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Gen Re Releases 2023 U.S. Group Term Life Market Survey Results

Issue: May 2024 | Life/Health North America

Growth of Group Term Life Business Slows in 2023

Portland, Maine, May 16, 2024 – Gen Re has released results of the 2023 U.S. Group Term Life Market Survey. This annual industry benchmark survey covers Group Term Life and Accidental Death & Dismemberment (AD&D) inforce and new sales results for the U.S. market, representing combined employer-paid and employee-paid business.

Twenty-six companies provided Group Term Life results, while 24 provided AD&D results.

Key observations of the survey include:

  • Participants reported $31.4 billion in total Group Term Life inforce premium, a 2% increase compared to 2022 results.
  • Participants reported a 3% decrease in new Group Term Life sales premium. New sales premium totaled $2.9 billion in 2023.
  • Average face amounts for new sales grew fell to $91,217 in 2023, while inforce average face amounts remained flat year over year.
  • Average lives per case increased 4% for new sales and 5% for inforce cases.
  • Compared to 2022, Group AD&D inforce premium was up by 6% and new sales premium increased by 5%.

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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