PORTLAND, Maine–(BUSINESS WIRE)–Gen Re has released results of the US Critical Illness Insurance Market Survey. This annual survey covers Traditional Individual, Group/Worksite Critical Illness (CI), and Accident products. The majority of new CI sales premium (85%) was attributed to Issue Age and Attained Age group/worksite products.
Thirty-five carriers participated in this year’s survey, reporting $1.7 billion in CI in-force premium and $584 million in new sales for 2021.
Twenty-nine carriers provided results for their Accident insurance product, reporting $454 million in new sales and $1.6 billion in in-force premium for 2021.
Key results from this year’s survey include:
In-force premium for all CI products combined increased 14% over 2020, based on companies providing data for both years.
Group/Worksite Attained Age business accounted for 72% of the total policies/certificates sold in 2021.
43% of respondents met or exceeded their CI sales goals for 2021.
Close to two-thirds (66%) of companies expect to increase their focus on CI over the next few years.
About one-third of respondents have added, were considering adding, or planned to add a COVID-specific trigger and/or rider to their CI plan.
For those carriers who provided accident product data for both 2020 and 2021, in-force premium and policies grew by 8% and 12% respectively.
The Market Survey is an annual benchmark survey produced by Gen Re, with the full results available only to participating companies. A summary report is available online at genre.com/lhsurveys.
About Gen Re
Gen Re, a Berkshire Hathaway Company, is one of the leading Life/Health and Property/Casualty reinsurers in the world. Our North American Life/Health reinsurance company, General Re Life Corporation, has superior financial strength ratings among Life and Health reinsurers. Gen Re delivers customized reinsurance programs and risk management solutions for the Life, Disability, Medicare Supplement, and Critical Illness markets. Through our research, we also offer valuable information and insights. www.genre.com