There were no ratings changes of note this month.
One news item: Prudential agreed to a $17 million unclaimed property settlement, taking the lead in industry efforts to locate beneficiaries of policies after the death of the insured where no claim has been filed.
Year end always brings out the pundits with their thoughts about the past and the future, and the life insurance industry is no different. I thought about giving you an overview of the various opinions about the industry, but they were so varied it can be confusing.
There is little consensus about the state of the industry with some concerned about the challenges of continued low interest rates, the likelihood of regulatory changes, and the continued malaise over the sales of life insurance products in general. Others see great opportunity with a decline in life insurance ownership and increased consumer awareness of the need for death benefit protection.
There is at least some agreement:
- The industry is well positioned to provide products for the boomers as they approach and enter retirement, and
- The capital positions are improved significantly from those available in the midst of the crisis.
The year will prove interesting, but the macro issues have little immediate effect on the individual consumers when they are concerned about whether the policy they already have will fulfill their needs or they are simply confused by the process of finding the right death benefit coverage at an appropriate price.
That is why we are in business - to help with that assessment - to provide objective insight for the client. Please call us with any questions about life insurance assets and we will be glad to help.