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Gen Re Releases 2022 U.S. Individual Disability Market Survey Results

Issue: June 2023 | Life/Health North America

New sales premium grew by 11% over 2021.

Portland, Maine, June 20, 2023 – Gen Re recently released U.S. Individual Disability Market Survey that captures Non-Cancelable, Guaranteed Renewable, Guaranteed Standard Issue, and Buy-Sell sales and in‑force results. Seventeen carriers participated in the 2022 survey representing more than 95% of the U.S Individual Disability insurance market.

After several years of negative or flat growth, the Individual Disability market saw an 11% increase in 2022 over 2021 with new sales of $457 million. Unfortunately, this increase in sales was driven by a few carriers with a number of other carriers still reporting flat or negative growth. The market does remain strong with total in‑force premium of $5.3 billion which represents a 3% increase year-over‑year.

Key highlights from this annual benchmark report include:

  • By product line, both Non-Cancelable and Guaranteed Renewable new sales premium grew by about 12%, while Buy-Sell new sales premium declined by 24% over 2021.
  • Non-Cancelable and Guaranteed Renewable in‑force premium increased 3% and 5%, respectively. Buy-Sell in‑force premium fell 6%, trending downward for the 14th consecutive year.
  • Overall, the number of new policies rose 3% over 2021, which was mainly due to an increase of 14% in new Guaranteed Renewable policies. Non-Cancelable new policies decreased by 4%, while Buy-Sell policies fell by 24%. The total number of in‑force policies remained at 3.1 million, changing by less than 1% over 2021.

The Market Survey is an annual benchmark survey produced by Gen Re, with the full results available only to participating companies. A summary report is available here.

Gen Re, a Berkshire Hathaway Company, is one of the leading Life & Health and Property & Casualty reinsurers in the world. Our North American Life & Health reinsurance company, General Re Life Corporation, has superior financial strength ratings among Life and Health reinsurers. Gen Re delivers customized reinsurance programs and risk management solutions for the Life, Medicare Supplement, Critical Illness and Individual Disability Income markets. Through our research, we also offer valuable information and insights.

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