CSG Actuarial continues to monitor the latest news in the insurance industry. In this week’s post, we highlight an update from LIMRA on Individual Insurance Premiums in Q1 2016, and a very comprehensive profile of Medicare Beneficiaries from Kaiser Family Foundation.
LIMRA: Individual Life Insurance Premium Increases in the First Quarter 2016
WINDSOR, Conn., June 2, 2016—Individual life insurance new annualized premium increased 4 percent in first quarter 2016 compared with first quarter 2015. This marks the seventh consecutive quarter of positive growth, according to the LIMRA U.S. Retail Individual Life Insurance Sales Survey.
“Individual life insurance sales had a good start to the year with growth across all major product lines except variable universal life,” said Ashley Durham, associate research director, LIMRA Insurance Research. “Consistent with 2015, whole life and indexed universal life (IUL) drove the overall growth in first quarter 2016. With the market volatility, it’s not surprising that people are attracted to the protection and guarantees these products offer.”
Kaiser Family Foundation: Profile of Medicare Beneficiaries by Race and Ethnicity: A Chartpack
In 2012, 79.3 percent of U.S. adults ages 65 and over were white non-Hispanic, 8.8 percent were black, 7.3 percent were Hispanic, 3.8 percent were Asian, and 1.5 percent were other races (Figure 1).1 The racial and ethnic profile of people ages 65 and over is expected to shift over time. By 2040, non-Hispanic whites are projected to comprise a smaller share (66.7%) of the population ages 65 and over, while the share of Hispanics is projected to double to 14.7 percent. The share of the U.S. population ages 65 and over who are black and Asian is also projected to increase.
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