Group disability insurers protected about 40 million U.S. workers against long-term disability in 2007, 5% more than they protected in 2006.
The number of U.S. workers protected by group short-term disability policies increased 3%, to about 17 million.
JHA, Portland, Maine, has published a statistical portrait of the disability market in a summary of its latest annual group disability market survey.
The disability risk management and consulting firm found that premium revenue from new sales of long-term group disability insurance jumped 18%, to $1.5 billion, while premium revenue from new sales of short-term group disability rose 10%, to $651 million.
Premium revenue for group policies already in force increased 4% for STD coverage, to $3.3 billion, and 6% for LTD coverage, to $9.5 billion, JHA reports.
Companies averaged $197 per STD life in force, and $234 per LTD life in force.
“Sales results for both STD and LTD were in the double digits after being sluggish for the past couple of years,” JHA President Drew King says in a statement about the results.
JHA researchers also looked at the group life market. New sales were harder to generate in that market, King says.
The latest survey attracted 32 participants.