GenRe美國個人殘疾市場調查報告2017（17頁）.pdf

1、Research A Berkshire Hathaway Company Summary of 2017 Results SUMMARYI N D I V I D U A L D I S A B I L I T Y U.S. Individual Disability Market Survey General Re Life Corporation is committed to adhering to antitrust laws, and cautions all recipients that this report is intended solely to provide gen

2、eral industry knowledge. Under no circumstances shall it be used as a means for representatives of competing companies, and/or firms, to reach any understanding whatsoever, whether it be about specific pricing of specific products, if particular products should be marketed to the public, or the term

3、s under which products are marketed. Participating Companies 2 Background 3 Summary of Results Market Growth4 Non-Cancelable7 Guaranteed Renewable10 Buy-Sell13 In Our View 14 CONTENTS PARTICIPATING COMPANIES Ameritas Life Assurity Life Federated Life Guardian Life Illinois Mutual MassMutual Mutual o

4、f Omaha Northwestern Mutual Ohio National Principal Financial Group RiverSource Life Standard State Farm Thrivent Financial Unum Gen Re | U.S. Individual Disability Market Survey Summary | 2 BACKGROUND Gen Re | U.S. Individual Disability Market Survey Summary | 3 Gen Re is pleased to report results

5、for its 2017 U.S. Individual Disability Market Survey, an industry benchmarking study covering Non-Cancelable (Non-Can), Guaranteed Renewable (GR), Buy-Sell and Guaranteed Standard Issue (GSI) product line results for 2016 and 2017. Fifteen insurance companies participated in the survey representing

6、 $4.7 billion of in-force premium. Of these companies, 14 offer Non-Can, 13 offer GR and seven offer Buy-Sell. Seven companies reported results for Non-Can GSI and four companies included GR GSI results. Growth calculations for 2016 to 2017 are based upon those companies providing survey data for bo

7、th years and include any adjustments made to the 2016 reported data. 85% 13% 1% Market Growth In-force Business Total in-force premium (Non-Cancelable, Guaranteed Renewable and Buy-Sell combined) grew 2.3% in 2017. Both Non-Can and GR results improved compared to last year, while Buy-Sell results we

8、re negative for the ninth consecutive year. (Exhibit A) Participants reported a combined total of three million policies with nearly $4.7 billion of in-force premium. Non-Can accounted for $4 billion or 85% of total in-force business. (Exhibit B) SUMMARY OF RESULTS Gen Re | U.S. Individual Disabilit

9、y Market Survey Summary | 4 Exhibit A. In-force Premium Growth Rates 2.1% 4.5% -2.5% -4% -2% 0% 2% 4% 6% 2008200920102011201220132014201520162017 Non-CanGuaranteed RenewableBuy-SellTotal In-force Non-Cancelable in-force premium grew 2%, Guaranteed Renewable grew over 4% and Buy-Sell fell 3% in 2017.

10、 76% 24% 1% Non-CancelableGuaranteed RenewableBuy-Sell Premium In-force Totaled $4.7 Billion Policies In-force Totaled 2,998,218 Benefit Amounts In-force Totaled $18.8 Billion Exhibit B. 2017 In-force Business by Product 47% 8% 45% Note: Exhibits may not total 100% due to rounding. Participants repo

11、rted nearly 256,000 new policies and over $1.7 billion in benefit amounts for 2017. (Exhibit D) SUMMARY OF RESULTS Gen Re | U.S. Individual Disability Market Survey Summary | 5 Total Policies YearIn-forceSales 2013-0.6%2.5% 2014-0.7%2.7% 20150.0%6.3% 20160.0%-0.8% 20170.8%9.6% Exhibit E. Percentage

12、Change in Policies and Benefit Amounts Total Benefit Amount YearIn-forceSales 20132.3%6.7% 20141.1%-10.5% 20151.1%4.4% 20161.5%1.8% 20171.7%13.0% The number of new policies and benefit amounts increased 10% and 13%, respectively, while in-force results for both remained level. Market Growth New Busi

13、ness Sales premium growth for all three products was strong. Non-Can increased 9%, GR grew 8% and Buy-Sell sales premium grew 6%. (Exhibit C) Exhibit C. Sales Premium Growth Rates 9.3% 8.4% 6.4% -16% -12% -8% -4% 0% 4% 8% 12% 2008200920102011201220132014201520162017 Non-CanGuaranteed RenewableBuy-Se

