U.S. individual disability insurance sales rose 4.7% in 2004, to $323 million, despite customers’ continuing shift away from guaranteed renewable contracts.[@@]
Although sales of guaranteed-renewable contracts fell 4.4%, to just $47 million, sales of non-cancelable contracts rose 6.4%, to $269 million, according to researchers at JHA, Portland, Maine, a unit of General Re Life Corp., Stamford, Conn., which, in turn, is an affiliate of Berkshire Hathaway Inc., Omaha, Neb.
Revenue from individual disability policies already in force increased 3.7%, to $3.8 billion, and the growth rate for in-force policies was about the same for guaranteed renewable and non-can policies, the JHA researchers report.
“Overall, 2004 was a solid year for the individual disability income market,” JHA President Drew King says in a statement about the latest individual disability market performance figures.