According to a report released today, the insurance and retirement industries are muscling through “some macroeconomic challenges (that occurred) the past year” and are exhibiting strong gains and growth potential.
“Fixed indexed annuities and immediate and deferred income annuities are showing especially strong growth as the industry is poised to begin 2015 in a strong financial position and with favorable public policy support,” said Cathy Weatherford, President and CEO of IRI, the company that authored the report.
“As Americans become more aware of their retirement income needs, the industry is presented with the tremendous marketplace opportunity to innovate and develop new products to match the increasing demand for insured retirement products.”
The following are five highlights from the State of the Industry report:
* A December 2014 Moody’s Investor Service report found that the industry as a whole has a strong operating company liquidity, with liquidity resources on average of 2.6 times its needs compared to approximately double its needs in 2008.