A.M. Best
Life insurance activity rose 4.2% in first quarterPosted by RJ and Makay on Apr 11, 2012 |
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First-quarter 2012 life insurance underwriting activity was up 4.2% year-over-year, the industry’s best start since 2007, according to MIB Group Inc.’s MIB Life Index. The index is the life insurance industry’s timeliest measure of U.S. application activity by age group and is based on the number of member company underwriter searches on the MIB Checking Service database. MIB serves as the life and health insurance industry’s source of risk information and services.
The U.S. property casualty (PC) insurance industry in 2011 reported its largest underwriting loss since 2006, according to insurance ratings agency A.M. Best. The industry’s operating performance sharply deteriorated during last year as catastrophe-related losses mounted throughout the year. Catastrophe events both here and abroad more than doubled the loss amount reported for 2010, A.M. Best said.
Reversionary annuities are an attractive option for many life insurance clients. The niche insurance product combines an insurance policy with an immediate annuity for the benefit of a surviving spouse. The policy owner pays an as-you-go premium to guarantee a benefit to the survivor beneficiary. Upon the insured’s death, the beneficiary receives a guaranteed lifetime income instead of a one-time lump sum payout.
