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July 30, 2019 at 11:24 AM
One of the main financial engines inside U.S. individual life insurance production held pretty steady in 2018, according to data from Munich American Reassurance Company.
Munich American Re, an Atlanta-based arm of Munich Re, says life insurers ceded 29% of the $1.7 billion in new U.S. individual life insurance benefits they sold in 2018.
(Related: Life Re Giants Crowd Out Other Players: Moody’s)
Insurers also ceded about 29% of the $1.7 billion in new U.S. individual life coverage they sold in 2017, according to the Munich American Re data.
Life insurers use reinsurance, or insurance for insurers, to protect themselves against the possibility that natural disasters, contagious diseases or other factors could send the number of covered death claims soaring, and to reduce the amount of capital needed to support the business they have written.
Anthony Ferraro, an actuary at Munich Re, prepared the report for the Society of Actuaries Reinsurance Section. He based the survey report on a reinsurer survey.
