A.M. Best Special Report: Group Life Market: Marginal Growth and Intense Competition

According to a new A.M. Best Co. special report, overall, group life in-force market trends have remained relatively static in recent years. New business sales trends, however, have been very erratic both from carrier to carrier, and from year to year. Some competitors are becoming more aggressive in acquiring business, as they are more accepting of alternative plan designs and are providing more creative underwriting and longer rate guarantees...

• Based on initial year-end data, the amount of group life insurance issued decreased by approximately 3% in 2008, compared with 2007’s increase of almost 8%.
• The top 10 carriers continue to dominate the market, representing more than 70% of the total group life in force.
• Metropolitan Life and Prudential of America remain the top two group life insurance providers, together representing nearly 40% of the market.

BusinessWire: A.M. Best Special Report: Group Life Market: Marginal Growth and Intense Competition