Uptick in Product Surrenders Has Treasury Team on Alert

October 17, 2022 by Allison Bell

The Federal Insurance Office is worrying about product surrenders at life, health and annuity issuers.

The FIO, an arm of the U.S. Treasury Department, talks about a big increase in surrenders at the companies in its latest annual report.

Surrenders increased 12% between 2020 and 2021, to $363 billion, and surrenders amounted to 52% of the insurers’ 2021 net premium revenue, FIO officials write.

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Originally Posted at ThinkAdvisor on October 13, 2022 by Allison Bell.