PORTLAND, Maine--(BUSINESS WIRE)--Gen Re has released results of the U.S. Critical Illness Insurance Market Survey. This annual survey covers Traditional Individual and Group/Worksite Critical Illness (CI). The majority of new sales premium (90%) was attributed to Issue Age and Attained Age group/worksite products.
Forty-six carriers participated in this year’s survey, reporting nearly $2 billion in CI in-force premium and nearly $801 million in new sales for 2019.
Key results from this year’s survey include:
- Both new sales premium and in-force premium increased 14% over 2018
- Group/Worksite Issue Age business accounted for 47% of the total premium sold in 2019.
- 51% of respondents plan to increase their focus on CI over the next few years.
- More than half (61%) of carriers met or exceeded their sales targets for 2019.
- All participating carriers reported their claims incidence matched or was better than expected.
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, Medicare Supplement, Critical Illness, and Individual Disability Income markets. Through our research, we also offer valuable information and insights. www.genre.com