Stamford-based General Reinsurance Corp. ”“ known as Gen Re ”“ has released the results of its “2014 U.S. Group Term Life Market Survey,” the company’s annual industry window on “Group Term Life and Accidental Death & Dismemberment” sales premium results for the U.S. market.
The results showed a mix bag, with single-digit advances and retreats across a number of industry metrics.
Survey participants reported growth of premiums for group term life, but a slight decline in sales. Accidental death and dismemberment saw a decline in both sales and premiums, according to the report.
Thirty companies participated in the survey, with 28 companies represented in the accidental death and dismemberment segment.
Participating carriers reported just under $23.2 billion in total group term life premiums, an increase of 3 percent over 2013. The total number of employers offering coverage decreased by 2 percent, while the total number of insured employees rose by about 1 percent.
For group term life, premiums declined slightly, dropping by 1 percent to reach just over $2.3 billion. Reported sales volume among participating carriers declined 1 percent, as well. On new group term life policies, the average face amount was down by 5 percent, at $77,875 in 2014.
Group accidental death and dismemberment premium results, which were strongly influenced by a small number of carriers, declined by 10 percent, and fell by 9 percent for new sales, the survey said.
The full survey is available at genre.com/lhsurveys.
