Insurance Fact Book 2017

Life insurance benefits and claims totaled $670 billion in 2016. This includes life insurance death benefits, annuity benefits, disability benefits and other payouts, compared with $617 billion in 2015. The largest payout, $265 billion, was for surrender benefits and withdrawals from life insurance contracts made to policyholders who terminated their policies early or withdrew cash from their policies.

 

Life Insurance Industry Benefits And Claims, 2012-2016

($000)

  2012 2013 2014 2015 2016
Death benefits $61,699,840 $62,536,974 $65,961,305 $72,321,101 $73,996,399
Matured endowments, excluding
annual pure endowments
415,088 368,210 350,488 397,554 420,287
Annuity benefits 70,296,382 74,882,585 69,583,732 73,535,187 74,769,738
Disability, accident and health
benefits (1)
107,490,753 110,789,199 113,572,825 115,468,887 120,080,331
Coupons, pure endowment and
similar benefits
17,179 17,222 18,992 18,237 19,509
Surrender benefits, withdrawals
for life contracts
245,728,199 248,702,088 281,532,892 272,998,652 265,095,216
Group conversions 27,891 52,893 28,088 48,382 30,872
Interest and adjustments on
deposit type contracts
7,321,436 8,195,238 7,749,827 8,009,313 9,407,551
Payments on supplementary
contracts with life contingencies
1,809,677 1,985,919 2,237,030 2,120,777 2,062,662
Increase in aggregate reserve 76,439,871 78,028,839 100,984,602 72,537,331 123,731,602
Total benefits and claims $571,245,692 $585,558,162 $642,018,430 $617,451,787 $669,614,167

(1) Excludes benefits paid by health insurance companies and property/casualty insurance companies.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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