Gen Re has reported overall positive 2017 results trends for the U.S Individual Disability market, with total in-force premium up 2.3% on average, and total sales premiums increasing by 9.1%.
The company’s annual U.S. Individual Disability Market Survey looks at results from 15 participating companies and offers insight and analysis on market trends.
Results from respondents revealed that total in-force premium, which includes Non-Cancelable (Non-Can), Guaranteed Renewable (GR), and Buy-Sell products currently represents $4.7 billion, while total sales premium reached $402 million.
Specifically, Non-Can premium increased by 2.1% to $4 billion, accounting for 85% of total in-force premium, while GR grew 4.4% to $623 million and Buy-Sell fell 2.5% to less than $60 million.
Additionally, all three lines saw increases in sales premium, with Non-Can rising by 9.3%, GR by 8.4% and Buy-Sell by 6.4%.
Gen Re also found that the total number of in-force policies remained fairly level, with increases of less than one percent (0.8%) reported by survey respondents.
However, the survey also revealed that total new policies for U.S Individual Disability increased by 9.6%, which Gen Re attributed to an uptick of nearly 23% in GR policies.
Gen Re is the reinsurance subsidiary of Warren Buffett’s Berkshire Hathaway Company, and delivers customised reinsurance programs and risk management solutions for the North American Life, Medicare Supplement, Critical Illness and Individual Disability Income markets via General Re Life Corporation.