June 24, 2020 | By Allison Bell – ThinkAdvisor
Both non-can and guaranteed renewable in-force premium increased.
Individual disability insurance issuers may have covered slightly fewer people in 2019, but their in-force premium revenue may have increased slightly.
Gen Re has reported figures supporting those conclusions in a summary of results from a voluntary issuer survey. Gen Re received data from 16 insurers.
The participants covered about 3 million people through in-force policies last year, or 1.1% fewer than in 2018, according to the Gen Re survey results.
Premium revenue from individual disability insurance policies already in force increased 0.7%, to $4.9 billion.
A summary of the Gen Re individual disability market survey is available here.
The number of new policies sold fell 5.9%, to 275,599, but premiums from the new policies that were sold increased 0.7%, to $426 million.