LOMA’s Life Insurers Council Reports Three Percent Drop in 2017 Preneed Life Insurance Premiums

ATLANTA, Georgia, Aug. 23 -- LOMA (formerly Life Office Management Association) issued the following news release:

LOMA's Life Insurers Council (LIC) announced 2017 new annualized premium for preneed life insurance was $1.3 billion, down 3 percent from 2016.

The study finds preneed annuity sales increased by 5 percent when compared to 2016 results. Multi-pay sales faced the largest down turn of the three types, losing 11 percent from 2016.

"The decline in 2017 new annualized premium was primarily driven by one major insurer and declines reported across most of the smaller insurers," said Jeff Shaw, executive director, LIC. "However, based on demographic trends, there is an expectation that this market will grow over the next ten years."

The LIC Preneed Survey Report is a comprehensive report of the preneed insurance market; LIC has been tracking preneed sales and inforce data since 2007. This survey covers 2017 sales data and in force trends.

The survey provides an analysis of the preneed insurance market from many different angles. It looks at the market in different ways, including issue age, electronic contracting/applications and more.

Fifteen companies in total participated in the report. Details of these results are available in 2017 Preneed Survey Report. To obtain the full report, please click here to fill out the appropriate form. The completed form is to be emailed to [email protected]. LIC members receive complimentary access to the report, while LIMRA and LOMA members receive it at a discounted price. It is also available for purchase by nonmembers.