Press Releases

Critical Illness Insurance Market Sees Record High New Premium in 2014

Issue: November 2015 | Life/Health North America

For immediate release
November 11, 2015

Stamford, CT, November 11, 2015 - Gen Re is pleased to release the results of the 2014/2015 U.S. Critical Illness Insurance Market Survey. This leading industry benchmark survey covers, but is not limited to, information on premiums, policy features, covered conditions, lapse rates, rate guarantees, claims trend, application processing and underwriting.

Fifty-nine companies participated in this annual survey produced by Gen Re and NACII. Of those, 41 are actively marketing Critical Illness, with nine having just started marketing one or two new products in the past year. It should be noted that company participation in this survey varies from year to year, so caution should be used in how results are interpreted. 

Highlights of this year’s results include:

  • Participants reported nearly $381 million in new premium. 
  • 1.2 million new policies or certificates were sold, with the highest face amount attributed to Traditional Individual.
  • Over $1 billion of in-force premium and 3.1 million policies/certificates were reported.
  • Nearly $184 million in paid claims was reported for 2014.


“Year after year we hear about life and health insurance sales struggling for growth, fighting to hold sales steady, or even wrestling with decreasing sales,” said Steve Rowley, VP, Senior Account Executive. “Critical Illness Insurance remains the singular exception to that trend, having experienced consistent growth for nine of the past 10 years.”

For more information about the survey, or how Gen Re can help you enter or expand in the Critical Illness insurance market, visit www.genre.com/ci.

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Gen Re, a Berkshire Hathaway Company, is one of the leading  life/health and property/casualty reinsurers in the world. Our North American life and health reinsurance company, General Re Life Corporation, has superior financial strength ratings among life and health reinsurers. Gen Re delivers tailor-made reinsurance programs and risk management solutions for the Life, AD&D, Disability, Critical Illness and Medicare Supplement markets. Through our research, we also offer valuable information and insights. 

 

Contact:

Steve Rowley
+1 203 352 3105
srowley@genre.com