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Issue: September 2021 | Life/Health North America
Portland, Maine, September 30, 2021 … Gen Re has released results of the U.S. Critical Illness Insurance Market Survey. This annual survey covers Traditional Individual, Group/Worksite Critical Illness, and Accident products. The majority of new Critical Illness sales premium (89%) was attributed to Issue Age and Attained Age group/worksite products.
Thirty-nine carriers participated in this year’s survey, reporting $1.5 billion in Critical Illness in-force premium and $562 million in new sales for 2020.
Thirty-one carriers provided results for their Accident insurance product, reporting $1.5 billion in-force premium and $484 million in new sales for 2020.
Kayla Rooney, Supplemental Benefits Account Executive, commented: “Despite the many challenges that the pandemic brought to the Supplemental Health industry, particularly on the sales side, first-year premiums remained positive for Critical Illness, showing modest growth in 2020.”
Key results from this year’s survey include:
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 here.
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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/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.
