Gen Re has appointed Parag Shah (pictured above) as chief pricing officer for its life and health division. Shah brings extensive experience in product development, pricing, and reinsurance, and will be tasked with driving value for the company’s clients.
Shah previously served as vice president of financial reinsurance at Pacific Life from 2023 to 2024, where he was responsible for building the company’s capital reinsurance team. He led transactions to meet capital and liquidity needs, enhanced business competitiveness through a Bermuda-based solution, and evaluated strategic reinsurance opportunities.
From 2009 to 2023, he held the position of vice president and senior actuary for product design at Pacific Life, where he oversaw the research, development, and pricing of the company’s life insurance product portfolio, including term, universal life, and indexed universal life products.
Earlier in his career, Shah spent 14 years at Lincoln Financial Group, where he held senior roles, including second vice president of corporate development. During his tenure, he contributed to the $7.5 billion merger with Jefferson Pilot and managed a $4.2 million integration project. He also led the development of life insurance and long-term care products that helped increase sales and operating income.
Shah began his career as an actuarial consultant and student, gaining experience in pricing and valuation across the US and UK.
In addition to his appointment, back in May, the company released the results of its 2023 US Group Term Life (GTL) Market Survey, which provided a detailed look at the sector's performance over the past year. According to the survey, total GTL and Accidental Death & Dismemberment (AD&D) in-force premium reached $33.7 billion, with GTL accounting for 93% of the total.
Growth in GTL in-force premiums has slowed compared to previous years, rising by 2% in 2023, following a peak growth rate of 6% in 2021. In contrast, AD&D in-force premium saw a significant rise of 6%, the highest since 2017. Seven of the top 10 carriers reported positive growth in GTL in-force premiums for 2023.
The survey also showed that participating companies reported a combined $3.2 billion in GTL and AD&D sales premium, with GTL representing 92% of that total. However, GTL new sales premiums declined by 3% in 2023, driven by several carriers experiencing double-digit decreases.
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