14、llTotal Sales Total new sales premium improved significantly in 2017, increasing by 9.1%. 81% 17% 1% 63% 36% 0.5% Non-CancelableGuaranteed RenewableBuy-Sell New Business Premium Totaled $402 Million New Policies Totaled 255,852 Exhibit D. 2017 New Business by Product Benefit Amounts Totaled $1.7 Bil

15、lion 42% 11% 47% Note: Exhibits may not total 100% due to rounding. For total GSI, over $305 million of in-force premium and nearly 202,000 policies were reported in 2017. Employee-Paid GSI accounted for nearly $188 million or 62% of the total GSI premium in-force. (Exhibit G) SUMMARY OF RESULTS Gen

16、 Re | U.S. Individual Disability Market Survey Summary | 6 Market Growth GSI Business For companies that reported GSI data for both years, total in-force premium (Non-Can and GR combined) increased 5% over 2016. (Exhibit F) Exhibit F. Guaranteed Standard Issue Premium Growth Rates Non-Cancelable GSI

17、 represented about 97% of the total GSI sales and in-force premium. 38.5% 61.5% GSI Premium In-force Totaled $305.1 Million GSI New Sales Premium Totaled $45.4 Million Exhibit G. Percentage of Employer- and Employee-Paid GSI, 2017 5.0% 7.8% -5% 0% 5% 10% 15% 20% 201220132014201520162017 GSI In-force

18、GSI Sales 46.2% 53.8% Employer-Paid GSIEmployee-Paid GSI Employee-paid GSI accounted for more than $24.4 million or 54% of GSI sales premium. Non-Cancelable In-force Business Participating companies reported $4 billion of Non-Cancelable in-force premium. Disability Income (DI) represented 95% and Ov

19、erhead Expense (OE) accounted for the remainder. (Exhibit H) Medical and 4A an increase of 5.1% over 2016. Employer-paid represented 38% or $112.4 million and employee-paid accounted for 62% or $185.1 million. (Exhibit L) Non-Can GSI sales premium increased 7.8%. Employer-paid accounted for 45% or $

20、20 million and employee-paid represented 55% or $24 million. On average, the Medical occupations accounted for 32% or $13.9 million of Non-Can GSI new sales premium, down slightly from 34% in 2016. Employee-paid accounted for 73% or $10.1 million of the Medical sales premium. (Exhibit M) New GSI pol

21、icies increased 7.3%. Employer-paid policies grew 11.8% to about 11,700 and employee-paid grew 3.5% to about 12,500. SUMMARY OF RESULTSNON-CANCELABLE Gen Re | U.S. Individual Disability Market Survey Summary | 9 Exhibit L. Non-Can GSI In-force Premium $0 $20 $40 $60 $80 $100 $120 Medical4A from $87.

22、2 million in 2016 to $95.8 million in 2017. Non-Can GSI sales premium totaled $43,997,432 in 2017. Guaranteed Renewable In-force Business Participating companies reported $623 million of Guaranteed Renewable (GR) in-force premium. DI represented $617.3 million or 99% and OE accounted for the remaind

23、er. (Exhibit N) 2A an increase of 2.5% over 2016. Employer-paid represented 66% or $5 million and employee-paid accounted for 34% or $2.6 million. (Exhibit R) In-force policies remained level at 8,200. On average, the 4A a decline of 31.2%. Employee-paid policies increased 27%, from 366 to 465. SUMM

24、ARY OF RESULTSGUARANTEED RENEWABLE Gen Re | U.S. Individual Disability Market Survey Summary | 12 Exhibit R. GR GSI In-force Premium $0 $1 $2 $3 $4 $5 Medical4A from $597,868 in 2016 to $879,289 in 2017. GR GSI sales premium increased 7.5% to $1.4 million. Employer-paid accounted for 69% or $968,000

25、 and employee- paid represented 31% or $432,000. Buy-Sell Business For 2017, seven companies reported $60 million of Buy-Sell in-force premium. When comparing only those companies that provided Buy-Sell data for both years, the result was a decline of 2.5% over 2016. Participating companies reported

