LOMA’S Resource Survey Modest Growth Possible for Life Insurance Industry in 2007
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
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
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.