- Property & Casualty
- Life & Health
- Knowledge Center
-
About Us
About Us OverviewCorporate Information
TOP
While total new Individual Disability Income sales premium from Non-Cancelable, Guaranteed Renewable and Buy-Sell combined declined 2% to $478.9 million in 2024, new policies grew 4% to more than 283,000. Non-Cancelable (Non‑Can) and Guaranteed Renewable (GR) sales premium fell 1% and 5%, respectively. Buy-Sell sales fell sharply with a decrease of 24% over 2023, one of the largest declines recorded in the history of the Gen Re Individual Disability U.S. market survey.
Of the nearly $479 million in total new sales premium, Non‑Can products represented 85% ($407.9 million), and GR made up 14% ($68.9 million). Buy-Sell accounted for less than 1% of the total new sales premium and policies – but constituted 32% of total new benefit amounts in 2024. Total benefit amounts across all products fell 9% overall to $1.5 billion.
Survey participants decreased this year by one after Mutual of Omaha exited the market in early 2025.1 Sixteen carriers participated in our latest survey, representing $5.5 billion of inforce premium. Of the 16 companies, 14 reported Non‑Can results, 13 provided GR results and six reported on their Buy-Sell product. Seven companies provided Guaranteed Standard Issue (GSI) results.
The chart below shows the 10 year growth pattern for the market by product type and total sales. Overall, new sales premium growth has been relatively flat even with 7 of the 10 years having positive new sales results.
For companies reporting Guaranteed Standard Issue, total new sales premium (Non‑Can and GR combined) increased 22% to $80.5 million in 2024. Non‑Can GSI, which accounts for 99% of the total, grew from $65 million in 2023 to more than $79 million in 2024. Total GSI inforce premium grew 10% to almost $504 million in 2024.
Employer-paid business accounts for $47.8 million or 59% of the total GSI new sales premium while employee-paid was $32.8 million (41%). Of the total GSI premium inforce, employer-paid accounted for $204.2 million and employee-paid was $299.8 million or 59%.
Total inforce premium from Non‑Can, GR and Buy-Sell combined increased 3% to $5.5 billion in 2024. Both Non‑Can and GR increased by 3% compared to 2023, while Buy-Sell declined 5%.
Participating companies reported $407.9 million of Non‑Can new sales premium.
Disability Income (DI) represented $399.5 million or 98% and Overhead Expense (OE) accounted for $8.4 million. Medical and 4A & Above occupations combined accounted for 93% of Non‑Can new sales premium.
Overall, Non‑Can new sales premium declined 1%; DI premium fell 1% and OE fell by 10%.
Participants reported $68.9 million of Guaranteed Renewable new sales premium for 2024, declining 5% over 2023. DI accounted for $68.8 million, and OE was around $93,500.
4A & Above occupations accounted for 45% of total GR new sales premium, and 2A & Below occupations represented 25%. Medical occupations accounted for 24% of new GR sales premium.
GR new sales premium declined for all occupational categories in 2024, ranging from ‑8% for 3A occupations to ‑1% for 2A & Below occupations.
Medical occupations (46%) now account for more of the total new sales premium (Non‑Can & GR) than 4A & Above occupations (44%).
The stats shown here are only a sample of the analysis contained in the summary report, which provides a deeper dive into the Individual Disability market trends. Take a look at the findings – and if there’s a particular topic our team can help you with, don’t hesitate to get in touch.
