the average face amount was down by 5%, at $77,875 in 2014.
Group AD&D premium results, which were strongly influenced by a small number of carriers, declined by 10% for in-force, and fell by 9% for new sales.
If you would like to read the survey summary, please visit Gen Re’s website at www.genre.com/lhsurveys. Participating companies received the full report.
Gen Re, a Berkshire Hathaway Company, is one of the leading life/health and property/casualty reinsurers in the world. Our North American life and health reinsurance company, General Re Life Corporation, has superior financial strength ratings among life and health reinsurers. Gen Re delivers tailor-made reinsurance programs and risk management solutions for the Life, Medicare Supplement, Critical Illness and Disability markets. Through our research, we also offer valuable information and insights. For more information, visit www.genre.com.