Posts Tagged ‘industry news’

Individual Life Premium Improves Four Percent in Third Quarter 2014

December 9th, 2014, Comments Off.

Total individual life insurance new annualized premium improved four percent in the third quarter of 2014, according to LIMRA’s Retail Individual Life Insurance Survey.

In the first nine months of 2014, individual life insurance premium fell one percent. Policy count dropped one percent in the third the quarter and three percent year-to-date (YTD).

Universal life (UL) premium rose two percent in the third quarter but fell eight percent YTD. Lifetime guaranteed universal life dropped 10 percent in the third quarter, following 48 percent and 30 percent drops in the first and second quarters, respectively.

IUL premium jumped 19 percent in the third quarter, resulting in an 18 percent growth YTD. LIMRA finds IUL experienced the strongest growth in absolute dollars for both the quarter and YTD. In the third quarter, IUL represented the majority of all UL premium (51 percent), and 19 percent of overall individual life premium. Total UL market share was 38 percent in the third quarter.

Whole life (WL) premium increased six percent in the third quarter, growing two percent YTD. Policy count fell two percent in the third quarter and three percent in the first nine months of 2014. WL premium represents 32 percent of the total individual life market for the quarter.

Strong growth in VUL premium
Variable universal life (VUL) premium was up 22 percent in the third quarter, resulting in a 26 percent increase YTD. This represents the second strongest growth in absolute dollars and marks the eighth consecutive quarter of positive growth for VUL. VUL represented eight percent of total life insurance sales in the third quarter.

Term life insurance premium was flat in the third quarter, falling two percent YTD. Term’s market share was 22 percent in the third quarter.

View the latest data table on U.S. life insurance sales trends.

LIMRAsalessummary2014Q3

For more statistics, visit the newly updated Data Bank.

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By LIMRA

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Employment Up in the Insurance Industry 

November 12th, 2014, Comments Off.

The insurance industry saw an increase in employment with the addition of 6,300 jobs for the month of September, according to the latest employment numbers from the U.S Bureau of Labor Statistics released in October. The insurance career site, InsuranceJobs.com, recently shared these employment trends.

The insurance carriers and related activities sub-sector grew by 0.25 percent in September and now sits roughly at 2.45 million employed insurance workers. Over the past year, the total number of employed workers has increased by 62,400 jobs, or 2.61 percent. In September 2013, the reported number of workers in the insurance carriers and related activities industry was 2.38 million.

The finance and insurance sector as a whole increased by 11,100 jobs in September, or 0.18 percent. Over the last year, the sector has increased by 0.73 percent, from 5.88 million workers to 5.92 million. The largest gains of the past year occurred within these months: September (+11,100), August (+11,400), July (+10,200), and June (+10,000).

Across all sectors, total nonfarm payroll employment increased by 248,000 jobs in September, while the unemployment rate declined by 0.2 percentage points to 5.9 percent. The number of unemployed persons also decreased to 9.3 million, a difference of 329,000. Over the last year, the unemployment rate and the number of unemployed persons has decreased by 1.3 percentage points and 1.9 million, respectively.

Employment numbers were revised for both July and August, from 212,000 to 243,000 jobs and 142,000 to 180,000 jobs respectively. With these revisions, employment gains for both months combined were 69,000 more than previously reported.

Established in 2006, InsuranceJobs.com is the insurance jobs website for insurance careers. Currently, the site has over 250,000 registered job seekers and 6,500 registered employers.

 

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