Ranked according to net premiums written in North America in most recent four quarters.
Published: January 29, 2007.
Comments 0 | Recommend 0
STATE OF THE GROUP DISABILITY INSURANCE
INDUSTRY
The group disability insurance market is mature and marked by slow, steady
growth. The industry is dominated by three carriers that held 47.9 percent of
long-term disability market share and 44.1 percent of short-term disability
market share at midyear 2006, according to JHA, an industry reinsurance,
research and consulting firm.
The top 30 carriers account for more than 95 percent of in-force premiums of
more than $11 billion, led by UnumProvident with more than 20 percent market
share. Group disability insurance sales fell 11 percent from midyear 2005 to
midyear 2006, according to JHA. Total earned premium in midyear 2006 rose 5
percent from midyear 2005. Average premium per life for new sales in 2005 was
$217 for LTD and $193 for STD coverage, up 6 percent or both plans from the
previous year. Thirty-nine percent of private-industry workers are covered by
STD benefits and 30 percent are covered by LTD benefits, according to the Bureau
of Labor Statistics.
Reproductions and distribution of the above article are strictly prohibited. To order reprints and/or request permission to use the article in full or partial format, please contact our Reprint Sales Manager at (732) 723-0569.
Comments
Guidelines: Comments that include profanity or personal attacks or other inappropriate comments or material will be removed
from the site. We will take steps to block users who violate any of our posting standards, terms of use or privacy policies
or any other policies governing this site. You are fully responsible for the content you post.
= Member Only
