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2011 Insurance Sales Dip by 2%

April 25, 2012

Gen Re, a company involved in social security insurance, said that 2011 was a harsh year for the market of group life and disability indemnity, reports said.

Drew King, Gen Re’s senior vice president of the group and specialty division, stated that the slow growth of job opportunities, as well as unknown fate of the Affordable Care Act, had affected company owners and producers.

The report showed that there was a decline in the sale of group term life at about 2 percent in the year 2011. Figures for new group term life policies and volume for participating carries likewise declined, with a 0.2% and a nearly 5% dip, respectively.

The only bright spots in the report include the 2% rise in the combined STD and LTD sales premium, which was estimated at close to $2 billion in the year 2011. Also showing positive results were inforce results, voluntary sales premium for LTD, group life, and AD&D.

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