LIMRA: U.S. Retail Life Insurance Premium Increases 3% In 2016
March 9, 2017 by LIMRA
WINDSOR, Conn., March 9, 2017—Total U.S. life insurance new annualized premium grew 5 percent in the fourth quarter, resulting in a 3 percent increase in 2016, according to LIMRA’s Fourth Quarter Retail Life Insurance Sales Survey.
In the fourth quarter, policy count fell 4 percent and as a result, policy count growth was flat for 2016.
“As we have seen over the past several years, whole life sales were instrumental in overall life insurance premium growth in 2016,” said Ashley Durham, associate research director, LIMRA Insurance Research. “Since the economic downturn, the U.S. life insurance market has experienced steady growth, with overall premium sales increasing by more than 20 percent.”
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