|
PORTLAND, MAINE: JHA recently released the results of its 2005 U.S.
Individual Disability Income Market Survey. This industry benchmark
survey captured 2005 Non-Cancelable (Non-Can), Guaranteed Renewable (GR), and
Buy-Sell product line results for 16 individual disability insurance carriers.
In 2005, U.S. Individual Disability Income inforce premium (Non-Can, GR, and
Buy-Sell) increased more than 3% over 2004, reaching nearly $4 billion.
According to survey results, the number of both Non-Can and GR inforce policies
increased less than 1%. Inforce benefit amounts for Non-Can increased by about
4% and inforce benefit amounts for GR increased about 3%, compared to 2004.
Combined Non-Can and GR new sales premium increased almost 2%, while combined
new policies written declined over 3% in 2005. Non-Can new sales premium
increased less than 1% whereas new Non-Can policies issued declined almost 7%.
GR new sales premium increased 12% and new GR policies issued increased over
9%-the first increase for GR since JHA began conducting this survey five years
ago.
“Overall, 2005 was another solid sales year for the Individual DI marketplace,
with increases in both Non-Can and GR sales. While Guaranteed Renewable
experienced tremendous growth in 2005, Non-Can continues to make up about 84%
of all new sales,” said Drew King, President
of JHA.
The JHA 2005 U.S. Individual Disability Income Market Survey features
both sales and inforce premium information. Only participating companies
receive the comprehensive report, which lists individual company’s data.
JHA, a subsidiary of General Re Life Corporation (a Berkshire Hathaway company),
is a disability reinsurance, consulting, and research firm located in Portland,
Maine. Since 1986, JHA has been helping insurers, TPAs, employers, brokers, and
benefit consultants improve their disability business performance. Through its
research practice and consulting work, JHA is the leading source for
information and data about the disability market.
|