Press Releases

Gen Re Announces 2015 U.S. Group Term Life Market Survey Results

Issue: May 2016 | Life/Health North America

For immediate release
May 12, 2016

Portland, ME, May 12, 2016…Gen Re has released the results of the 2015 U.S. Group Term Life Market Survey, the annual industry benchmark survey covering Group Term Life and Accidental Death & Dismemberment (AD&D) in-force and new sales premium results for the U.S. market.

According to the 32 participating companies, there was positive growth in both in-force and sales premium for total Group Term Life. Of the 30 companies reporting Group AD&D, total results were mixed, with in-force premium posting a slight decline while new sales premium increased slightly in 2015. Other key trends to note include:

  • Participants reported just over $23.5 billion in total Group Term Life in-force premium, a 2% increase over 2014.
  • The total number of employers offering coverage rose by 1%, while the total number of insured employees was up by roughly 2%.
  • Group AD&D premium results declined by 1% for in-force, but showed positive growth of 1% for new sales. This was an improvement over last year’s reported declines of 10% and 9%, respectively.


For Group Term Life, new sales premium increased by 7%, the highest growth rate reported since 2008. Total sales reached nearly $2.5 billion. Reported sales volume among participating carriers exhibited a 4% increase over 2014. On new Group Term Life policies, the average face amount was up by 4%, at $77,655 in 2015.

For the complete survey summary, please visit www.genre.com/lhsurveys.

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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.

 

Contact:

Heidi Alpren
Tel. +1 207 347 4624