US life insurance premiums exceed $200B for 1st time ever in 2021
32 Gujarati & English Grammar
Quiz 32 : Gujarati & English Grammar
Ques :- 20
Time :- No Time Limit
U.S. life insurers saw their yearly direct life insurance premiums surpass $200 billion for the first time in history in 2021, according to an S&P Global Market Intelligence analysis of annual statutory statements.
In aggregate, the combined group and ordinary, or individual, direct life premiums climbed 9.9% year over year to $204.7 billion in 2021. Industrywide, individual life premiums rose 10.7% to $162.76 billion from $147.01 billion in 2020.
Premiums by policy type are only available net of reinsurance within the regulatory statements. For net premiums within the major individual product types, universal life saw the largest year-over-year growth at nearly 60%, followed by variable universal life at 23.8%. Universal life with secondary guarantees, index and whole life also recorded double-digit growth. Term life net premiums, on the other hand, fell by 5.8%.
Group direct life premiums increased by 7.1% to $41.94 billion in 2021.