PORTLAND, Maine--(BUSINESS WIRE)--Gen Re has released results of the 2018/2019 U.S. Critical Illness Insurance Market Survey. This annual survey covers Traditional Individual and Group/Worksite Critical Illness (CI). The majority of sales (81%) was attributed to Issue Age and Attained Age group/worksite products.
Fifty-three carriers participated in this year’s survey, including 43 that are actively selling a CI product. Participants reported $1.1 billion in CI in-force premium and nearly $460 million in new sales for 2018. With new carriers continuing to enter the CI market, there are many positive signs, including:
- 51% of respondents plan to increase their focus on CI over the next few years.
- Insurers expect to see annual sales growth of 27% - 38%.
- Across all CI products, most carriers met or exceeded their expectations in key areas of product performance, including profitability, agent acceptance and consumer demand for 2018.
- Just over 95% of carriers reported their claims incidence matched or was better than expected.
The Market Survey is an annual 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, Medicare Supplement, Critical Illness and Individual Disability Income markets. Through our research, we also offer valuable information and insights. www.genre.com