26、 $4.2 million of Buy-Sell new sales premium, an increase of 6.4% over 2016. (Exhibit T) In 2017, the number of Buy-Sell in-force policies fell to just under 23,000; this represented a decline of 5.3% compared to 2016. Although only 10 years are shown on the graph, in-force policies have been trendin

27、g downward for 12 years. SUMMARY OF RESULTSBUY-SELL Gen Re | U.S. Individual Disability Market Survey Summary | 13 Exhibit T. Buy-Sell Premium Growth Rates 6.4% -2.5% -20% -15% -10% -5% 0% 5% 10% 2008200920102011201220132014201520162017 SalesIn-force Exhibit U. Buy-Sell Policy Growth Rates -0.9% -5.

28、3% -25% -20% -15% -10% -5% 0% 5% 10% 2008200920102011201220132014201520162017 SalesIn-force Three companies reported a decline in Buy-Sell in-force premium, ranging from -3% to -11%. Participants reported a total of 1,275 new Buy-Sell policies; a decline of less than 1% compared to 2016. 2017 was a

29、very good year for the Individual Disability market. After a flat 2016, overall new sales grew by 9.1% in 2017 to $402 million. This included growth within the Non-Can and GR segments, 9.3% and 8.4%, respectively. Total in-force business also increased over 2016; by 2.3% to $4.7 billion. Of the 15 c

30、ompanies responding to the survey, all but three saw increases in new sales over 2016. Some of this activity can certainly be attributed to the exit of MetLife from the fully underwritten market; however, the market as a whole was up significantly, and most carriers are showing similar results throu

31、gh the first quarter of 2018 which is a positive sign for the full year. The GSI space also saw solid growth in 2017. Eight companies reported an increase of 7.8%, collectively, to $45 million of new premium. A very positive result that we hope becomes a trend is the ratio of employer-paid business

32、to employee-paid business. For 2017, employee-paid business accounted for 61.5% of the total in-force block of GSI business and employer-paid accounted for 38.5%. For GSI new sales the business was split 53.8% employee-paid and 46.2% employer-paid. As in past years, we asked all respondents about th

33、eir results versus their plans for 2017. Two-thirds of the responding companies either met or exceeded their sales plans, while 93% had their claims experience either meet or exceed their plan. Even with these positive results, Gen Re realizes that this business needs to be monitored continuously. A

34、s always, we will work with our clients, as well as the market, on diversification. We continue to see carriers increase the percentage of their overall block of business with medical occupations. Although this business is running well today, we feel there are other opportunities that present good p

35、rospects for an Individual Disability policy that should be considered. In closing, 2017 was a very strong year for the Individual Disability market. Sales were up and financial results were extremely positive for most companies. Gen Re believes the market has gained some momentum and looks for this

36、 to carry through 2018. IN OUR VIEW Gen Re | U.S. Individual Disability Market Survey Summary | 14 Gen Re, a Berkshire Hathaway Company, is one of the leading life/health and property/casualty reinsurers in the world. Our North American life and health reinsurance company, General Re Life Corporatio

37、n, has superior financial strength ratings among life and health reinsurers. Gen Re delivers customized reinsurance programs and risk management solutions for the Life, Medicare Supplement, Critical Illness and Individual Disability markets. Through our research, we also offer valuable information a

38、nd insights. For more information, visit . Gen Re offers tailor-made reinsurance programs and risk management solutions for the following lines of business: Critical IllnessIndividual Disability Income Group Life and AD&DMedicare Supplement Individual Life A+ (Superior) from A.M. Best | AA+ from Sta

39、ndard & Poors ABOUT GEN RE The difference isthe quality of the promise Gen Re has produced this comprehensive report for the exclusive use of the participating companies. No part may be shared with other organizations, redistributed, reproduced or reprinted in whole or in part without Gen Res writte

40、n permission. The information contained in this report has been gathered from participating companies. Gen Re takes great care to check and verify the data provided, but makes no representation as to the accuracy of information submitted by participating companies. 2018 General Re Life Corporation. No portion of this publication may be reproduced without permission. | | Twitter: Gen_Re GEN RE RESEARCH CENTER 9 Donald B. Dean Drive South Portland, ME 04106 Tel. 207 347 4600