Filed Under:Life Insurance, Life Products

Eastbridge: Recession Cools Worksite Market

U.S. sales of voluntary group insurance products and individual products sold at the worksite fell 2.9% in 2010, to about $5.2 billion, according to Eastbridge Consulting Group Inc.

Eastbridge, Avon, Conn., has published those figures in a summary of results from a survey of 64 carriers in the voluntary and worksite markets.

The companies account for about 90% of 2010 U.S. worksite sales volume, Eastbridge estimates.

The drop between 2009 and 2010 "is the first decrease that we have seen in the industry since we began tracking sales in 1997," Eastbridge President Gil Lowerre says in a statement about the results.

Although overall sales dropped, 6 of the top 15 carriers polled reported an increase in 2010 sales, and 4 increased sales more than 10%, Eastbridge says.

The top carrier experienced a 5% drop in sales.

Premiums from in-force voluntary group and individual worksite policies seem to have fallen about 0.3%. Eastbridge estimates 2010 in-force worksite premium to be between about $19 billion and about $25 billion.

- Allison Bell

Other Eastbridge coverage from National Underwriter Life & Health:

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Nichole Morford

Nichole Morford
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