COVID-19 Hammered Annuity Issuers Last Year: ACLI Data
December 21, 2021 by Allison Bell
The American Council of Life Insurers’ new Life Insurers Fact Book 2021 tells the story of just how hard the COVID-19 pandemic hit life, health and annuity issuers in 2020.
Life premiums fell 5.5% from the 2019 total, to $148 billion, and health insurance premiums decreased 0.9%, to $186 billion.
Meanwhile, as the 70 million baby boomers continued to age, payments into the individual and group annuities they will need to support them in retirement plunged 13%, to $301 billion