The US pension risk transfer (PRT) market is entering a new era, one shaped by intensifying competition, rising buy-ins and increased attention on the mid-market. These themes are explored in a new InsuranceERM US PRT special report, in collaboration with the Banner Life family of companies.
Titled Today’s challenges, tomorrow’s opportunities, the report explains that the US PRT market has settled into a pretty consistent rhythm, with annual derisking activity landing in the $45bn to $50bn range over the last three years.
At the same time, the market has behaved like a rollercoaster during each of those years, with dramatic surges in premium volumes sandwiched between subdued activity.
As the market matures, participants have pushed forward with more sophisticated deals that bring additional complications – and innovative solutions.
While pricing is often a major factor in winning PRT transactions, customer experience is becoming a crucial element in a successful PRT process. As part of this, technology can improve the overall operation and customer experience.
Overall, US PRT insurers and brokers are optimistic about prospects for growth and innovation in the market. The expectation is that market volume could double to around $100bn in the next five years or so.
Topics covered in this US PRT special report include:
- The drivers of activity in the US PRT market
- The rise and fall of jumbo deals – and what it takes to win them
- Coping with complexity in PRT deals
- Banner Life retirement's chief executive, George Palms, on how the company is building on its growth in the US PRT market
- How insurers are emphasising customer experience as well as pricing
- A reflection of the last decade in the US PRT market
- Prospects for growth and innovation
Join InsuranceERM and Banner Life for a US PRT webinar on 30 June at 10am ET (3pm UK time) to hear from experts at Limra and Aon.
In the hour-long discussion, with audience Q&A, the panel will discuss the state of US PRT market, the challenges facing the sector, the importance of technology and AI – and assessing where future growth will come from.