Insurance Newsletter Issue 8 – Life Insurance Insights: Globe Life Updates, Tobacco Misclassification Issues, Encouraging Life Insurance Sales Figures, and More
Insurance Newsletter Issue 8
Life Insurance Insights: Globe Life Updates, Tobacco Misclassification Issues, Encouraging Life Insurance Sales Figures, and More
In the February edition of Sikka’s life underwriting newsletter, we look at the impact of Globe Life’s investment in underwriters, Lincoln’s troubles with tobacco classification, LIMRA’s encouraging statistics on life insurance sales, and more.
Globe Life profit rises on stronger underwriting, investment returns
Globe Life reported a rise in fourth-quarter profit on Wednesday as the insurer benefited from stronger underwriting and better returns on investments. Insurance companies witness strong demand for their goods, independent of broader economic circumstances because their policies are often guaranteed by employers or mandated by the government. Globe Life's insurance underwriting income per share rose to $3.43 in the quarter from $3.18 a year earlier.
Released February 7th, 2024:
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South Carolina Man Sues Lincoln Over 1987 Tobacco Class Error
South Carolina resident is suing a Lincoln Financial subsidiary over an old, but newly discovered, life insurance policy rate classification error. Robert Stukes says Lincoln National National Life Insurance Co. mistakenly classified him as a smoker in 1987 when it converted three older policies into one new policy. When Stukes reported the error, in July 2021, Lincoln agreed to adjust his future premiums but refused to refund the extra premiums he had paid, according to a complaint. Stukes is asking the court to award him compensation, punitive damages, attorney’s fees and other relief. Lincoln Financial declined to comment on the case.
Released February 20th, 2024:
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Life insurance new premium set a 2023 record for third straight year
Life insurance new premium rose to $15.6 billion in 2023, LIMRA reported today, setting a record for the third straight year. Better still, the year ended on a high note, with all lines recording "positive growth" in the fourth quarter. The results are part of LIMRA’s preliminary U.S. Life Insurance Sales Survey. “Driven by strong growth in the second half of the year, annual life insurance premium continues to expand post-pandemic. The gains were widespread with 6 in 10 companies — including half of the top 10 carriers — reporting sales growth,” said John Carroll, senior vice president, head of Life & Annuities, LIMRA and LOMA.
Released February 21st 2024:
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Regulators look to tighten the reins on reinsurance deals
Support is growing among some state insurance regulators to tighten the rules for life insurers entering into reinsurance agreements. The goal is to better protect policyholders, said David Wolf, acting assistant commissioner for the New Jersey Department of Banking and Insurance. Regulators are becoming increasingly challenged by the size and sheer number of reinsurance deals, Wolf explained during a Thursday meeting of the Life Actuarial Task Force. The task force is a regulatory body of the National Association of Insurance Commissioners.
Released February 14th, 2024:
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Learn more about Sikka and how our Oral Healthcare data can help with mortality risk – email lewis.goldman@sikka.ai.
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