2013 disability premiums up 2%: Survey
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In-force long-term and short-term disability premiums increased 2% in 2013 compared with 2012 — totaling nearly $14.1 billion — while sales premiums reached almost $2.4 billion, according to a survey General Re Corp. released Monday.
The survey, “2013 U.S. Group Disability and Group Term Life Market Survey,” in which 34 insurers participated shows that long-term disability premiums increased 2% and short-term disability premiums increased 3%.
Meanwhile, long-term disability sales premiums increased 7% in 2013 compared with 2012 and the short-term disability sales premiums increased 19%, according to the Stamford, Conn.-based insurer.
For employers, the number of covered employers increased 1% for long-term disability and 10% for short-term disability. For employees, the number of workers insured for long-term disability increased 1% but stayed the same for short-term disability coverage, according to the survey.
Gen Re's survey, which also covers group term life and accidental death and dismemberment, found that the number of employers offering group term life coverage increased 1%, and the number of insured employees increased 2%.
“The group market continues to evolve as carriers face new challenges due to the growth of consumerism, and as producers are able to spend more time on nonhealth benefits,” Stacy Varney, vice president of marketing and account management in Gen Re's group and specialty division, said in a statement.
