Economic clouds seem to be hovering over yet another line of insurance industry business. New annualized premium for individual life insurance saw a 14% drop in the fourth quarter of 2008, ending the year with an overall 7% decline, according to LIMRA’s quarterly sales survey.

The fourth quarter marked the single sharpest decline in premium since the fourth quarter of 1951, according to LIMRA International, a Windsor, Conn. research, consulting and professional development organization. The overall decline for the year erased the strong 7% gain of the previous year, and was the largest one-year decline in LIMRA’s records.

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