Revenue from sales of new individual disability insurance fell 11% in 2009, to $339 million.
Researchers at JHA, the disability and group life reinsurance division of General Re Life Corp. Stamford, Conn., have reported those figures in a summary of results from a survey of 15 U.S. individual DI carriers.
The survey includes non-cancelable, guaranteed renewable and buy-sell transactions.
Sales revenue fell 11.5% for non-cancelable products; 7.4% for guaranteed renewable products; and 15.5% for buy-sell arrangements.
The total number of new individual DI policies sold dropped about 11%. The number of policies sold fell about 12% for non-cancelable products; 4.6% for guaranteed renewable products; and 9.6% for buy-sell policies.
Total in-force premium revenue for all product lines – non-can, GR and buy-sell – held steady at about $4.3 billion. In-force premium revenue increased 1.1% for non-can products, to $3.8 billion, and 1.1% for GR products, to $427 million. Buy-sell in-force premium revenue totaled about $74 million, about the same as in 2008.
The total number of in-force policies was about 2% lower in 2009 than in 2009. The policy count fell 1.6% for both non-can and GR policies and about 3.3% for buy-sell arrangements.
For JHA 2008 individual DI market data, please see JHA: Individual DI Sales Increase.