Gen Re Releases 2024 U.S. Group Term Life Market Survey Results
STAMFORD, Conn.--(BUSINESS WIRE)--Gen Re has released results of the 2024 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.
Gen Re releases 2024 U.S. Group Term Life Market Survey results: Large growth in Group Term Life business.
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Twenty-five companies provided Group Term Life results, while 21 provided AD&D results.
Key observations of the survey include:
Participants reported $33.2 billion in total Group Term Life inforce premium, a 5% increase compared to 2023 results.
Participants reported a 12% increase in new Group Term Life sales premium. New sales premium totaled $3.2 billion in 2024.
Average face amount for new sales was $131,355 in 2024, while the inforce average face amount was $104,899.
Average premium per case grew 11% for new sales and 4% for inforce business.
Compared to 2023, both Group AD&D new sales and inforce premium grew 3%.
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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