Disability
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FREQUENCY OF DISABLING INJURIES, 2004
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Number per… |
|
Class |
One every - |
Hour |
Day |
Week |
2004 total |
| All | 1 second | 2,650 | 63,600 | 446,200 | 23,200,000 |
| Motor vehicle | 13 seconds | 270 | 6,600 | 46,200 | 2,400,000 |
| Work | 9 seconds | 420 | 10,100 | 71,200 | 3,700,000 |
| Workers off-the-job | 5 seconds | 780 | 18,600 | 130,800 | 6,800,000 |
| Home | 4 seconds | 1,030 | 24,700 | 173,100 | 9,000,000 |
| Public nonmotor vehicle | 4 seconds | 940 | 22,500 | 157,700 | 8,200,000 |
| Source: National Safety Council. |
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AVERAGE NEW LONG TERM DISABILITY (LTD) AND SHORT TERM DISABILITY (STD)
CLAIM SUBMISSIONS, 2004
(1) Excludes AIDS/HIV.
Source: JHA, Inc., 2004 Disability Rate Study & Risk Management Survey.
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LONG TERM DISABILITY AND SHORT TERM DISABILITY
CLAIM INCIDENCE RATES, 2002-2003
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Median number of submitted claims (received from policyholder) per 1,000 insured lives: |
|
Long term disability |
Short term disability |
| 2002 | 5.9 | 64.6 |
| 2003 | 5.9 | 63.5 |
| Source: JHA, Inc., 2004 Disability Rate Study & Risk Management Survey. |
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AVERAGE DISABILITY DURATION, 2004 (1)
(1) As reported by participating carriers. Duration from disability date, includes Elimination Period, for closed claims only.
(2) Excludes AIDS/HIV.
Source: JHA, Inc., 2004 Disability Rate Study & Risk Management Survey.
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INDIVIDUAL DISABILITY INCOME, ISSUES AND IN FORCE, 2003 (1)
ISSUES (2) |
|
| Noncancelable disability income | |
| Total sales ($000) | $280,001 |
| Premium growth rate (%) | -1% |
| Policy growth rate (%) | -3 |
| Premium per policy ($) | $1,341 |
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| Guaranteed renewable disability income | |
| Total sales ($000) | $88,744 |
| Premium growth rate (%) | -1% |
| Policy growth rate (%) | -6 |
| Premium per policy ($) | $599 |
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| Commercial disability income | |
| Total sales ($000) | $4,605 |
| Premium growth rate (%) | -14% |
| Policy growth rate (%) | -9 |
| Premium per policy ($) | $304 |
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| Total disability income | |
| Total sales ($000) | $373,349 |
| Premium growth rate (%) | -1% |
| Policy growth rate (%) | -5 |
| Premium per policy ($) | $1,003 |
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| IN FORCE (3) | |
| Noncancelable disability income | |
| Total sales ($000) | $3,339,112 |
| Premium growth rate (%) | 3% |
| Policy growth rate (%) | 2 |
| Premium per policy ($) | $1,277 |
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| Guaranteed renewable disability income | |
| Total sales ($000) | $490,479 |
| Premium growth rate (%) | 5% |
| Policy growth rate (%) | -1 |
| Premium per policy ($) | $466 |
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| Commercial disability income | |
| Total sales ($000) | $55,197 |
| Premium growth rate (%) | 0% |
| Policy growth rate (%) | -5 |
| Premium per policy ($) | $310 |
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| Total disability income | |
| Total sales ($000) | $3,884,787 |
| Premium growth rate (%) | 4% |
| Policy growth rate (%) | 0 |
| Premium per policy ($) | $1,010 |
|
NA = Not applicable.
(1) LIMRA survey results based on 28 companies. Growth rates are percent change, 2002-2003.
(2) New sales.
(3) Total book of business.
Source: LIMRA International. |
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GROUP DISABILITY INCOME, SALES AND IN FORCE, 2003 (1)
SALES (2) |
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| Short-term disability | |
| Master contracts (number) | 32,590 |
| Certificates (number) | 3,988,359 |
| Annualized premium ($ millions) | $1,021 |
| Long-term disability | |
| Master contracts (number) | 40,453 |
| Certificates (number) | 5,113,794 |
| Annualized premium ($ millions) | $1,433 |
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| IN FORCE (3) | |
| Short-term disability | |
| Master contracts (number) | 206,480 |
| Certificates (number) | 22,493,335 |
| Total premium collected ($ millions) | $4,484 |
| Long-term disability | |
| Master contracts (number) | 235,478 |
| Certificates (number) | 35,680,110 |
| Total premium collected ($ millions) | $8,148 |
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(1) LIMRA survey results for approximately 40 companies. Excludes reserve buyouts.
(2) New sales.
(3) Total book of business.
Source: LIMRA International. |
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TOP TEN LONG-TERM DISABILITY CARRIERS BY SALES PREMIUM, 2007
($ millions)
Rank |
Company |
Premiums |
Market share |
| 1 | Hartford Life | $189.2 | 12.3% |
| 2 | MetLife | 183.7 | 11.9 |
| 3 | Standard | 168.7 | 10.9 |
| 4 | Unum | 157.1 | 10.2 |
| 5 | CIGNA | 135.7 | 8.8 |
| 6 | Reliance Standard | 95.0 | 6.2 |
| 7 | Aetna | 90.6 | 5.9 |
| 8 | Sun Life Financial | 84.3 | 5.5 |
| 9 | Prudential | 83.9 | 5.4 |
| 10 | Lincoln Financial Group | 82.3 | 5.3 |
| Source: JHA, Inc., 2007 U.S. Group Disability Market Survey. |
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TOP TEN SHORT-TERM DISABILITY CARRIERS BY SALES PREMIUM, 2007
($ millions)
Rank |
Company |
Premiums |
Market share |
| 1 | Hartford Life | $102.6 | 15.8% |
| 2 | Lincoln Financial Group | 61.4 | 9.4 |
| 3 | Unum | 60.7 | 9.3 |
| 4 | Aetna | 42.6 | 6.5 |
| 5 | Sun Life Financial | 41.7 | 6.4 |
| 6 | MetLife | 40.9 | 6.3 |
| 7 | CIGNA | 37.6 | 5.8 |
| 8 | Reliance Standard | 36.8 | 5.7 |
| 9 | Standard | 34.3 | 5.3 |
| 10 | Prudential | 30.1 | 4.6 |
| Source: JHA, Inc., 2007 U.S. Group Disability Market Survey. |
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