ATLANTA, GA–January 5, 2007–The life insurance industry should experience flat to modest growth in 2007, according to the annual forecast by the LOMA Board of Directors. The LOMA Board of Directors is composed of chairmen, presidents, CEOs and other top executives of leading insurance and financial services companies in the United States, Canada and internationally.
LOMA’s Resource magazine surveyed the board members, seeking their predictions for 2007. The directors said that the industry will see overall premiums and sales grow in the low single digits.
In addition, the directors said:
Sales of universal, variable universal and term life products are expected to be strong in 2007, and annuities are also expected to do well.
The imminent retirement of many members of the Baby Boomer generation presents great opportunities for the industry.
Key issues pertaining to regulation and legislation include the optional federal charter, reform or repeal of the estate tax, principle-based reserve requirements, and annuity disclosures.
Among the technological tools and innovations that have the greatest potential to help the industry are the Internet; wireless, imaging and workflow technologies; voice and e-signature capabilities; and automated underwriting.
The complete forecast is in the January issue of LOMA’s Resource magazine and online at http://www.loma.org/Resource.asp.
Founded in 1924, LOMA is an international association through which more than 1,200 insurance and financial services companies from over 80 countries engage in research and educational activities to improve company operations.Tags: Capgemini, Efma, InsurTech, World Insurance Report