Gen Re recently presented the results of their 2023 US Individual Disability Market Survey, which showcases positive strides for individual disability insurance sales. Data gathered from 17 participating companies indicates both new sales premiums and in-force premiums have seen an increase. Total in-force premium rose by 2% from the previous year, amounting to $5.4 billion. The premium includes those from Non-Cancelable (Non-Can), Guaranteed Renewable (GR), and Buy-Sell products. The new sales premium experienced a more prominent increase of 7%, resulting in $490 million.

Non-Can products, dominating the market, demonstrated steady growth as in-force premium amplified by 2% to $4.6 billion. This accounts for 84% of the total in-force premium. Non-Can products’ new sales premium escalated by 8%, reaching $413.5 million. GR products witnessed a 4% rise in the in-force premium, summing up to $793 million. A 3% growth was observed in new sales premium for GR products, reaching $73.7 million.

Even with a 4% decrease in in-force premium, Buy-Sell products experienced a resurgence with new sales which increased by 14%. New Buy-Sell policy issues augmented by 11%, maintaining the total policies in force at 3.1 million. New policies issued amplified by 4% to 275,235. The total benefit amounts for new policies spiked by 9% to $1.6 billion.

GSI products experienced a mixed performance. The total GSI new sales premium fell by 4% to $65.8 million, whereas in-force premium for GSI increased by 5% to $460.2 million. The non-can GSI sector dominated predominantly. Employer-paid business constituted 60% and employee-paid covered the remaining 40%of the total GSI new sales premium.

While there are still hurdles to overcome, the Buy-Sell market, despite facing a decline in in-force premium for the 15th consecutive year, saw an increase in new sales premium and the number of new policies issued in 2023. This could indicate a potential turnaround.

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