AVON, CONNECTICUT, USA (April 26, 2011) – In 2010, voluntary/worksite sales declined 2.85 percent compared to 2009. Total 2010 voluntary sales are estimated at $5.243 billion, down from $5.397 billion in 2009.
“This is the first decrease that we have seen in the industry since we began tracking sales in 1997,” says Gil Lowerre, president of Eastbridge. “In the last report (2009), we saw an increase despite the recession so we were hopeful that the industry would once again be resilient enough to weather the recession,” says Lowerre. But it was just not to be.
“Interestingly among the top 15 companies in the market, we saw a mixture of results,” says Bonnie Brazzell, vice president. “As a group, the top 15 had a sales decrease of 2.6 percent. But six of the top 15 had increases-four double-digit increases,” adds Brazzell. Six more of the top 15 had decreases and three were flat as compared to 2009. “The number one carrier (with a 26 percent market share) saw a decrease of almost five percent and that�s very hard to overcome,” says Lowerre.
Inforce premiums were also down slightly (-0.3 percent). The report estimates the 2010 inforce worksite premium to be between $18.7 and $24.6 billion.
The U.S. Worksite Sales Report estimates sales for the entire voluntary industry with detailed data on the performance of 64 voluntary carriers, both group (voluntary) and individual (worksite) carriers/products. Eastbridge estimates that these companies account for over 90 percent of the total worksite sales volume for 2010-and represent the largest number of carriers included in any sales report for the industry.
Parties interested in participating in next year’s study are advised to email Eastbridge at [email protected] All participants receive a free copy of the complete findings, including company-specific results.
About Eastbridge Consulting Group, Inc.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada. www.eastbridge.com