Though 2012 was the only year that saw a decline
AVON, Conn – Voluntary sales for 2011 were up from 2010 by 4.5 percent, according to Eastbridge’s annual U.S. Worksite Sales Report. Total 2011 voluntary sales (U.S.) are estimated at $5.478 billion, up from $5.243 billion in 2010 and from $5.397 in 2009, signifying that the industry was able to weather the recession and regain its traditional upwards track.
“Since we first started this annual study 15 years ago, the industry has always had increasing sales except for the decline in 2010, which is clearly attributable to the down economy over the past several years”
“We are extremely pleased to see the industry results for 2011,” says Gil Lowerre, Eastbridge president. As in past years, about 80 percent of the industry’s sales came from the top 15 companies in the industry and these companies did well in 2011. “Five of these companies had double-digit increases and only three companies had decreases. The average sales increase among the top 15 companies was 5 percent,” adds Lowerre. In 2010, the top 15 had an average sales decrease of 2.6 percent.
“Since we first started this annual study 15 years ago, the industry has always had increasing sales except for the decline in 2010, which is clearly attributable to the down economy over the past several years,” adds Bonnie Brazzell, vice president of Eastbridge. “The good news is that the voluntary industry rebounded very quickly in just one year,” say Brazzell.
Inforce premium was also up this year, nearly 6 percent. Based on tracked premium and estimates of the total market, the 2011 inforce worksite premium is estimated between $19.9 and $26.1 billion.
The annual U.S. Worksite Sales Report estimates sales for the entire voluntary industry with detailed data on the performance of over 60 carriers, both group and individual, and represents the largest number of carriers included in any sales report for the industry.
Parties interested in participating in next year’s study should email Eastbridge at email@example.com. All participants receive a free copy of the complete findings, including company-specific results.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.