US insurers must look to middle market

Life insurers must look to
the middle market to drive growth in life insurance sales in the
US. This is the view of Thomas Marra, president and CEO, Symetra
Financial.

“Companies will need to
return to the basics of life insurance to reach this [middle] market,” said Marra. “With estate taxes [exemptions] at $5m and
$10m for one person or a couple, opportunity in the affluent market
will be diminished. The days of hunting elephants are probably
over” (See LII 257).

Marra was addressing delegates to the annual life
insurance conference hosted by industry bodies the American Council
of Life Insurers, LIMRA, LOMA and the Society of Actuaries, in
April.

Echoing Marra’s view,
president and CEO of Ohio National Gary Huffman said that to
effectively reach the middle market, the life industry required
more producers.

The industry would also have
to develop more products suited to middle market consumers, he
added.

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