Voluntary sales were up nearly 4 percent in 2014, according to new data from Eastbridge Consulting Group.
Total voluntary/worksite sales for 2014 are estimated at $6.89 billion, up from $6.644 billion in 2013. Meanwhile, in-force premium revenue increased about 5 percent, to $37 billion.
Market concentration stayed flat from 2013, with the top 15 companies accounting for about 79 percent of total market sales. Overall the top companies had an average sales increase of 4.3 percent, slightly higher than the overall industry increase. The individual results for the top 15 were more varied this year, with five showing decreases and 10 with increases, Eastbridge said. Among those with an increase, six companies had double-digit increases.
“We are pleased to see the industry continuing to produce positive results year after year,” said Eastbridge president Gil Lowerre. “Almost $6.9 billion in new sales is a great achievement.”
Eastbridge’s annual U.S. Voluntary/Worksite Sales Report estimates sales for the entire voluntary industry, with detailed data on the performance of more than 60 carriers, both group and individual, and represents the largest number of carriers included in any sales report for the industry.