This report presents the results of Milliman’s 2024 annual survey of the U.S. individual disability income (IDI) insurance market. It features feedback from 14 companies and found that new annualized premium for the IDI insurance market rose 7.8% to $444 million in 2023, the largest increase since the 2002 data used in our inaugural study. (Except for 2015, Milliman has conducted this survey each year since 2007.)
The scope of the IDI market discussed here includes traditional noncancelable and guaranteed renewable IDI policies. Policies are generally medically underwritten, with the exception of policies sold in the employer-sponsored multi-life market, where guaranteed standard issue underwriting is common. The report includes data and other information about:
- Survey highlights
- Sales results
- Underwriting
- Product and pricing
- General trends