Gen Re is pleased to present the results of our latest U.S. Individual Disability Market Survey. This annual benchmarking survey covers Non-Cancelable (Non‑Can), Guaranteed Renewable (GR), Buy-Sell and Guaranteed Standard Issue (GSI) product lines for 2023 and 2024. Sixteen carriers participated in the survey representing $5.5 billion of inforce premium. Of those companies, 14 reported Non‑Can results, 13 provided GR results, and six reported on their Buy-Sell product. Seven companies provided GSI results.

Growth calculations for 2023 and 2024 are based upon comparable data for both years for those companies providing the data and include any adjustments made to the 2023 reported data.

Market Growth – New Business (Non‑Can, GR and Buy‑Sell)

Total new sales premium from Non‑Can, GR and Buy‑Sell combined declined 1.7% to $478.9 million in 2024. Non‑Can and GR sales premium fell 1% and 5%, respectively. Buy‑Sell sales fell sharply with a decrease of 24% over 2023.

Sales Premium Growth Rates

Of the $478.9 million in total new sales premium, Non‑Can products represent 85% or $407.9 million, and GR represents 14% or $68.9 million. Buy‑Sell accounts for less than 1% of the total new sales premium and policies but 32% of total new benefit amounts for 2024.

The total number of new policies increased 4% to more than 283,000, while total benefit amounts fell 9% to $1.5 billion.

2024 New Business by Product

Market Growth – Inforce Business (Non‑Can, GR and Buy‑Sell)

Total inforce premium from Non‑Can, GR and Buy‑Sell combined increased 3.2% to $5.5 billion in 2024. Both Non‑Can and GR increased by 3% compared to 2023, while Buy‑Sell declined 5%.

Inforce Premium Growth Rates

Of the $5.5 billion in total inforce premium, Non‑Can products represent 85% or $4.7 billion, GR represents 14% or $776.9 million and Buy‑Sell accounts for 1% or about $45 million.

The number of inforce policies remained level at 3.1 million, as did total benefit amounts, increasing less than 1% to $19.7 billion.

2024 Inforce Business by Product

Market Growth – GSI Business (Non‑Can and GR)

For companies reporting GSI, total new sales premium (Non‑Can and GR combined) increased 22.4% 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 9.5% to almost $504 million in 2024.

GSI Premium Growth Rates

Employer-paid business accounts for $47.8 million or 59% of the total GSI new sales premium and employee-paid accounts for $32.8 million (41%). Of the total GSI premium inforce, employer-paid accounts for $204.2 million and employee-paid accounts for $299.8 million or 59%.

2024 GSI Business

Non‑Can – New Business

Participating companies reported $407.9 million of Non‑Can new sales premium.

Disability Income (DI) represents $399.5 million or 98% and Overhead Expense (OE) accounts for $8.4 million. Medical and 4A & Above occupations combined account for 93% of Non‑Can new sales premium.

Non‑Can New Sales Premium by Occupational Class and Policy Type

Overall, Non‑Can new sales premium declined 1%, DI premium fell 1% and OE declined 10%. The only occupation to show an increase in new sales premium was the Medical category, with DI premium increasing 5%. New sales premium from 4A & Above and 2A & Below occupations both declined 6%, while 3A premium fell 4%.

Percentage Change in Non‑Can New Sales Premium by Occupational Class

Non‑Can – Inforce Business

Participants reported $4.7 billion of Non‑Can inforce premium. DI represents more than $4.5 billion or 97% and OE accounts for just under $160 million.

Combined, DI and OE premium from Medical occupations reached nearly $2.5 billion, accounting for 52% of the total Non‑Can premium inforce.

Non‑Can Inforce Premium by Occupational Class and Policy Type

Overall, Non‑Can inforce premium increased 3.3%. Non‑Can DI inforce premium grew 4%, with all but the 3A occupations showing an increase. OE inforce premium fell 3%, with only the 2A & Below occupations showing an increase.

Percentage Change in Non‑Can Inforce Premium by Occupational Class

GR New Business

Participants reported $68.9 million of Guaranteed Renewable new sales premium for 2024, declining 5% over 2023. DI accounts for $68.8 million and OE accounts for about $93,500.

GR New Sales Premium by Occupational Class

4A & Above occupations account for 45% of total GR new sales premium, and 2A & Below occupations account for 25%.

GR new sales premium declined for all occupational categories in 2024, ranging from ‑8% for 3A occupations to ‑1% for 2A & Below occupations.

Percentage Change in GR New Sales Premium by Occupational Class

GR Inforce Business

Participants reported $776.9 million of GR inforce premium, up 3% over 2023.

Of the total GR premium inforce, DI accounts for $774.1 million compared to OE at $2.8 million. 4A & Above occupations account for 46% or $359.4 million of the total GR premium inforce.

GR Inforce Premium by Occupational Class

Inforce premium increased for all but the 3A occupations which declined 3% in 2024.

Percentage Change in GR Inforce Premium by Occupational Class

Buy‑Sell New Sales and Inforce Business

Six companies reported nearly $2.1 million in Buy‑Sell new sales premium in 2024, a decline of 24%.

The number of new Buy‑Sell policies fell 26%; the largest decline recorded since the survey’s inception.

Buy‑Sell Premium Growth Rates

Buy‑Sell inforce premium fell 5% to less than $45 million in 2024; marking 16 consecutive years of negative results.

Buy‑Sell inforce policies fell 7% to about 14,500. This marks 19 years of negative results.

Buy‑Sell new sales premium per policy increased 3.3% to more than $3,600, while inforce premium per policy increased 2.7% to almost $3,100 in 2024.

Buy-Sell Premium Per Policy

If you have any questions about our summary report, please reach out to me – or let me know if you'd like to participate in next year’s industry survey!