Link: https://www.genre.com/knowledge/publications/2022/june/surveylhgtlsum2206-en
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Excerpt:
Gen Re is pleased to share the results from our latest U.S. Group Term Life Market Survey, an industry benchmarking survey covering the Group Term Life (GTL) and AD&D industry. The survey tracks sales and in‑force results as well as lapse rate and employee-paid data.
Twenty-one of the 29 companies participating in the 2021 survey have provided Group Term Life data over the past 10 survey years.
Twenty-nine companies provided GTL results for 2021. Twenty-seven provided AD&D results. On a combined basis, total GTL and AD&D in‑force premium reached $31.6 billion, with GTL representing the majority (94%) of the total. (Exhibit A)
For GTL in‑force premium, reported industry growth has ranged between 2% and 5% over the past 10 years. In 2021, in‑force premium grew by 6% compared to 2020.
After a five-year low of 1% growth in 2020, AD&D in‑force premium rose by 3% in 2021. (Exhibit B)
Author(s): Nicole Conti
Publication Date: 7 June 2022
Publication Site: Gen Re