NU Online News Service, Sept. 26, 11:35 a.m. – Eastbridge Consulting Group Inc., Avon, Conn., says insurers generated about $3.1 billion in 2000 from selling new insurance products through the worksite, up 19% from 1999.
In-force premiums increased about 10%, to somewhere between $7.3 billion and $8.8 billion, the firm estimates.
Eastbridge, a worksite market research firm, based the figures on a survey of 56 carriers that account for about 70% of worksite sales.
Eastbridge found small carriers still have a chance to participate in the worksite market: the top 15 carriers account for only 57% of worksite sales.
Short-term disability insurance, whole life products and universal life products generated the most worksite premiums.
When Eastbridge looked at distribution, it found that worksite brokers and specialists accounted for 41% of sales; employee benefits brokers, 39%; afnd career agents, 25%.