Gen Re Releases 2024 U.S. Individual Disability Market Survey Results
STAMFORD, Conn.--(BUSINESS WIRE)--Gen Re recently released its U.S. Individual Disability Market Survey which captures Non-Cancelable, Guaranteed Renewable, Guaranteed Standard Issue, and Buy-Sell new sales and inforce results. The number of survey participants was 16, dropping from 17 in the prior 2023 survey as one carrier exited the Individual Disability market. Those 16 carriers reported $5.5 billion of inforce premium, an increase of 3.2% over 2023 results. New sales were down 1.7% to $478.9 million, while the number of new policies written increased 3.7% in 2024.
Gen Re releases 2024 U.S. Individual Disability Market Survey results: Carriers reported mixed results for Individual Disability insurance sales.
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Additional highlights from this annual benchmark report include:
By product line, Non-Cancelable inforce premium grew 3.3% to $4.7 billion, representing 88% of total inforce premium. Guaranteed Renewable inforce premium grew 3.1% to $776.9 million, while Buy-Sell premium fell 4.6% to $44.9 million posting negative growth for the 16th consecutive year.
Non-Cancelable and Guaranteed Renewable new sales premium fell 1.0% and 4.6%, respectively. After an increase of 14% in 2023, Buy-Sell new sales premium declined 23.9% in 2024.
The total number of policies inforce remained level at 3.1 million, increasing less than 1% (0.2%). New Non-Cancelable and Guaranteed Renewable policies grew 1.2% and 7.9%, respectively, while new Buy-Sell policies declined 26.3% in 2024.
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 online at genre.com/lhsurveys.
About Gen Re
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. www.genre.com
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