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| August 31, 2009: LIMRA figures show steepest decline in US individual life sales... |
Individual life insurance annualized premiums dropped by 20% in the second quarter of 2009. This follows the record free-fall of 26% experienced in the first quarter of the year. A decline of this magnitude has not been seen since 1942.
In terms of premiums, insurers record a drop of 23% for the year to date with all product types affected by the decline. Term and Whole Life maintained their combined 28% share of new premium issued. Policy count is down 4% for the quarter and 6% for the year to date. Only UL, which increased by 8%, escaped the policy count downturn.
E.&O.E.
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| HEADLINES |
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