- U.S. Life Insurance Activity Returns To Year-Over-Year Growth
Growth remains strong YTD
U.S. life insurance application activity returned to growth in August 2021 compared to August 2020 with Year-over-Year (YOY) activity up +5.5%. While YOY comparisons are impacted by fluctuations in 2020 activity due to COVID, when comparing results to 2019, August 2021 is up +9.5%. The industry remains at growth on a YTD basis with 2021…
read more - Target: Middle Market
Life insurers are looking for big things in small packages
The pandemic brought about some positive changes for life insurers, according to Sean Conrad, a vice president, actuary at Hannover Re. Lockdowns pushed the industry to step up its plans for automated efficiencies in underwriting and direct sales, he said. The result was uncovering a path to new customers—those who want term policies and a…
read more - LIMRA & Society Of Actuaries Announce New Partnership On Experience Study Data Collection
Providing the industry with new, more robust insights that will help the industry be nimble and responsive to the dynamic changes it is facing
LIMRA and the Society of Actuaries (SOA) Research Institute announced today a new three-year partnership to collect and process data to be used in industry-wide experience studies.
read more - Risk-Adjusted Capitalization Continues To Increase For U.S. Life/Health Industry
Life/health industry composite’s BCAR score as of 2019 was 28.0% at the 99.6% VaR level
The U.S. life/health industry improved its risk-adjusted capitalization in 2017-2019 due to strong growth in available capital, particularly in 2019, according to a new AM Best report.
read more - First Half Of 2021 Had Highest U.S. Life Insurance Policy Sales Growth Since 1983
Increased consumer demand continues to drive record life insurance sales
In the first six months of 2021, the total number of policies sold increased 8%, compared with prior year results. This is the highest policy sales growth recorded since 1983, according to LIMRA’s Second Quarter U.S. Individual Life Insurance Sales Survey.
read more - Life Insurance Considered One Of The Most Important Assets For Consumers Grappling With Finances Amidst Pandemic
Nearly a quarter of millennials said the importance of funding life insurance has increased for them, the most among any generation
As a result of COVID-19, American consumers are more focused on financial planning, with 60% of respondents thinking differently about their financial future, according to a new study from Lincoln Financial Group
read more - Taking A Leap
Life insurers attract new agents seeking to make career moves
Nurses, teachers, accountants, construction workers, sports coaches and others from all walks of life are increasingly making their move into life insurance. They're changing their careers in search of the flexibility, freedom, control and ability to help others that comes from being a life insurance agent.
read more - Life Insurance: The Simple Solution To Financial Hardship
COVID-19 highlights the important role life insurance plays in financial security
Six months. According to the 2021 Insurance Barometer study, that’s how long it would be before 42% of Americans would face financial hardship if they lost a primary wage earner. One in four Americans would struggle financially within one month.
read more - Did COVID Alter Our Approach To Planning?
Measuring our ’thoughts and actions’ on early death, disability and long-term care
Almost one-and-a-half years into the COVID-19 pandemic, American consumers have made significant changes in their approach to insurance and preparing for the worst. A recent MDRT study found that 54% of Americans say the COVID-19 pandemic has made them more anxious about dying early, becoming disabled or needing long-term care.
read more - LIMRA Updates Its Life Insurance Sales Forecast for 2021
LIMRA expects the U.S. life insurance market to grow between 7% and 11% in 2021
LIMRA expects the U.S. life insurance market to grow between 7% and 11% in 2021 New report on the forecast of life insurance sales in 2021 is provided by Limra. Reprinted with permission. This week, LIMRA updated its sales forecast for U.S. retail life insurance sales for 2021. Since October 2020, when the original forecast…
read more - Former Defense Secretary to Deliver Opening Keynote at 2021 LIMRA Annual Conference
This year’s theme is Shaping a More Purposeful Future
LIMRA today announced that former Secretary of Defense and retired Marine Corps General James Mattis will open the 2021 LIMRA Annual Conference. The event will be held at the Gaylord Palms Resort & Convention Center in Kissimmee, Florida on Oct. 24 – 26, 2021. The virtual event will be held on Oct. 26 – 28,…
read more - Keeping An Eye On Monthly Life Insurance Rates
Data shows pricing unchanged, despite decrease in U.S. life expectancy
Policygenius, the nation's leading online insurance marketplace, announced today the August data release of the Policygenius Life Insurance Price Index, which displays average monthly life insurance rates using current data from leading life insurance carriers. New data from this free index is published on a monthly basis to illuminate pricing trends for consumers.
read more - Cryptocurrency Opens New Frontier for Life Insurers
Life insurers, led by MassMutual, are taking steps to enter the often-tumultuous world of cryptocurrencies like Bitcoin and Ethereum as they move out of the shadows and into the mainstream
If there's one corner of the U.S. financial system where predictability is a virtue, where volatility is largely to be avoided, it's life insurance. Policies are a long game in the industry, and along with its sibling-business annuities they are based on the idea of measured returns in exchange for stability.
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