NU Online News Service, Nov. 19, 3:10 p.m. – For the first time since LIMRA International began estimating premium sales, Los Angeles surpassed New York and Chicago in 2000 to become the leading metropolitan area in new individual life insurance premiums. Chicago and New York still rank number one and two in the number of policies sold, while Los Angeles ranks third, reports LIMRA, in Windsor, Conn.
The findings were extracted from the current LIMRA U.S. MarketMap, a geographic database that combines data from a number of sources to report individual life insurance sales activity nationwide by state and county for 2000.
“Boomers are buying more insurance,” says Karen Terry, senior analyst with LIMRA International. “More individual life policies were sold to persons over the age of 45 in 2000 than in 1999. People in the 45-54 and 55+ age groups are the only ones that bought more policies in 2000 than in 1996 when LIMRA first started estimating sales by age. New premiums for these age groups totaled almost $6 billion.”
New individual life premiums increased in 2000 among all age groups with the exception of juvenile life premiums, which have been declining since LIMRA first started estimating sales by age.
For more information, visit the LIMRA International Web site at www.limra.com